Problem -Selling a share of my property

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22 Jul 2009 00:00 by glennhambling Star rating in Norwich and San Pedr.... 23 posts Send private message

I bought a property 5 years ago with my sister, 50% each. Due to an admin error that I won't bore you with the Deeds are solely in my name. She now wants to sell her share and I am willing to buy it off her however we cannot agree a price.

The value of the property is roughly 110,000 euros (about £100,000) and she simply wants me to pay her £50,000. My arguement that if I was to sell the property I would have to pay 5% agent fees, any CGT etc etc and therefore would not end up with £100,000, probably much nearer £85,000. I have offered her £40,000.

Am I being fair or do people think it is only right I pay her what she wants?

Am I correct assuming with all the deductions I might lose £15,000 in costs?

I would be interested in any thoughts.

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22 Jul 2009 19:05 by morerosado Star rating in Guardamar del Segura.... 6933 posts Send private message

morerosado´s avatar

With the deeds solely in your name Glenn, I don't think she should argue with you (in law the property is yours) but yes, I think you are being very fairminded.









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22 Jul 2009 19:39 by semijubilada Star rating in London/Torrevieja. 1052 posts Send private message

If the deeds had been in joint names then you would have had to pay 7% tax to transfer her half into your name.  You can't do a deed of variation as you would in the UK.

I think the 15k is a bit high, as you both own half then the fees should be 50/50.  The main point is would you be able to sell now and if so for how much.

If you're happy to keep the property then perhaps you should get some advice on what the current market value is and go from there.


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22 Jul 2009 21:28 by glennhambling Star rating in Norwich and San Pedr.... 23 posts Send private message

Thanks for your thoughts.

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