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Thomas
Thomas, Lawyer
Category: UK Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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I am a 50% share holder in a property and the other shareholder

Resolved Question:

I am a 50% share holder in a property and the other shareholder is threatening to take to court to force me to sell
Submitted: 1 year ago.
Category: UK Law
Expert:  Thomas replied 1 year ago.
Hi,

Thanks for stating your position.

What is your specific question about it please?

Tom
Customer: replied 1 year ago.


Can i be taken to court and forced to sell as i owe no money on this property


 


 

Expert:  Thomas replied 1 year ago.
Hi,

Is there a mortgage on the property?

Tom
Customer: replied 1 year ago.


no my husband passed away in january and the full mortgage was paid off including the share holders from my husbands estate so he has already had 100,000.00 pounds


 

Expert:  Thomas replied 1 year ago.
Ok.

Is your partner named on the registered title for the property at the Land Registry?

Tom
Customer: replied 1 year ago.


myself and buisness partner are both on tile deed and property is held as tenants in common


 

Expert:  Thomas replied 1 year ago.
Hi,

Are they also the father of the children?

Is he being unreasonable as to the price he is asking to be paid for his share, or is it based on market value?

Tom
Customer: replied 1 year ago.


he is not the father of my children he is purely a shareholder in the property the property has some buildings on it which are subject to an enforcement notice for removal. the cost of this removal should be deducted from the valuation of the property however he is refuseing to encure his half of the cost


 

Expert:  Thomas replied 1 year ago.
Hi

Thanks for your patience.

In order for force the sale he would have to make an application to Court. If you cannot demonstrate sufficient finance to buy him out at market value (as decided by the Court) and transfer the equity in to your name then the court is highly likely to make an order for sale.

Unless there is a declaration of trust confirming that you should be responsible for putting the property in a saleable condition (ie. Removing the properties subject to the enforcement order) then costs would be borne equally.

You would therefore be arguing that the Court make’s an order for sale at the market value of the land without the buildings and further arguing that the order for sale be made subject to the removal of the buildings at eachother’s costs. You would get some traction with this.

I would start negotiating with him because he would get an order for sale at Court and you would to avoid giving him the position whereby he can have the possibility of claiming costs from you. I would start with negotiating the removal costs of the buildings since the enforcement notice must be complied with regardless of whether the property is being sold.

Delay a bit, but not so much as to prompt him to issuing an application. In this delay you need to devised an affordable strategy to buy him out if that is you ultimate objective.

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Kind regards,


Tom
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6444
Experience: BA (Hons), PgDip, Practising Solicitor
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