WicklowMan
Registered User
- Messages
- 132
Hello everyone,
Apologies to Admin. if this is in the wrong place. My father passed away 3 months ago and despite 5 or 6 trips to his Solicitor to make a Will, it seems there's no will. There is one other sibling who says "money" and "talk to my solicitor" a lot. I'm sentimentally attached to the house, having lived alone there with the man for 16 years.
I'll try and keep this brief as possible. In 2002 I bought a renovation property in Tipperary. Even with the recession, it's worth x3 what I paid for it, but is not quite finished and so that's not the best for selling. It's in a priceless location with priceless features, and the original plan was to market it as a holiday home ... slow burner, basically.
My father's house - of which I'm half owner - is in Bray, and it's been valued at 265k. I think that's way over myself, 240 would be more in line with the condition. According to my solicitor, I comfortably have a year before anything is forced in terms of sale. As it's where I grew up, I want to keep a foothold in the area. Sorry, I know it's sentimental but there you go.
I am currently unemployed and don't fancy my chances of getting anything from Banks. I fancy my chances of getting a job, but not at the wage my line of work (Graphic Design) used to pay. Thinking about this the other day, something struck me. Property is a dirty word these days, but I have one worth x3 what I bought it for, and the other (my father's) which is damn near as rock - bottom as it's ever going to get.
Okay, magic - wand time. In order to get my sister off my back, I need 130k. Actually I'd be more inclined to offer 115-20k. I don't care if I end up not living in my father's house, as long as I retain half ownership with an option to buy (this would have to be strongly legally bound obviously). I don't want money out of the house, I can look after myself and my own place.
In short, if the house sold I'd be wandering around with a bit over 100k. and looking to invest in property. Before anyone says it, no, I'm not losing the run of myself on that score. I am well aware that the days of the property dream are gone. This is about the thing ticking over and supporting itself to an end - not liquid finance and mad rent. I am a believer in property - at a sane level - being a good investment. As I see it presently, selling either would be incredibly negative in today's market.
Basically what I need to do is replace my sister with someone less feverent for money and with a buy - back option + commission. Can anyone think of a way of working this in a logical fashion? I was thinking in terms of renting my father's house, in a partnership with someone for a set period. I don't mind if I'm out of the place for 15 - 20 years. It's got to be a good deal for someone?
Any advice much appreciated.
Thanks in advance,
Tony.
Apologies to Admin. if this is in the wrong place. My father passed away 3 months ago and despite 5 or 6 trips to his Solicitor to make a Will, it seems there's no will. There is one other sibling who says "money" and "talk to my solicitor" a lot. I'm sentimentally attached to the house, having lived alone there with the man for 16 years.
I'll try and keep this brief as possible. In 2002 I bought a renovation property in Tipperary. Even with the recession, it's worth x3 what I paid for it, but is not quite finished and so that's not the best for selling. It's in a priceless location with priceless features, and the original plan was to market it as a holiday home ... slow burner, basically.
My father's house - of which I'm half owner - is in Bray, and it's been valued at 265k. I think that's way over myself, 240 would be more in line with the condition. According to my solicitor, I comfortably have a year before anything is forced in terms of sale. As it's where I grew up, I want to keep a foothold in the area. Sorry, I know it's sentimental but there you go.
I am currently unemployed and don't fancy my chances of getting anything from Banks. I fancy my chances of getting a job, but not at the wage my line of work (Graphic Design) used to pay. Thinking about this the other day, something struck me. Property is a dirty word these days, but I have one worth x3 what I bought it for, and the other (my father's) which is damn near as rock - bottom as it's ever going to get.
Okay, magic - wand time. In order to get my sister off my back, I need 130k. Actually I'd be more inclined to offer 115-20k. I don't care if I end up not living in my father's house, as long as I retain half ownership with an option to buy (this would have to be strongly legally bound obviously). I don't want money out of the house, I can look after myself and my own place.
In short, if the house sold I'd be wandering around with a bit over 100k. and looking to invest in property. Before anyone says it, no, I'm not losing the run of myself on that score. I am well aware that the days of the property dream are gone. This is about the thing ticking over and supporting itself to an end - not liquid finance and mad rent. I am a believer in property - at a sane level - being a good investment. As I see it presently, selling either would be incredibly negative in today's market.
Basically what I need to do is replace my sister with someone less feverent for money and with a buy - back option + commission. Can anyone think of a way of working this in a logical fashion? I was thinking in terms of renting my father's house, in a partnership with someone for a set period. I don't mind if I'm out of the place for 15 - 20 years. It's got to be a good deal for someone?
Any advice much appreciated.
Thanks in advance,
Tony.
) and buy time. Not fussed about making money out of it for a very long time. In the overall view, not economically a good time to do anything anyway.