Being screwed around with...

Irishcrx

Hi Guy's,

Not quite sure if this should be in property or personal I think it's a mix of both. Basicly my aunt is looking to buy me out of my half share in a house we own left to us by a deceased family member. I tried buying her out after I was approved a mortgage and she refused and fought with me so I said she can buy me out as long as I have enough for myself as in an egual half. We got the house evaluated a month or two ago and the guy said in the region of 350,000 - 360,000. That sounded right to me, but the house couldn't be sold until I was 21 which I am now and here's where the trouble began.

They asked me could they rent the house again (Old tenant left) as they need the rent to get approval for a mortgage I agreed but only when I agree a price with her, they then went behind my back got some ejet to evaluate the house and he rang THEM back and said it was only worth 315,000 and another evalutaion which again I wasn't at as they didn't tell me said 320,000 which is 40 grand lower than what the original fella said. I know they must think I'm a ejet or something but I'm far from it and this is unacceptable it hurts that family would treat me like that, so I'm going to get two evaluations myself and tell them they are not to touch anything until I'm happy with a price I mean all i'm asking for is my fair share and not to be screwed over.

The house is in need of refurb but in fairness she should have been maintaining it for all these years when I was a minor and she wasn't, so if i wanted to be bold I could come after her for maintenance costs aswell or order the house on the open market but i'm trying to avoid that, any advice guy's sorry about the rant...needed to get it out..

john_aero

Solicitor Solicitor Solicitor Solicitor,

All well telling us what price you got quoted etc. but get it all down on paper and screw he rightly. She prob knows too well that its been done over the phone and talking but if there is no written proof then it means crap all. Get a quote done from legitimate people and send it to a solicitor. Then draw up a draft of what she si entitled to do and if she is not allowed rent out room with out your permission then you have the right to remove the person from that room and claim profit from the rent

paulksnn

Hi Irish,
You might want to be careful about jumping to conclusions about your family trying to screw you. To be honest though, I'm not sure it would have mattered that you were at a valuation. Estate Agents (who normally do these things) just pull a number out of their arse based on values in the area.
Valuations are a very subjective thing.Being there or not wouldn't make much of a difference.
Who pays the valuer would make a huge difference though.(i.e. instructions to make it a little lower!)
Offer your aunt the opportunity to to split the difference between your two valuations and her two.

It sounds like a bad situation (she's let the house run down in order to devalue it).
There's not much you can do really.

Beruthiel

Irishcrx wrote: »

if i wanted to be bold I could come after her for maintenance costs aswell or order the house on the open market but i'm trying to avoid that, any advice guy's sorry about the rant...needed to get it out..

How sad that your aunt would do this to you. She is taking advantage of the fact that you are young and has the idea you don't know your rights.
If she continues, then yes, I'd threaten to put it on the open market, solicitor and estate agent costs would increase and she'd be cutting her nose off to spit her face.

Me, I'd give her the following options:

She either gives you half of the 350k
Or
It goes on the open market.
That'll focus things for her.

Also, go find yourself a solicitor today, you'll need him anyway once the papers are drawn up and you sign off your half, so go talk to him now, he will have sound advice for you.


Btw
In order to know the true value of your house, find out what other houses in the same area went for. You can do that by just ringing up the estate agent and asking what it went for.
As it's run down, you can probably take about 10k off the average price.

Irishcrx

I've looked at other houses in the area which aint as big as mine and they went between 340 - 360, the house can be repaired withhin 10 k and be back in good condition, they have screwed me on rent over the years few quid here and there. I don't like to think that they would but I have to face facts that this is what they are like. I said I wanted the evalutaion on paper and the name and number of the guy who did it, they told me there not sure and will get back to me???and they don't want to get it on paper as it costs to much this is when my alarms began ringing i'm meant to just take there word for it that he said that price no way!!...I don't trust them but i'm trying to stay calm within getting really angry but it's hard not too. I've been in contact with a soliciter this morning and two estate agents to get my own done and put on paper.

Sherifu

Irishcrx wrote: »

I said I wanted the evalutaion on paper and the name and number of the guy who did it, they told me there not sure and will get back to me???and they don't want to get it on paper as it costs to much

Certainly seems like they're trying to screw you over. Solicitor.

