Mortgage remaining how long will bank give me to decide.

System

Jenniefour that is brilliant.

Thanks for taking the time and effort to write that up.

I have sent something similar more asking questions to the solicitor so she basically has to say the only thing you can do is sell the house. So if I have it from her mouth there's not much can be argued about it.

However your email is worded perfectly.

Again it's certainly a delicate situation and while I know my aunt is genuinely trying to help I want this resolved. I live and work in France and I will continue to work here as I have a contract for another 2 years. However I may settle back in the UK I'm not 100% sure.

I haven't heard back from the solicitor but il keep yous posted as to her response.

Jenniefour

cclem345 wrote: »

Jenniefour that is brilliant.

Thanks for taking the time and effort to write that up.

I have sent something similar more asking questions to the solicitor so she basically has to say the only thing you can do is sell the house. So if I have it from her mouth there's not much can be argued about it.

However your email is worded perfectly.

Again it's certainly a delicate situation and while I know my aunt is genuinely trying to help I want this resolved. I live and work in France and I will continue to work here as I have a contract for another 2 years. However I may settle back in the UK I'm not 100% sure.

I haven't heard back from the solicitor but il keep yous posted as to her response.

If you don't get the appropriate response simply amend my suggested letter accordingly.

And best to acknowledge aunt's wish to help you even though there is some element of trying to control in there - better way to preserve future family relationships.

Fingers crossed, and don't hesitate to send another letter if needed.

System

So after communicating with the solicitor it now appears the solicitor is panicking and is in the process of arranging a meeting with executors.

Having said I had spoken with other professionals regarding it they probably think I am catching them out on missing some things during the process.

To be honest I am getting fed up with not getting the full picture and having asked the relevant questions it appears both parties will have to act in the appropriate way.

Yorkshireman99

Well done. Keep the pressure firmly applied and don't allow the solicitor to fob you off.

Jenniefour

cclem345 wrote: »

So after communicating with the solicitor it now appears the solicitor is panicking and is in the process of arranging a meeting with executors. Excellent. Action stations. Not before time either.

Having said I had spoken with other professionals regarding it they probably think I am catching them out on missing some things during the process. Good for you. It's not a bad thing for them to be thinking they're under scrutiny. They certainly do need to have a jolly good think now and make sure they are giving your aunt the correct legal information.

To be honest I am getting fed up with not getting the full picture and having asked the relevant questions it appears both parties will have to act in the appropriate way.

Thanks for the update. So, looking a lot more hopeful that you might get the outcome you want, that's just great. Let us know when to get the champagne out!

Get back if you need to, if they need a bit more encouragement.

System

So after all the trouble etc it now looks like solicitor is back tracking and advising us to sell the house as opposed to renting the house.

So it looks with your help I got somewhere.

I don't know if I should start a new thread but since I got some great advice here I thought maybe yous could answer a few questions. I have googled but some require opinions.

1. How much could I expect to pay in selling fees for a house that sells for £105,000. I know estate agent is 1% but what about conveyance fees/do I have to get house examined or solely the purchaser.

2. Would yous recommend while house prices are quite low to buy. I am selling at a period when house prices are low in my home town area. The house in selling is 3 bed/semi/ with garage and modest gardens.

I'm thinking I will have roughly 75-80k to buy a place with. It would provide a solid investment, ensure that my money was put into something that is likely to increase in value let alone rental income. My bank offers me 1.25%.

Thanks

Yorkshireman99

cclem345 wrote: »

So after all the trouble etc it now looks like solicitor is back tracking and advising us to sell the house as opposed to renting the house.

So it looks with your help I got somewhere.

I don't know if I should start a new thread but since I got some great advice here I thought maybe yous could answer a few questions. I have googled but some require opinions.

1. How much could I expect to pay in selling fees for a house that sells for £105,000. I know estate agent is 1% but what about conveyance fees/do I have to get house examined or solely the purchaser.

2. Would yous recommend while house prices are quite low to buy. I am selling at a period when house prices are low in my home town area. The house in selling is 3 bed/semi/ with garage and modest gardens.

I'm thinking I will have roughly 75-80k to buy a place with. It would provide a solid investment, ensure that my money was put into something that is likely to increase in value let alone rental income. My bank offers me 1.25%.

Thanks

Estate agents and conveyancy is a competitive buisness. You need to shop around. A good estate agent should be able to tell you about the legal requirements and likewise the solicitor. I would stick with this thread rather tahn start a new one.

Jenniefour

cclem345 wrote: »

So after all the trouble etc it now looks like solicitor is back tracking and advising us to sell the house as opposed to renting the house. Good result.


1. How much could I expect to pay in selling fees for a house that sells for £105,000. I know estate agent is 1% but what about conveyance fees/do I have to get house examined or solely the purchaser.

