R
RLG
New Member
Hi All,
I am new to the forum and looking for some advice please as to whether I should sell or look to buy out my siblings - I have tried to provide as much info as possible:
I am one of 4, higher rate tax payer and currently have a family home.
Any info on whether this is a good idea or not, financials etc... would be most appreciated and please let me know if you need any other information.
Kind regards,
Rob
For complete openness I have also posted this on one other property forum to try and get as much information as I can.
I am new to the forum and looking for some advice please as to whether I should sell or look to buy out my siblings - I have tried to provide as much info as possible:
- Mortgage free leasehold, 3 bedroom/2 floor maisonette (15 mins walk from Canary Wharf, London).
- Mum lived in the flat for 40 years (passed away in Feb this year). There was a fire at the flat a few years ago and so it has been completely redecorated with all new electrics etc… to a high spec.
- There are 90 years left on the lease and is owned by a Housing Association.
- The property was valued by three estate agents in Feb to put on the market for between £425-£450. However, this has been going down steadily over the months until we are now at a point where we are getting offers around £370 (which . The rental value given at the same time by the rental arms of the same agents was approx. £1,900 pcm with a view to accept £1,800. pcm.
- Management fees running between 15-17% plus VAT.
- There is a charge of £10k on the property due to the installation of windows by the Housing Association many years ago which my parents could not afford to pay at the time so they agreed to put it on as a charge.
- I appreciate there are lots of uncertainties and issues at the moment with extra stamp duty, taper relief, Brexit etc…
I am one of 4, higher rate tax payer and currently have a family home.
Any info on whether this is a good idea or not, financials etc... would be most appreciated and please let me know if you need any other information.
Kind regards,
Rob
For complete openness I have also posted this on one other property forum to try and get as much information as I can.