Calis Beach and Fethiye Turkey Discussion Forum
Property For Sale in Calis Beach & Turkey => Buying Property in Calis Beach, Fethiye and Turkey => Topic started by: Bluwise on February 12, 2011, 20:46:49 PM
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Does anyone have experience of buying a property with friends as both a holiday home and for rental? I've been thinking about it as the initial cost would be far less between 3 parties and we could buy bigger. As we have holidayed together for many years, it won't be a problem socially. Just wondered about the legalities and indeed, if anyone has done this did it turn out as you expected or do you regret it?
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There are no problems legally, other than the fact that it means you all would need to agree to sell if one/a few of you wanted to, and would also mean all of you would need to be present to do so (or all give power of attorney). If ever someone wanted to get shot of their share and you decided to buy them out, legally it is excessively expensive.
I know of quite a few people who bought with friends/family and although I couldn't say who, they all tend to be like you and your friends, they holidayed together so know they get on well enough to commit to a major purchase like this. The only note of caution is my initial point, that if some of your friend's circumstances change and they want/need to sell their interest, it can be a cumbersome process.
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Thanks for that Scunner - the challenge of someone possibly needing to opt out is quite a big one and as you have said, an expensive one if we wanted to buy their share. Still, it's something we can talk about some more as we're only just thinking about it at the moment. I have to admit, the idea of our own place in Calis is sooooo tempting but I want to be realistic too.
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i know someone who has experienced sharing the property they bought and it as all ended up at the solictors, after everyone falling out
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quote:
Originally posted by Bluwise
the challenge of someone possibly needing to opt out is quite a big one and as you have said, an expensive one if we wanted to buy their share.
The cost of buying someone's share is of course considerable but the cost of removing them from the title deed is going to run into thousands too - as you would effectively have to 'sell' the property owned by (say) 8 people to 6 people (the original 8 minus two bailing out). With that comes property purchase tax (that you've already paid once when you originally bought) and other fees.
If it were me, I would probably get one person to appear on the title deed and have a legal contract drawn up detailing the various shareholders in the property. That takes a lot of trust, but if you can't trust them you shouldn't be buying a property with them ;)
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Alarm bells!
Agree with Scunner one name on the Tapu, draw up a contract under UK law pertaining to the Turkish property, and ensure all UK Wills cover the property.
Contrary to everything you read regarding Turkish Wills and Inheritance choose your UK solicitor very carefully ensuring that they are fully conversant with international Tax law and reciprocity between UK and Turkey.
A Turkish Will is a waste of money, a Good UK Lawyer fully conversant of the above will suffice.
(Wish our friend had known this before)
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What is the law in Turkey regarding property when someone dies.Say the tapu is in both names (husband and wife) what happens when one dies.I understand its not the same as in england were say the husband or wife (whoever is left)would automaticly be entiled to the property.I know an English will doesnt count here in Turkey but if you have made a will here in Turkey would you still have problems.Loz can you explain why a turkish will is a waste of money.Its just that we have made a turkish will and think we have done everything right but would be interested to know other peoples experience.Thanks.
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Sue have mailed you
Ron
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I am also interested in the answers to the questions that Joan has asked if anyone knows please, thanks as always in advance.
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I am with Puma here, a recipe for disaster. Only have to look the the good friends who have done the lottery/bingo together and then fallen out and ended up in court.
I once started a business with my best friend and after 6 months we were not on speaking terms.
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quote:
Originally posted by legless
Sue have mailed you
Ron
Can't see a message Ron?
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quote:
Originally posted by Bluwise
quote:
Originally posted by legless
Sue have mailed you
Ron
Can't see a message Ron?
I can now - sorry I checked wrong email address.
Thanks Ron - will do.
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I know of one law firm in the UK (obviously more) who dealt with the estate in UK (UK Will) and property in Turkey, this person did not have a Turkish Will, the house was sold and monies went to the probate account in the UK for the executors to deal with. The estate is then actioned according to the Last Will and Testament of the UK.
The UK firm with furnish the Turkish Embassy with all relevant papers ratified from the UK. It is however, still a lengthy procedure.
