Hi All
I have inherited a 50% share of a property as tenants in common when my father passed in 2020. The other 50% is owned by my fathers brother (my uncle).
I have asked my uncle if he would like to buy me out or if he would prefer I buy him out. He went away, thought about it and came back to me and stated he could not afford to buy me out and also he did not want me to buy him out. He stated he would like to live in the house until he passes away.
Firstly I would like to obtain house by buying his share, refurbish the property and rent/sell it in a better state for better return
Secondly, if that is not possible selling it to obtain some funds to purchase an alternative property.
Due to this I believe my only option is to apply for an order or sale. I have contacted a solicitor to draft letter to him informing him of his options in hopes it will carry more weight and show him I'm serious about applying for an order of sale if he will not negotiate with me to resolve matters.
Things to consider:
My uncle has lived alone in this property for 20 years.
He has not paid the council tax on the property for the last 5 years
He is a hoarder so the house is cluttered, unsafe and unhealthy
I have seen vermin in the property
The property is in disrepair and would need to be gutted and electrics, plastering, floor boards completed at a cost of around £20'000
I do not have access to the property and he will no longer answer any of my phone calls or letters/notes
The house was valued at £70'000 by an estate agent when I was allowed access 1 time to complete my fathers probate forms etc
I do not own a home or have savings large enough so I would need a loan to buy him out
Are there any other strategies which would allow me to obtain the property 100%
For example if I secure the funds for £35000 is there a way for the order to be drafted which would allow me to purchase his half or would I also have to sell my half too
If we go to court for an order of sale which I suspect may happen, is there a way the order can be drafted allowing me to purchase/repurchase the property in its entirety?
Many thanks in advance
I have inherited a 50% share of a property as tenants in common when my father passed in 2020. The other 50% is owned by my fathers brother (my uncle).
I have asked my uncle if he would like to buy me out or if he would prefer I buy him out. He went away, thought about it and came back to me and stated he could not afford to buy me out and also he did not want me to buy him out. He stated he would like to live in the house until he passes away.
Firstly I would like to obtain house by buying his share, refurbish the property and rent/sell it in a better state for better return
Secondly, if that is not possible selling it to obtain some funds to purchase an alternative property.
Due to this I believe my only option is to apply for an order or sale. I have contacted a solicitor to draft letter to him informing him of his options in hopes it will carry more weight and show him I'm serious about applying for an order of sale if he will not negotiate with me to resolve matters.
Things to consider:
My uncle has lived alone in this property for 20 years.
He has not paid the council tax on the property for the last 5 years
He is a hoarder so the house is cluttered, unsafe and unhealthy
I have seen vermin in the property
The property is in disrepair and would need to be gutted and electrics, plastering, floor boards completed at a cost of around £20'000
I do not have access to the property and he will no longer answer any of my phone calls or letters/notes
The house was valued at £70'000 by an estate agent when I was allowed access 1 time to complete my fathers probate forms etc
I do not own a home or have savings large enough so I would need a loan to buy him out
Are there any other strategies which would allow me to obtain the property 100%
For example if I secure the funds for £35000 is there a way for the order to be drafted which would allow me to purchase his half or would I also have to sell my half too
If we go to court for an order of sale which I suspect may happen, is there a way the order can be drafted allowing me to purchase/repurchase the property in its entirety?
Many thanks in advance
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