As per Yorkshiremans' advice. Call around. It's your buyer who needs to get a survey done. But you need, I think, an energy performance certificate (if that's the right name for it) and your estate agent will advise on that.

2. Would yous recommend while house prices are quite low to buy. I am selling at a period when house prices are low in my home town area. The house in selling is 3 bed/semi/ with garage and modest gardens.

I think that's entirely up to you. Partly down to what you think is going to happen to property prices in that area. Over time property goes up and down and there's all the Brexit malarky going on at the moment. But, historically, over the much longer term it's normally up and how much depends on factors like location property type, supply and demand. But bear in mind local markets can vary a lot. For example, I sold a lovely house 13 years ago and it's just been sold again for exactly what I sold it for, and a few miles away in the villages prices have increased massively.

Ask more than one agent if they have any advice to offer about what kind of property and where exactly in your home town give good rental returns and/or are more likely to increase in value, they will know the local market. Consider whether you want this to part of your retirement planning i.e. for the much longer term. Or whether you would prefer to buy a property you might want to live in yourself at some time. Property investors usually go for highest yield on rent but you don't have to do it that way. The only thing that's probably not a great idea is buying a property to let as a relatively shortish term place to park the money, because the costs of buying and then selling on is going to drastically reduce the profit you have made on rent (estate agents fees etc). Unless, of course, Toyota or another massive business is definitely moving in, or they've struck oil, in which case it might be a jolly good idea. Another risk re short term is prices might go down a bit further with the uncertainty over Brexit/global economy

I'm thinking I will have roughly 75-80k to buy a place with. It would provide a solid investment, ensure that my money was put into something that is likely to increase in value let alone rental income. My bank offers me 1.25%.

Yes, interest rates are rubbish and who knows when they might start going up. Fine for a while though, while you make decisions. You do have other options for making your money work for you - like investing it, with some going into a pension, even if you've already got a pension plan at work. Generally, the earlier and more you can stick into some kind pension plan the better - longer to grow. Wealth creation.

Might be worth starting a new thread on the Pensions board on here, they're really knowledgable, and just ask them what the options might be for investing the amount of money you will have - or investing the rental income from the property. Or both.

Other considerations. You live in France and, who knows, you might decide to stay there much longer. Even forever! So you will need to consider tax implications. I have no idea at all what they might be, and, if you need to, asking on tax board a good place to get pointed in right direction, or searching for reliable information on the internet.

There's quite a lot of important legal stuff around being landlords and I recommend you read the stickies about that on House Buying Board and look for references from G_M - he often posts his links to all the relevant sites which are not on here. Well worth reading, including choosing a letting agent wisely, tax on rental income etc. If you're going to be a landlord best get clued up on all your obligations from the off and making sure you've got the tax stuff sorted so fewer problems later on, and you know how to legally get out bad tenants etc. You can have a look on one of the Government websites for general information about tax on rentals. And you will need to have a bit of a contingency pot just in case boiler needs replacing, repairs and so on.

However, if you decide to buy a rental property you will not have a mortgage which is a great position to be in - so what do you want to do with this income after tax - some other kind of investment? Pension pot? This is where you might need specialist advice on tax. For example, a UK resident can stick a heap of money in a pension plan, although there's annual limit and an overall limit - but the great thing is you don't pay income tax on money that goes into a proper pension plan so it's a win/win. No idea whether this might apply for you.

Looks like you're thinking long term investment - so if you regard the rental income, if you buy a rental property, as part of your early retirement planning and don't spend any/most of it then you will be giving yourself more choices in years to come. Have a look at the early retirement wannabe thread for some inspiration!

Take your time with deciding what to do with the money.


Thanks

So pleased settling your Mum's estate going in the right direction now. Get back if you need to. Selling Mum's house should be reasonably straightforward now, especially as it's a family house.

System

So.....after what I thought was going to be success I was wrong. It wasn't

So the solicitor spoke with the executor a few days after my email and told her she didn't like what I had written.

Said it sounded like I didn't trust her.

Obviously this is because she couldn't answer my questions in black and white so I could say....you have misadvised us.

I have had to decide to rent the house out on the basis that I really am not in a financial position to go back home to sell the house, removals, checks etc.

Short term I will collect the rent and pay the mortgage with a firm view that i will sell the property after the tenancy.

By then everyone will have come to terms with the death and I will have more time and finances to go back home and sell the house without having to get other people to help.

It has caused a lot of problems already with different opinions. Had I been in a better position i would have just went home to deal but I'm unable to with work commitments and relationship commitments.

The solicitor doesn't want to deal with me anymore so from here on in il leave all to the executors to sort as they are meant to.

Yorkshireman99

You do realise the legal consequences of being a landlord? There are lots of rules and regulations to comply with. Be very sure you have everything covered before you rent it out. Likewise the executors.