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HOUSE MATTERS

281 Views  ⚫  Asked 3 Years Ago
asked on Aug 6, 2015 at 18:54
by   RAVI KUMAR
Sir,
I am Ravi from kuala lumpur.
Abt 25yrs ago my father gave me some money that he inherited to buy a house. As the money was insufficient to cover the full price of the house and he being retired from Government service and was not eligible for any loan so i applied for a loan to settle the balance of the payment  on the house. I had a tough time paying the loan and not even anyone of my siblings enquired or try to help me pay the bank loan for the house. Now that the house is finally paid off and i am staying in the house my siblings want a share of the house asking me to sell it and divide the money among us. They say i held the house in trust for my father when there is no such letter or anything such as this. What do i do now , i too have a family of my own and have never been in good terms with any of my siblings because of their negative attitude and bad mouthing.
thank you
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5 Answers

answered on Aug 6, 2015 at 20:01
by   Ganesh
1/ What was the purchase price 25yrs ago?
2/ How much money yr father pumped into this property?
3/ What was the housing loan amount (including interests) at that time?
4/ Is the house under single or multiple names?
5/ What is your Father and Mother saying on this matter?
6/ For how long did yr parents lived in this house? And who bore their living expense?
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answered on Aug 7, 2015 at 15:54
by   RAVI KUMAR
The answers to your question sir:

1.the price was rm40000.00
2. my father gave me about rm20000.00
3 my housing loan was abt 20,000.00 and the interst was around 6 to 7% ( i cant remember the exact figure)
4, single name , my name on the property title and i am having the title after paying up the loan.
5. my mother passed away before the purchase of the property n my father has passed away since but use to to stay at another house with my siblings.( i stayed seperately in rented house)
6, parents didnt live in this house at all

thank u sir
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answered on Aug 7, 2015 at 19:21
by   Ganesh
There is no ideal solution to your issue.

Layman opinion, since you have never stayed in that house, it can atribated the following manner

The father share of RM20,000.. allocate an interest rate (say standard or average savings accounts rate) for the 25 years. Sell the house and share this amount (20K plus interests) among all siblings (including yourself). Nobody gets the house and win-win situation. Argue somemore, then charge room rental to whoever sibling is living in that house for the past 25years.

There are to many options to describe.
They are entitled to their share of inheritance.
You are entitiled to all benefits of risk taking of a bank loan.
Quarrel or being unreasonable, just sell the house and keep all the monies for yourself. After all you have not lived in it. The others, except for your father are just squatters..

Just settle family issues in an amicable manner. The rest of them cant doing anything legal to you. You are the legal owner.
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answered on Aug 7, 2015 at 21:14
by   RAVI KUMAR
Ganesh,

Tq sir
will do the needful,
tq v much
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answered on Aug 7, 2015 at 21:43
by   RAVI KUMAR
Sir,

can any one of the siblings put a CAVEAT on the house and prevent from it being sold or inherited by my own family that is my wife or kids.
there is no letter or document to say that the proerty was held in trust or otherwise,. the title is in my sole name n presently the title is with me/.
tq sir
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