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Selling A Share Of A House While His Mother Still Lives There - Teddington

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Will anybody fall for this?

http://www.rightmove.co.uk/property-for-sale/property-58250123.html

£175,0000 Offered for sale, is my 21.53 % share in this three bedroom , semi detached Freehold house, in St Winifred’s Rd. Teddington, Middlesex. TW11. This house is located in one of the most sought after roads in Teddington. There is no outstanding mortgage , or any type of loan outstanding on this property. This property was valued at £400,000.00 eleven years ago. The sale price, is now valued at over £1,000,000.00. My 21.53 % share has gone up, from £86,120.00 eleven years ago. It is now valued in excess of £215,300.00 Valued in June 2014.) Making this, a very sound investment. This would be a great investment opportunity if you are thinking of releasing some, or all of your pension fund. The ownership of this property is divided as follows : My 21.53 % Absolute share. My Sisters 24.66 % Absolute share. My Mothers 18.81 % Absolute share. The remaining 35 % of the property to my mother, and myself , as trustees of the estate. By way of a life interest trust for my mother. I have full documentation from our families solicitors in Kingston-upon-Thames. My sister and I have our own lives away from the property. Neither of us could afford to, or would want to own this house outright ,as we have our own houses, and commitments elsewhere I am only offering this investment opportunity, so that I can free up some money to invest in a new business venture. The purchaser of my shares would be offered first refusal of the remaining shares upon the death of my mother, or when the property was put up for sale. I will offer my inherited shares at 10% below the market value at that time, to the purchaser of my 21.53% shares. This property offers a great investment opportunity as there is great potential to extend the property , and turn it into a four or five bedroom house. Or convert it into three, or four separate dwellings. Or simply leave it as it is and enjoy it, and the large south facing garden. To transfer my 21.53 % share, is a very straightforward procedure. You will need to engage the services of a solicitor. They contact my solicitor. The contract is drawn up. My 21.53 % shares are transferred into the purchasers name, the money is exchanged. Your name is added to the land registry paperwork . If you purchase my share and want to release your capital in the future. ( before my mothers death, and the sale of this house) There are several ways you could do it. You could advertise it privately, as I am doing. You could get equity release, or possibly get a mortgage, or use it to secured a loan. I am sure there are many other ways you could release the money . I have only advertised it at such a low price to ensure a quick sale. In June 2014, an estate agents, on Teddington bridge told us that it would sell very quickly, for over one million pounds. Despite being located reasonably close to the river Thames. No part of St Winifred’s Rd flooded, during the recent nationwide floods. The house is double glazed, and has central heating. It also retains its period features. Plaster covings etcThe property consists of the following: Downstairs hallway, leading to two reception rooms. One at the front, and one at the rear, with a separate kitchen between them. The kitchen has a door that allows access to the outbuildings , and to the side-way , and the rear garden. There is also under stairs storage. Outside, is the old larder, and outside loo, and coal storage room. These have been converted, to house a washing machine, and tumble dryer. With plenty of room left, for storing a lawnmower, and bicycles. etcThere is also a side-way that allows access to these outbuildings, and the rear garden , via a locking side gate. The rear living room has French doors that open onto a private garden , that is about 90 ft in length. Upstairs , there are three bedrooms, and a separate bathroom that houses a toilet , and a bath. The front bedroom has a walk-in shower , and a toilet. Above this bedroom, there is a large loft. At the front of the property there is a paved area , that is about 16ft deep. The property has been owned by my family since 1955. My 84yr old mother is the only occupant in this property. The purchaser and I, will each pay their own fees to cover the cost of transferring the documents , from my name to their name. I might consider taking a property in part exchange. Providing it is located in England , or Wales.

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Will anybody fall for this?

