DELETED_3139

[Schlong&Stable]

We're inching towards a second financial collapse, but even if that doesn't come about, you're probably not likely to see much of a price rise in the next decade. The Spanish property market is depressed right now because overseas buyers are tightening their belts (especially in France, Germany and so forth) and there is so much unemployment in the domestic market its unlikely to pick up for quite a few years.

Better to sell now if you can. Better to make a small 'loss' now than a big loss if there is another collapse.

 

[Dr Jack]

You seem to be irrationally clinging on to a headline figure you've made up in your head/which is not based on anything other than (arguably naive) hopeful expectation.

Yup, this. And you're stuffing your sister-in-law to do it, too.

Stop being greedy sell up and invest the money. It's likely the more intelligent investment option regardless of the other issues.

 

[Domi]

You seem to be irrationally clinging on to a headline figure you've made up in your head/which is not based on anything other than (arguably naive) hopeful expectation.

Sorry OP but I not only agree with this but frankly it means you are doing the sister out of what is rightfully hers.

At best this is morally wrong.

 

[Tefal]

why dont you ren t it out covers the upkeep adn you both get some moiney each month.

 

[tom_nieto]

You seem very attached to the property. Personally I'd take the opportunity to get the hell out of there and re-evaluate everything with a wedge of cash in your pocket. Perhaps use the funds from the sale to renovate the country house? At the moment you're losing money on it with service charges and it seems that you can't rent it as a holiday let easily. Having a longer term tenant in there would be ok in my mind, but the 50/50 nature of the ownership probably puts the brakes on that.

Sell up, move on.

 

[Diddums]

So you're at least partially South African?

Ahem. Not all saffers are out of touch with the real world you know.

Op: as mentioned your best bet would be to buy her out if possible, at her rate. She wants to sell the place quick, then do it at her price. If that's not an option, then see if you can sell the other half for her. I'm sure there are people who would want to buy it on the cheap as an investment they can enjoy whilst the market settles.

 

[Domi]

All that does not matter.

The apartment is not yours, half the value (and that value is only what somebody is willing to pay for it now) is.

So if the sister wants it up for auction after what I suspect is now 3 years plus since the father died I can completely see her argument and frankly it is reasonable.

If you want to keep it you buy her out and remember you think it is worth 205000 so the price should be 102500 minus the 5k she owes you so 97500.

Anything less and you are robbing her.

Do the right thing sell it as soon as you can for whatever you can get and live your life without the sisters falling out over money I am sure the father left them in good faith they would be splitting fairly.

 

[Dr Jack]

I see both the above points but originally the sister didn't want to sell the apartment at all and wanted to rent it out and wait for market conditions to improve. We've stuck with that stance, she hasn't as she's not only blown the 30k cash she was given by her father but got in to debt and its because of that she wants the money NOW.

People are entitled to change their position, and your views on her profligacy or otherwise with money doesn't impact her right to remove her money from its current locked up state. It is perfectly reasonable of her to wish to sell, and unreasonable and immoral of you to force her to leave her stake in the property.

The value of the property is what someone will pay for it - nothing more, nothing less - so if it's not selling at €205k then it is not worth that much. You should reduce the price and separate your finances from your sister-in-law.

 

[Will21st]

so you have a grudge against her and hold onto the apartment... who are you really hurting here? Spain's property market will take a long time to recover and your wishful thinking is just that. Who knows when prices will rise again,and until then you really want her going on and on about the flat...

honestly I'd sell up and give her what's hers and that is that. inherited myself 2 years ago and had a very similar situation to yours... amazing what carps people turn into when it's Time to inherit.

Anyway, I'd sell and let go of that grudge, believe me...

 

[Domi]

The tide is against you because you are in the wrong and blinded by money and cannot see it.

Good luck and I am stepping away from this thread.

 

[chanjy]

Regardless of the feelings involved or the moral issues, have you sought legal advice on whether you have a right to refuse the sale?

I think in the UK if you are a joint owner you can't be forced to sell without a court order, no idea what the difference is if the property is in Spain.

Personally I don't think it's worth the hassle, cut your financial ties with her and she will no longer be able to blame you when all that money is spent and she is skint again!

 

[Haggisman]

So if I'm understanding this right...

You think the flat is worth €205k.
Sister wants to sell for ~€175k, meaning you lose ~€15k.
There is also a village house worth €30-40k (of which your wife's share is €15-20k)

How about you agree to reduce the price to €175k for the quick sale, BUT your wife also gets full ownership of the village house, to make up the €15k loss?

That way you get ~€85k/£70k = £58k to pay off the mortgage on your house, and ~£12k to do up the village house so you have a nice holiday home

 

[Terminal_Boy]

^ best advice yet.

 

[Haggisman]

No. He thinks it might be worth 205000€ at some point in the future - fingers crossed/have faith in that Spanish property market/etc! And it currently isn't selling. It's evidently not worth 205000€, and he doesn't even think it is.

However the point still stands.

By selling now, his wife stands to lose (potentially) £15k, as they are willing to hold on to the property until the value increases.