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Comments
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Would happily sell it for £286k. We put it up at £295k, so we'd expect that as an offer. It's not a problem flat, it's definitely a problem time. you seem predisposed to be negative about the flat itself, which I find odd. For my brother, not having to move is a major benefit. Plus, he would gain equity twice, and possibly sell at a better time in the future.I don't understand all the extra work in trying to get this flat to stay in the family. If you are willing to sell the flat to your brother for £286k which you say is a "fair" price why not just sell it on the open market for £286k and then your brother gets to choose his own next flat? I don't understand the emotional attachment to this particular property? Your brother is only ever going to get his share whether it is sold to him or whether it is sold to someone else. This does not benefit your brother in any way apart from not having to move it will just shift a problem flat onto him.0 -
Would happily accept £286k. £290k would be more likely to get offers of £280k, to our minds.need_an_answer wrote: »My view is its Dad who wants to keep the property and potentially as hes a senior member of the group his view carries more weight.
I totally get emotional attachment,I've well documented on the board over the years that one of my rental properties is exactly that,an emotional attachment an expensive hobby,call it what you like.
In this situation dad cant support the property on his own,TBH the family never really could support it individually,it always had to be financed collectively for whatever reason it was purchased in the first place.
It does seem as if the plan now involves shifting the mortgage from one sibling to the more compliant one which again seems to suggest a desire to keep it in the family rather than sell to an unconnected person on the open market..
If the family are truly willing to accept an offer of around £286k then in some ways a £295k asking price is still too high to generate a lot of interest...maybe they should have bitten the bullet and gone for £290k.
Playing devils advocate here...but I wonder if the offer came in at £286k from a private buyer if it genuinely would get progressed or in the back of someones mind that's the price that's the price for a family transaction.0 -
What offers have you had so far?0
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kazzamunga wrote: »Would happily accept £286k. £290k would be more likely to get offers of £280k, to our minds.
The point is that the market decides what a flat is worth not you not the estate agent. You can only find out the true value when someone makes an offer. So what you are saying is that if you think the offers will come in at £280k then that is the value. If it was worth more people would offer more. For very desirable properties there can be offers above the asking price.
Working on the basis that you are saying that you think the value is around £280k why on earth would you offer to sell it to your brother for £286K? This would mean that you are expecting him to overpay by £6k.
I am not being negative about the flat I am trying to protect your brother from being sold a problem at an inflated price.
The people who value a property are the people who offer on it. If you put it on at £290k and people like it they will increase their offers to get it. The market decides. If you put it on the market at £290k and the offers come in at £280k then that is all anyone is prepared to pay you for it. That is the value.0 -
We had an offer that almost went through and then they pulled out after 2 months. That was £290k and they pulled out in October.
No that's not what I'm saying, cakeguts. Sigh. Maybe the market works differently in your universe. In mine, you expect people to make an offer about £10k below the asking price. So hey presto, that's how I reached my figure. If I was going to go by the actual offer we had a couple of months ago, I'd ask him to pay £290k - but I suppose you'll come up with some reason why that's outrageous too.
Yes you're describing how it works when people are actually coming out of the woodwork to buy something. That doesn't seem to be happening for anyone I know at the moment. Not me with a 1 bed flat in London, not my sister with a 2 bed house in Chichester, not my friend with a 3 bed house in Exeter, etc. And they're not all hovels, people just aren't buying. So what you're saying doesn't really apply.0 -
What's your brother going to tell the lender?
lender won't be happy with two parties with a beneficial interest
What are they all going to tell HMRC?
FTB won't apply and 3% surcharge will apply.0 -
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why won't FTB apply if my brother is a FTB and the mortgage would be in his name, so he would be the legal owner? Also, why a 3% surcharge? Everyone I speak to seems to have a different version of what applies. I spoke to a solicitor friend today and even he said it's a big grey area.0
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kazzamunga wrote: »why won't FTB apply if my brother is a FTB and the mortgage would be in his name, so he would be the legal owner? Also, why a 3% surcharge? Everyone I speak to seems to have a different version of what applies. I spoke to a solicitor friend today and even he said it's a big grey area.
SDLT is not based on legal owners.
Everyone buying the house has to be FTB to qualify.
The relative is clearly buying into the house and if they have another house the 3% surcharge will apply.
What's he going to tell the lender, there are two other owners or its a gift.
What did you tell your lender when your mum bought 1/2 the flat?0 -
kazzamunga wrote: »why won't FTB apply if my brother is a FTB and the mortgage would be in his name, so he would be the legal owner? Also, why a 3% surcharge? Everyone I speak to seems to have a different version of what applies. I spoke to a solicitor friend today and even he said it's a big grey area.
Find a better solicitor then because it's not a big grey area or even a little one. The SDLT rules are crystal clear on this. SDLT is based on beneficial ownership not legal ownership.0
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