Tenants in common question

McKneff

They should actually be paying you half market rent for your half

_Penny_Dreadful

Sundaymorning6 said:

Thanks for all the responses. Far from happy about it trust me. But unless I want to force a sale there isn’t much I can do. I have already tried to initiate that but they made no attempt at finding anywhere else to live and ended up with me getting a lot of earache from family because basically had I continued they wouldn’t have had anywhere to go and they have children. Unfortunately, the other party is a flake and doesn’t take responsibility.

Probate has been granted yet. The only option I can see left is to wait until I am living a bit closer and buying it myself. But I don’t know how long that would be. Hence I wondered if I could lose my rights. 

The family giving you earache about forcing the sale, they’re alright with the other joint owner denying you your inheritance? They would have found somewhere else to go, they’d have had no choice. 

If they “wouldn’t” have anywhere to go if you force the sale then what makes you think they’d have somewhere to go when you want to buy them out? That doesn’t make sense. Mediation and then court, the rest of the family can butt out. 

RAS

Sundaymorning6 said:

Probate has been granted yet. The only option I can see left is to wait until I am living a bit closer and buying it myself. But I don’t know how long that would be. Hence I wondered if I could lose my rights. 

Probate has or has not been granted? I know, the spell check is a nightmare. Who got probate?

Have you checked that the property ownership has been correctly registered?

The other thing that you need to consider is that right now, if either you or the other party buy the other out now, that half will cost (£x)/2.

If you wait ten years it will be (£x+a lot)/2.

And no doubt the other party will bleat like mad because they "invested" £xxxxk doing it up, so you "have to pay" more half to buy them out. Forgetting that you've been deprived of the benefit of the money for a decade, or the income you might have had from rent.

Sundaymorning6

_Penny_Dreadful said:

Sundaymorning6 said:

Thanks for all the responses. Far from happy about it trust me. But unless I want to force a sale there isn’t much I can do. I have already tried to initiate that but they made no attempt at finding anywhere else to live and ended up with me getting a lot of earache from family because basically had I continued they wouldn’t have had anywhere to go and they have children. Unfortunately, the other party is a flake and doesn’t take responsibility.

Probate has been granted yet. The only option I can see left is to wait until I am living a bit closer and buying it myself. But I don’t know how long that would be. Hence I wondered if I could lose my rights. 

The family giving you earache about forcing the sale, they’re alright with the other joint owner denying you your inheritance? They would have found somewhere else to go, they’d have had no choice. 

If they “wouldn’t” have anywhere to go if you force the sale then what makes you think they’d have somewhere to go when you want to buy them out? That doesn’t make sense. Mediation and then court, the rest of the family can butt out. 

No I understand what you mean. It makes little sense. But I get the impression i would probably get a little more understanding from family if I was looking to buy it myself rather than forcing the sale to release the money. But I’m not in the position to buy it right now and manage it from here, prepare it to rent out etc. Appreciate your advice thanks.  

Sundaymorning6

RAS said:

Sundaymorning6 said:

Probate has been granted yet. The only option I can see left is to wait until I am living a bit closer and buying it myself. But I don’t know how long that would be. Hence I wondered if I could lose my rights. 

Probate has or has not been granted? I know, the spell check is a nightmare. Who got probate?

Have you checked that the property ownership has been correctly registered?

The other thing that you need to consider is that right now, if either you or the other party buy the other out now, that half will cost (£x)/2.

If you wait ten years it will be (£x+a lot)/2.

And no doubt the other party will bleat like mad because they "invested" £xxxxk doing it up, so you "have to pay" more half to buy them out. Forgetting that you've been deprived of the benefit of the money for a decade, or the income you might have had from rent.

Sorry it has been granted YES! Autocorrected for some reason. 

Exactly. I have said that it’s only going to get more complicated because house prices will rise but also if they are making improvements to it. Like I say, I have tried to initiate forcing the sale and it just caused problems for me with family. Nothing comes back to them. 

p00hsticks

Sundaymorning6 said:

There is no benefit to me financially at the moment having a 50% share other than I have a bit of property in my name.

Which is actually a drawback if you intend to buy a property of your own at some point, as you will have lost some 'first time buyer' benefits.

RAS

OK, so you don't want to buy now.

But you'd be wise to make explicit to your co-owner that you will be looking to sell, or them buy you out in a few years, maybe 3 years. And that you will want half the value based on a RICS valuation, so they'd be stupid to make lots of improvements.

And that if they want to make improvements, they need to get a mortgage, buy you out and then make the improvements.

Tell the blithering relatives informally so they can bleat and write a formal letter to your co-owner, suggesting they take legal advice.

Probably take them 5 years to get it together but...