I missed this, so she owes another home, want to sell it buy 2 more as a investment but still live in a council house! Got to love the uk!
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I missed this, so she owes another home, want to sell it buy 2 more as a investment but still live in a council house! Got to love the uk!
Soldato
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Got to agree.
The Spanish Property market isn't going to recover anytime soon. And if it does it wont be in any significant amount - and it wont be in the timeframe that will be of benefit to you or her.
Get realistic valuations from a number of people - then put it back up for sale again.
Just out of curiosity - how long has it been up for sale already (in months) and how many viewings have you had ? And what type of person do you think would be interested in buying it - are you aiming to sell it to a young Spanish couple or a British foreign investor ?
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Soldato
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[FnG]magnolia;27285622 said:
Yup, hence my comment. Groen the right wing conspiracy nut.
The right thing to do is get it sold as fast as possible.
If you want to take risks with your half that is fair enough you buy the sister out at an agreed price , imo a foolish idea.
Forget what you or anybody else thinks it is worth as it is only worth what somebody is willing to pay for it.
Remember it is not actually yours and it is costing a considerable sum to keep it (1000 per annum is not peanuts) I think you have no right not to keep trying to sell it reducing the price until it is gone.
If you want to take risks with your half that is fair enough you buy the sister out at an agreed price , imo a foolish idea.
Forget what you or anybody else thinks it is worth as it is only worth what somebody is willing to pay for it.
Remember it is not actually yours and it is costing a considerable sum to keep it (1000 per annum is not peanuts) I think you have no right not to keep trying to sell it reducing the price until it is gone.
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No I just grew up there 100% english just own a house there. She has the house but its not worth much in this country, she wanted to sell it but wouldn't be able to get a mortgage for a house in this country as she has no job and the deposit would be insignificant so its best not to sell it.
She just got the council house (first one ever and was renting before that) and she is very anxious about owning a house in SA and wants to move the house in sa into my sister and my name as she is paranoid she will lose her council house. She is struggling to get a job and she is now too old to do caring/nurse work as will need it soon herself. Can't get a job in retail because all foreigners took the jewbs. Its not like the house in SA is big or making lots of money its sort of a hassle as well, after costs it makes like £200 per month, if the mortgage was paid off. Which is nothing, but enough for my mom to live off in her pension years.
Much less despicable than the millions of foreigners milkin the system or the 20000 polish children not even in the country getting money. At least my mom has paid in to the system for 40 years and now getting something back.
But thanks for your input.
I missed this, so she owes another home, want to sell it buy 2 more as a investment but still live in a council house! Got to love the uk!
It is only me who wants to sell it buy and two properties, my mom just wants to move it in to my sister and my name so she doesn't get in trouble with the council house. Which she can't do until its paid off so i may have to take a loan out for £5000 to pay it off so that we can transfer ownership.
anyone sorry to hijack thread, just thought it would add some insight to hear a similar story.
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I would go for the re-evaluation and then as others have said, take that figure and do a 50/50 split on that and take that as what each party will take from the deal. If it sells for lower then them's the breaks for her, she takes.
With your half, pay off your mortgage (or significant lump of it) in the UK. Will make massive savings each month on the payments there.
Plus, you will not be paying the 2k in upkeep costs per year...this can be squirelled away in to a nice holiday fund.
With your half, pay off your mortgage (or significant lump of it) in the UK. Will make massive savings each month on the payments there.
Plus, you will not be paying the 2k in upkeep costs per year...this can be squirelled away in to a nice holiday fund.
so if she has declared the property and her income then there is nothing to worry about at all however if she lied when she applied for a council home then its wrong and its benefit fraud.
I assume disposal of assets to get benefits is probably not allowed also?
How is that fair? I suppose this is how the rich get richer and poor poorer.
I'd have absolutely no faith in the Spanish real estate market recovering any time soon. Their economy is still in the doldrums, their government bad banks (Sareb, etc.) and the Alco committees of the national banks are still shifting huge portfolios of distressed real estate and real estate loans, and the local economies simply aren't improving. Ridiculously high unemployment and low wages would likely stymy any particular improvement in the national economy, and without that the real estate market probably won't be jumping up either.
If it were me, I'd cut my losses as soon as possible, and do something sensible with the money. At the moment, you've a depreciating asset held in a distressed economy. It may improve over time, but if it's costing you £2,000 per year to run, then you could be throwing £10k away over the next five years whilst waiting for the local economy to improve.
If it were me, I'd cut my losses as soon as possible, and do something sensible with the money. At the moment, you've a depreciating asset held in a distressed economy. It may improve over time, but if it's costing you £2,000 per year to run, then you could be throwing £10k away over the next five years whilst waiting for the local economy to improve.
Fully agree with this.
Also say the prices fall another 20% how is that going to play out? would you cover the loss in value for both sides because you wanted to hold on to it?
It is Spain we are talking about you pay to get it re valued and they will come back with a number , you then put it back up for that number and it still will not sell.
170,000 euros buys a small mansion in Spain at the moment I would love to see this apartment.
I have a 3 bedroom House in Murcia that would not sell for 150,000 and yes that cost in excess of 250,000.
It is not because there is anything wrong, it is because there are thousands of others up for sale just like it, this is not going to change any time soon.
get it sold take the hit on the chin and do the right thing by your sister in law.
170,000 euros buys a small mansion in Spain at the moment I would love to see this apartment.
I have a 3 bedroom House in Murcia that would not sell for 150,000 and yes that cost in excess of 250,000.
It is not because there is anything wrong, it is because there are thousands of others up for sale just like it, this is not going to change any time soon.
get it sold take the hit on the chin and do the right thing by your sister in law.
It's not fair and it's a good example of how families fall out in the most bitterest way.