http://www.rightmove.co.uk/property-for-sale/property-58250123.html

£175,0000 Offered for sale, is my 21.53 % share in this three bedroom , semi detached Freehold house, in St Winifred’s Rd. Teddington, Middlesex. TW11. This house is located in one of the most sought after roads in Teddington. There is no outstanding mortgage , or any type of loan outstanding on this property. This property was valued at £400,000.00 eleven years ago. The sale price, is now valued at over £1,000,000.00. My 21.53 % share has gone up, from £86,120.00 eleven years ago. It is now valued in excess of £215,300.00 Valued in June 2014.) Making this, a very sound investment. This would be a great investment opportunity if you are thinking of releasing some, or all of your pension fund. The ownership of this property is divided as follows : My 21.53 % Absolute share. My Sisters 24.66 % Absolute share. My Mothers 18.81 % Absolute share. The remaining 35 % of the property to my mother, and myself , as trustees of the estate. By way of a life interest trust for my mother. I have full documentation from our families solicitors in Kingston-upon-Thames. My sister and I have our own lives away from the property. Neither of us could afford to, or would want to own this house outright ,as we have our own houses, and commitments elsewhere I am only offering this investment opportunity, so that I can free up some money to invest in a new business venture. The purchaser of my shares would be offered first refusal of the remaining shares upon the death of my mother, or when the property was put up for sale. I will offer my inherited shares at 10% below the market value at that time, to the purchaser of my 21.53% shares. This property offers a great investment opportunity as there is great potential to extend the property , and turn it into a four or five bedroom house. Or convert it into three, or four separate dwellings. Or simply leave it as it is and enjoy it, and the large south facing garden. To transfer my 21.53 % share, is a very straightforward procedure. You will need to engage the services of a solicitor. They contact my solicitor. The contract is drawn up. My 21.53 % shares are transferred into the purchasers name, the money is exchanged. Your name is added to the land registry paperwork . If you purchase my share and want to release your capital in the future. ( before my mothers death, and the sale of this house) There are several ways you could do it. You could advertise it privately, as I am doing. You could get equity release, or possibly get a mortgage, or use it to secured a loan. I am sure there are many other ways you could release the money . I have only advertised it at such a low price to ensure a quick sale. In June 2014, an estate agents, on Teddington bridge told us that it would sell very quickly, for over one million pounds. Despite being located reasonably close to the river Thames. No part of St Winifred’s Rd flooded, during the recent nationwide floods. The house is double glazed, and has central heating. It also retains its period features. Plaster covings etcThe property consists of the following: Downstairs hallway, leading to two reception rooms. One at the front, and one at the rear, with a separate kitchen between them. The kitchen has a door that allows access to the outbuildings , and to the side-way , and the rear garden. There is also under stairs storage. Outside, is the old larder, and outside loo, and coal storage room. These have been converted, to house a washing machine, and tumble dryer. With plenty of room left, for storing a lawnmower, and bicycles. etcThere is also a side-way that allows access to these outbuildings, and the rear garden , via a locking side gate. The rear living room has French doors that open onto a private garden , that is about 90 ft in length. Upstairs , there are three bedrooms, and a separate bathroom that houses a toilet , and a bath. The front bedroom has a walk-in shower , and a toilet. Above this bedroom, there is a large loft. At the front of the property there is a paved area , that is about 16ft deep. The property has been owned by my family since 1955. My 84yr old mother is the only occupant in this property. The purchaser and I, will each pay their own fees to cover the cost of transferring the documents , from my name to their name. I might consider taking a property in part exchange. Providing it is located in England , or Wales.

Utterly bizzare!

I can't decide if it is for real or is a spoof advert

Great find though. Very entertaining.

The ever creative means to extract money from residential property never ceases to amaze me.

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Also, if this is for real, it conveys a sad sense of desperation on the part of the son - in clearly having given up waiting for his dear mum to kick the bucket.

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Also, if this is for real, it conveys a sad sense of desperation on the part of the son - in clearly having given up waiting for his dear mum to kick the bucket.

Is he called Charles?

Edited by porca misèria

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In France they have an established system to enable old people to use their house to fund their pension, called 'viager'. Typically the buyer of the property pays a lump sum to the seller called a 'boquet' followed by monthly payments until the death of the seller. The notional value of the property is calculated by an actuary and is substantially lower than the open market value, which reflects the fact that it can take quite a long time before the buyer gets their hands on the property. I have never seen this system used in connection to a share of a property though !

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I wonder if the mother knows that the son is trying to sell part of her home to a stranger.

....or even the sister? And if the mother gets wind of this she might well be inclined to redraft her will such that he is even worse off than he is now - I know I'd be tempted to. He should have just kept shtumm and continued to be patient for the old dear to pass away.

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Inheritance tax is due on the house on mothers death, as she still lives there, it was presumably a gift with reservation.

Assume nill rate band used up so 400k tax payable, then discount by 40% due to a string tenant. The market value after taxes is about 360k the share for sale is worth about £77,500

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Now I think of it I'm pretty sure I've seen this before a year or two ago. The advert date on RM is recent, but some of our Property Bee users might have some historical info on it.

It looks familiar to me as well, but property bee first saw this particular listing on the 12th of March 2016. Property Tracker first saw it on the 17th of the same month.

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I would make him an offer. But when he heard it....it may kill him. :rolleyes:

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It looks familiar to me as well, but property bee first saw this particular listing on the 12th of March 2016. Property Tracker first saw it on the 17th of the same month.

Yes, I did a quick search of the forum and didn't turn anything up either. Odd, must be deja vu :)

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What a sad world we have become. Everybody just wants to live off the back of somebody else.

Here's an idea Mr 21.53%. Get off your backside then go and make your own way in life in the productive economy. Beware, it is hard work but nothing in life should come for free or the value of it goes to zero.

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I gave up reading half way through as it is so bizarre but this stood out as an example of a total idiot:


My 21.53 % share has gone up, from £86,120.00 eleven years ago. It is now valued in excess of £215,300.00 Valued in June 2014.) Making this, a very sound investment.

Why not broadcast what a huge profit you have mede for doing tuck all? It's not as if I will find it objectionable and just make a far lower offer! House prices only ever go up!

Edited by doahh

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Beware, it is hard work but nothing in life should come for free or the value of it goes to zero.

Newsflash. We have something called the "welfare state". Free houses for some.

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Truly bizarre. You have to wait how long? Anything up to 20+ years - who knows?. Then you have no way of forcing the other 80% of the owners to sell, or to do anything really, so what can you do with your share if they decide to keep it? What happens if Mum ends up in a care home and the government come looking for the house? Surely the other "owners" could buy him out if he is that desperate for cash? (and it sounds like he must be).

Good luck to him though, because if someone does buy it they truly deserve it.

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I can imagine the mother's thoughts at someone (a stranger) coming in to "develop" her home under her as he says would be possible. Presumeably he doesn't like her much.

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I can imagine the mother's thoughts at someone (a stranger) coming in to "develop" her home under her as he says would be possible. Presumeably he doesn't like her much.

I'm certain, as said before, that she doesn't know what her shitbag of a son is up to. There's no pictures of it for a start!

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