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Type your question here. in our case my siblings and i own…

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in our case my siblings and i own different percentages of an 8 acre field. one owns 40% shares and myself and 2 others own 20 % each. in "voting" does the 40% owner have 2 votes to our one ? when gifted from our parents, the solicitor told us any decision involving money had to be approved but all of us, unanimously. was that correct, or can 40% plus 20% ( 2 individuals total of 60% ) out vote 2 individuals ( total 40 %) thank you
Submitted: 3 years ago.Category: UK Law
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Answered in 47 minutes by:
6/9/2015
Solicitor: Maverick, Advocate replied 3 years ago
Maverick
Maverick, Advocate
Category: UK Law
Satisfied Customers: 6,633
Experience: 20 years proefessional experience
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Since you are able to own different % shares of the property, it appears that the deed papers show that you all own the property as "tenants in common" [TIC] as opposed to "joint tenants".
Under this TIC arrangement all parties are legal owners of the property and all parties will need to sign the sale/transfer documents before the property can be sold [assuming that is the voting issue that you are inquiring about].
However, the value of the property will be divided between you based on a written agreement or on your respective ownership percentages, if no alternative agreement exists.
That said, unanimous vote is not required for you to be able to transfer your particular ownership percentage to your heirs by a will if you die.
I am not sure if this answers your question. If not just write me back.
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