I will search for the law firm details and ask them if I am allowed to post.
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Thanks everyone - I need to step back and think hard on this don't I.[^]
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Oh Yes !
(http://www.billquaycricket.com/Look_Likes/Churchill_Dog.png)
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quote:
Originally posted by KKOB
Oh Yes !
(http://www.billquaycricket.com/Look_Likes/Churchill_Dog.png)
Fabulous !!
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Dont do it.....!
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I don't think anyone can advise that apart from the person thinking about doing it!
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My advise would be cut your cloth accordingly, if you can afford a small place for yourself as sole owners go for it. Buy what you can afford and be your own boss.
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I can see the pitfalls of this idea now, especially the financial implications if one of the group had a change of heart for whatever reason. That in itself has made me even more cautious about full shared ownership but potentially with one name on the deeds as suggested, it could work.
As a group of friends for 30+ years we've been through many ups and downs so we know each other well. With allocated weeks each year and agreements about costs for family/friends etc it could indeed be a good opportunity. Understand about working together with friends not always a good plan- same goes for working with family but this isn't 9-5 work and all the challenges that throws up!
That said, I can see and feel the negative vibes and appreciate this needs very careful thought and I will heed the warnings.
Is there anyone out there it has worked for?
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I know many people it has worked for and I can't really think of any great disaster. The key to it (from your initial post) is that you all seem to like the idea of having a place in Calis but also attracted by the possibility of a rental income. This is like life itself - while it is generating an income everything is rosy, if it fails to then cracks may start to appear.
I'm quite obviously biased but I'd say go for it.
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We bought our place in Calis with the express desire to rent it out and make some money. However, once bought and furnished we loved it so much we could not bear the thought of anyone else in "our" Turkish house. Once you have a "home", in Turkey it may be hard to share it with hundreds of strangers who will not treat it as a home and not love it the way you do.
We cherish the idea of leaving all our clothes and personal items to come back to. If we had of rented it out, it would just have been another holiday let for us and not a home.
Take this into consideration when deciding, it must be a purely business transaction with no sentiment if you want to buy to rent.
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Yes agreed - and so many clients buy with a view to earning a rental return then buy the paintings, curtains and furniture etc that they really want rather than what is sufficient. In this time things change from a place to enjoy but also rent out to becoming a place too personal to share. But there's nowt wrong with that if it's friends, the place will get enough use just from the owners and their immediate families.
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Wow!! For once I totally concur with Jacqui, it wouldn't be like your own property once you agree to let it out. Apart from having to take all of your own kit out of it every time, could you really trust other people to treat your "home from home" with the Love & respect that you do??
Good Luck, whatever youy all decide. :D
Gordy.
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mmmmm, such a valid point thank you.
I think I would find it hard to resist the temptation of making it my own Jacqui ..... easy at first but as you start buying things to make it how you want it -
Oh decisions, decisions...good job we're not in a hurry!
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I totally agree with jacqui,and scunner,we did this with our appartment,never been let out yet? the appartment is between Calis and Fethiye.I bought it with a friend,now 5yrs down the line and i am living now in yaniklar,i asked to be bought out of it or can we sell as THEY only use it twice a year but no they still want to use it for there holiday.i have never stayed there ,as i bought my house out here 6 years ago,
and when we came out on holiday always stayed in the Yaniklar,now we are retired we moved here, and it was me who thought the appartment would be good investment at the time and asked them to come in with me .!!!!!!
Julia
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As usual,good advise from Jacqui.....
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We bought with friends seven years ago and so far we have had no problems. Mind you we have been friends 30 years and holiday together a lot. We are all four currently touring NZ.
Good bits are the costs are halved as well as the problems. No real bad parts apart from the eventual legal costs if one of us snuffs it.
Not sorted that bit out yet but it's on this years priority list.
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Thanks Stoop - it's good to get a balance.
I think we will look around when we're over and see what we can get for our money and then talk some more. I've certainly had food for thought from everyone with pros and cons to weigh up.
How fabulous - touring New Zealand, how long for?