Matt Santos

Have had a situation not a 100 miles from this scenario.
You want to buy them out and they want to buy you out.
You will be lucky if this does not go the distance and end up in court.
You need to change tack entirely.
You need to give the impression that you want to sell now! Go with a solicitor and make sure that the whole process is on paper. The fact that you are willing to sell to them and most importantly that you wish them to bid "what they think" is an equitable bid for the 50% of the property that you own.
This commits them to a figure that they believe 50% of the property is worth.
Take your time with this and be in no hurry. After this process is complete put your finances in place that you can bid about €5,000 more than they have bid.
Offer this through your solicitor to them explaining that YOU believe that you think the property is worth more to you than them.
If it goes the distance to the courts this will be hugely in your favour.

Matt

john_aero

my uncles is in same situation as you with his siter in law. just one point, get this all on paper. we can talk all day about what should be right and what is fair etc. but end of the day a solicitor is required for all matters like this.

Colonel_McCoy

When was it forst valued as you said you cant sell it until you turned 21? If it was over a year ago house prices have fallen............but you must go to a solicitor!!!!!!!

Irishcrx

The house was only valued a month ago, I've looked into all the houses in the area's prices even gone and viewed some of them so I know what the current market prices are...I've talked to a solicitor this morning he suggested a single evaluation done between him and there solicitor fairly and see if we can agree that way, either way everything they do from now has to be backed up with official paper work or it means nothing to me.

Miss Fluff

If refurbishment only costs 10k would you not do that first? It will obviously raise the value quite a bit and she will be forced to give you more. Your first port of call is a good solicitor and don't budge until you need to. That means no signing anything or no more verbal agreements until you are good and ready (and properly advised).

milod

OP GO TO A SOLICITOR!

Depending on how your inheritance was implemented, there may, for example, be a 'tenants in common' agreement which confers certain rights. In some cases a sale of the property could be forced through legally.

Either way, you won't know your rights until you bring the original Will and Testament to a solicitor. You could also go back to the solicitor that executed the Will as long as that solicitor is not representing your Aunt.

One point about the valuation though - property prices have decreased over the last year or so and not just by the 5% that the banks claim. My partner inherited a house valued at 510K last year only to find that she is now getting offers nearer 440K. You might also need a new valuation of your own to clarify the position.

paulksnn

If your aunt didn't know who had done the valuation and couldn't produce the paper valuation..... she's lying.
She's about to spend around 180k to buy you out, but won't fork out 100 quid for a proper valuation. She's trying it on.
As a suggestion, approach her, tell her to do it properly, you know what the house is worth. if that fails - tell her you'll be leaving the matter to solicitors (and that she'll end up paying a solictors fees as well). That might be enough to get her to see sense.

Irishcrx

I thought it ridiculas what she was trying and utter disrespect to me to think i'd buy it for a second, I know house prices have fallen they've hit the high end a good bit harder than the mid-market and i'm willing to take all that into consideration when negociating a price with her as well as condition but what she's offering is unacceptable it's far below the houses worth and she's trying to pull a fast one, it's more complicated than on the surface can't fall out with her over it for my little brothers sake and she's taking advantage of me on this.

CrazyNoob

OP why are you bothering with them?????
if it was me and they were acting the pr*ck like this, I'd just refuse to deal with them

I'd say outright I'm sick of the under-estimates to them directly and insist the house goes on the open market - 'as its only fair ' OR deal at 350K

That will focus their minds fairly quickly :D:D

turbot

IrishCRX,

It sounds like your aunt wants the house for herself. And... if you are rather young it's a changeful time of life, and a few years may clarify for you what is really right. It's probably worth finding someone you trust in your life, who can play a big-brother / big-sister role in your life, who can give you good advice for your sake and who knows some of the games some older people play.

If you don't need to sell right now... maybe it would be good to really take your time and figure out what you want. If she declined to let you buy her out, then you are not under pressure to allow her to.

As part of this, its a good idea to learn more about money. Good books about being smart with money are:
- Rich Dad, Poor Dad
- The Richest Man in Babylon

If you rent the house out, you should be able to get a residual income from it if you are a co-owner. That might give you the chance to figure out smart ways to use the money if you did sell.

I think, you are better off being very wise about that much money at a young age, so you get to learn how to make it work for you. Holding on to the house as an investment means you get to figure out other ways to make money, live as a student and learn to be smarter with cash...

It's worth maintaining a "paper trail". This means having some formal record of all interactions about the house. And definitely, it is worth your while getting a solicitor.