Inheritance problem.

pinleycov

Hi, need help on this one. I have inherited 10% of a property in Italy. My siblings also have been given 10 also although my oldest brother already owned 50% so he owns 60% now, sister owns 10% and two other brothers own 10% each. My oldest brother is sorting out the will as it was our mum's property and he is the executor. He told me that there is a lot of costs involved in the upkeep of the property and also that it needs updating. There is also some building work that needs doing to the block that it is in as it is an apartment in a tourist/seaside area. All contact between us has been done by text as we don't speak. I also have fallen out with my sister and 2nd oldest brother who i haven't spoken to for about 20 years. I only have contact with my youngest brother.  
         My oldest brother seems to be putting me off from inheriting my 10% by telling me about these costs. The apartment will not be rented out and will be for family use only. It also will not be sold. It's been in the family for about 40 years. I am on the point of signing my share away. Would i be able to sell my share rather than just hand it back the way the apartment is now? If i decide to keep my share i am supposed to be paying 20% of the upkeep and maintenance but i have no income. My husband pays for everything but i can't expect him to pay for this so is selling my share possible?
                   Thanks for reading.

JGB1955

If you're paying 20% of the upkeep in return for 10% of the ownership then I think you're being taken for a ride.  It doesn't sound like a plan that is of any benefit to you, more of a liability.  I don't imagine anyone (outside the family) would want to buy your share and it probably isn't a legal possibility anyway.  Good luck!

Marcon

pinleycov said:

Hi, need help on this one. I have inherited 10% of a property in Italy. My siblings also have been given 10 also although my oldest brother already owned 50% so he owns 60% now, sister owns 10% and two other brothers own 10% each. My oldest brother is sorting out the will as it was our mum's property and he is the executor. He told me that there is a lot of costs involved in the upkeep of the property and also that it needs updating. There is also some building work that needs doing to the block that it is in as it is an apartment in a tourist/seaside area. All contact between us has been done by text as we don't speak. I also have fallen out with my sister and 2nd oldest brother who i haven't spoken to for about 20 years. I only have contact with my youngest brother.  
         My oldest brother seems to be putting me off from inheriting my 10% by telling me about these costs. The apartment will not be rented out and will be for family use only. It also will not be sold. It's been in the family for about 40 years. I am on the point of signing my share away. Would i be able to sell my share rather than just hand it back the way the apartment is now? If i decide to keep my share i am supposed to be paying 20% of the upkeep and maintenance but i have no income. My husband pays for everything but i can't expect him to pay for this so is selling my share possible?
                   Thanks for reading.

What did the will say about any potential sale? What did the will say about % of upkeep costs - in proportion to % of ownership, or split equally between you? If the latter, and the apartment really has all these issues (have you seen it/got anyone independent to check what needs doing?), I'd be tempted to renounce this poisoned chalice of an inheritance, unless you adore that part of Italy and will be spending many weeks there each year.

Keep_pedalling

Owning a 10% of what seems to be a money pit is not the sort of inheritance anyone would want.

i would contact all your siblings letting them know that you would like one of them to buy out your share, and see if any of them bite. 

AnotherJoe

Who could you sell it to outside the family?

Why do they (brother?) expect you to pay 20% the maintenance when you only own 10%?

How much would you be paying, would you go on holiday there, is it worth it?

Sounds a bit like you've been lumbered with a timeshare you dont want where the maintenance fees are higher than just going on holiday somewhere else (where youd prefer to go anyway)

xylophone

Ask your oldest brother to buy out your interest?

Voyager2002

Since you are still in touch with your younger brother, see what he thinks.

onwards&upwards

A shared family property in a family that don't get on and don't speak to each other will be an absolute nightmare.

Your brother is trying to stitch you up. 

I'd be tempted to send a group email/message to all of them stating that the property is going to be nothing but trouble going forward and suggesting that it would be better for all of you to sell it and split the cash according to the percentages you own, or if anybody wants to buy you out of your share you would be willing to negotiate that but you won't be handing it over free and you certainly won't be paying 20% of the maintenance costs for a property you only own 10% of and want to own 0% of! 

What is the property worth?

Did the will leave you 10% of the actual property or 10% of the estate?

Marcon

onwards&upwards said:

you certainly won't be paying 20% of the maintenance costs for a property you only own 10% of and want to own 0% of! 

Depends on the wording of the will - could be that whoever thought this arrangement was a good idea also thought that splitting the maintenance equally was a good idea.

pinleycov

So thank you for all your comments. Here is some more information.
I don't think my mum would have known about how things would be split as regards to the upkeep or anything about a potential sale. I think she would have left it to my oldest brother to sort out.
The brother that i still speak to has learning difficulties and just say he wants to give his 10% up.
I did not intend to ever go there again on holiday. I don't see why i should pay 20% of the costs when the apartment will be used by others at partly my expense,that is by others that i don't get on with!
The apartment is probably worth about 150,000 to 200,000 Euros. My brother has said that last years maintenance fee was about 700 Euros then the utilities and council tax is around 1000 Euros. These are yearly bills. He also said that if i choose to take on my 10% then i must pay 20% of the costs as it would be my choice whether i use it or not.
This 10% of the apartment is separate from any other part of the will. The will still has to go through probate. I haven't seen the will so i am going on my brother's say so. 
  Thank you for reading.

Keep_pedalling

Your brother sounds like a nasty piece of work. I would do nothing until you have seen the will, and advise your other brother to do likewise.