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My brother and I inherited a small property Scotland following the death of our parents a couple of years ago. I live in Germany and need capital. I rent in Germany but the capital from sale would eneable me to consider buying here. My brother lives in Scotland and would prefer to rent the property out. This was something he suggested even before our parents died. I was already against that idea. My brother is not fundamentally into the idea of selling. Property sales in the area a really slow. He wishes to rent until the property is sold. I'm worried abou renting and the fact that the ptoperty is occupied dissuading potential buyers.
The house is curerntly unoccupied and we will shortly find ourselves with nothing but expenses. I am not in a position to cover those and wish to dispose of the property as soon as possible. I have no wish to rent out the property and wish to sell as soon as a buyer puts a reasonable amount on the table.
Quite apart from my need for capital, renting a property in Scotland when I live and work in Germany is not something I wish to sign for. Being a landlord means making commitments and having responsibilities, at a distance, and so with little choice but to rely upon my brother. Whilst not doubting a minute his ability and willingness to take care of that, the burden of that responsibility is not something I wish to assume. Furthermore, as I need capital, once the property is rented, even on an ATS, it makes selling the property more complicated.
Last year, my brother finally put the property on the market. A firm offer was made very quickly, but my brother stalled a little, at one point even having family members visit the property with a view to selling to them. We had already charged a solicitor to take care of the sale and we had signed to sell. As it turned out, the sale fell through hours before the deadline. The family members had also decided they could not afford to buy our property and purchased elsewhere.
I was worried about my brother's actions compromising the sale of property. Am I right in understanding that my brother's actions risked putting the solicitor in a difficult position ethically? That the solicitor would have had to cease acting?
Without sounding hard-hearted about this, am I right in understanding that where there is disagreement (my brother wishing to rent), I can nevertheless force a sale? I am fully aware that the market is very slow but I am also awre of the financial and legal responsibility of being a landlord and of the difficulty in selling with tenants in occupation.
Any advice or comments?
The house is curerntly unoccupied and we will shortly find ourselves with nothing but expenses. I am not in a position to cover those and wish to dispose of the property as soon as possible. I have no wish to rent out the property and wish to sell as soon as a buyer puts a reasonable amount on the table.
Quite apart from my need for capital, renting a property in Scotland when I live and work in Germany is not something I wish to sign for. Being a landlord means making commitments and having responsibilities, at a distance, and so with little choice but to rely upon my brother. Whilst not doubting a minute his ability and willingness to take care of that, the burden of that responsibility is not something I wish to assume. Furthermore, as I need capital, once the property is rented, even on an ATS, it makes selling the property more complicated.
Last year, my brother finally put the property on the market. A firm offer was made very quickly, but my brother stalled a little, at one point even having family members visit the property with a view to selling to them. We had already charged a solicitor to take care of the sale and we had signed to sell. As it turned out, the sale fell through hours before the deadline. The family members had also decided they could not afford to buy our property and purchased elsewhere.
I was worried about my brother's actions compromising the sale of property. Am I right in understanding that my brother's actions risked putting the solicitor in a difficult position ethically? That the solicitor would have had to cease acting?
Without sounding hard-hearted about this, am I right in understanding that where there is disagreement (my brother wishing to rent), I can nevertheless force a sale? I am fully aware that the market is very slow but I am also awre of the financial and legal responsibility of being a landlord and of the difficulty in selling with tenants in occupation.
Any advice or comments?
