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1 own a propeety with 2 other people equally. I would like…

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1 own a propeety with...
1 own a propeety with 2 other people equally. I would like to sell my share, they buy me out in caah or by remortgaging. However my partners are not agreeing. What can i do? We have no written agreements in place and have owned the properry for 12.5 years.
Submitted: 2 years ago.Category: UK Property Law
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Answered in 1 day by:
6/17/2015
Solicitor: Clare, Solicitor replied 2 years ago
Clare
Clare, Solicitor
Category: UK Property Law
Satisfied Customers: 35,214
Experience: 25 years exeperience
Verified
Hi
Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
What agreement was made about a sale when you first purchased the property together?
Clare
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Customer reply replied 2 years ago
We didnt make any written agreements. Though 1 partnee seems to thunk ww agreed we would sell once mortgage was repayment was complete (we have 2.5 years left). I would prefer to keep it as a property we continue rent out then. But now i am going through a divorce my wife and i would like a clean split of our assets and the money.
Solicitor: Clare, Solicitor replied 2 years ago
Hi
Who lives at the property?
Clare
Ask Your Own UK Property Law Question
Customer reply replied 2 years ago
We are renting it out to tenants
Solicitor: Clare, Solicitor replied 2 years ago
Hi
As a Joint owner of the property you can apply to the court for an Order for the sale of the property and the Court will grant it.
A letter pointing this out and mentioning that you will claim the court costs if the matter goes that far may solve the problem.
I hope that this is of assistance - please ask if you need further details
Clare
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Customer reply replied 2 years ago
thats a relief to know! My ex wife wants her share of our assets anyway so would they be forced to sell regardless?Also how do i apply to the court for an order of sale? Can you tell me the legal reference for this please. Thank you
Solicitor: Clare, Solicitor replied 2 years ago
Hi
Your Wife cannot force the sale - only you can
It is an application under the Trusts of Land and Appointment of Trustees Act
http://www.slatergordon.co.uk/media/2347003/land-disputes-a-guide-to-procedure.pdf
Clare
Ask Your Own UK Property Law Question
Customer reply replied 2 years ago
Hi clareI sent your reply to my friends this is what they replied with...is it true, will i need to cover their costs too?
" a court will find this perfectly reasonable in the circumstances in which case you will have to foot your own litigation cost and ours. Not sure you've thought this through properly
Furthermore we agree to an early sale if you are prepared to take on the losses we incur with the mortgagor as a result of the early sale"
Customer reply replied 2 years ago
The other shareholder said this:"Our defence- if your short of money - sell one of your other houses. We lose financially if we sell early and a court will certainly accept that argument. Especially given we had a 15 year agreement. In any event, as tenants in common you're free to sell your share as you wish. Good luck with finding a buyer or your litigation"The mortgage has a 15 year term.
Solicitor: Clare, Solicitor replied 2 years ago
Hi
Was there ant agreement about the length of time you would own the property?
Why will there be a loss if it is sold now?
Clare
Ask Your Own UK Property Law Question
Customer reply replied 2 years ago
No agreement about how long we would own the house for but it was a 15year mortgage.I think because we still owe the bank £20000.
Solicitor: Clare, Solicitor replied 2 years ago
Hi
In that case you are now free to go ahead and issue the Court application
Clare
Ask Your Own UK Property Law Question
Customer reply replied 2 years ago
Thanks clare, would i be liable for their share of the costs though?
Solicitor: Clare, Solicitor replied 2 years ago
Hi
You will be able to claim costs from them
Clare
Ask Your Own UK Property Law Question
Customer reply replied 2 years ago
Hi clare,
Just to clarify as one of the ahareholders is also a lawyer.
She's saying we can claim but we wobt get the costs of goibg forward with the court case as she and the other partner are happy for me to sell my share to anyone else or to sell the flat if i pay the £20k remaining on the mortgage and the court fees. Shes saying we cant force the sale as they loose out on the £20k over the next 2 years that would have been paid by the tenants.Please clarify!
Solicitor: Clare, Solicitor replied 2 years ago
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Clare
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Category: UK Property Law
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