If other co-owners want to buy my out, how can I get a better price for my share?

[april]

I have been half owner of a property in Mallorca for just over 28 years. I was made a gift of this half by the previous owner, but forgot about it when we split up. His children have recently contacted me, after the death of their surviving parent, and made an offer to buy me out. Since I have not paid my half of the service charges in these 28 years, their offer reflects this. Since I have had no use of this property in the 28 years, I believe the offer is too low. They advised me that should there be a dispute over the property, under Spanish Law it can be put up for auction, and I would end up with about the same amount anyway. I know that they would prefer to keep the property between them ideally, so feel that I am in a position to ask for what a consider a fairer offer.
At the moment, I would find it hard to pay legal fees up front, unless I really thought it was worth it, and would prefer to reach an amicable agreement with the children, but I have no idea about Spanish Property Law, and am finding it hard to contact a solicitor in my area who I can speak to on the subject.
Any thoughts or advice would be much appreciated.

[Patricia]

Hello April,

In the event that you finally failed to get to the amicable agreement that you mention in your message, so they bought your share for an agreed amount of money, the only option would be - as they are warning you - the dissolution of the property ownership by court auction. This is always the least convenient route, as all parties lose money considering the sale has a much lower price that in the current market.
We agree with you and recommend you to negotiate with them the amount thus avoiding to sell by court auction. You may be in a position to ask for compensation based on the fact that you have not used the property during those 28 years, above all if you take into account that the sale of your share will result in tax payments - Plusvalia ( most probably, depending on the corresponding town hall ) and Capital Gains Tax.

Our advice is that you get to the fairer offer and dissolve the ownership amicably. Finally, you will have to sign at the Notary the sale of this share and deal with the corresponding tax payments. You can deal with all this by yourself , or use the services of a solicitor that can represent you via Power of Attorney.

Feel free to send me an email on Patricia at Lawbird.com if you wish to enquire further and/or get a quotation for our services.

Regards,