Crosswords1 min ago
Sale Of A Jointly Owned Property
8 Answers
I have inherited a one-third share in a property, where the two other partners each own a third. If I want to sell up, what is the position? I suspect I would get a much better price if the whole house was put on the market than if just my share was sold. But what happens if one or both of the two co-owners does not agree? I would be very grateful for advice.
Answers
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you apply to a court for an order for sale
even if the inheritance is recent the other heirs cant make you hang onto a property you dont want - BUT you CAN force a sale if they wont buy you out
actually it is cheaper for you to force a sale by telling them that you will force a sale if they dont agree to a sale - they have to be pretty thick to say 'yeah really well go on then' coz it means they get less ( court costs see ? )
I think the judge signs the sale documents on their behalf
( rather than issues a court order 'thou shalt sell'. )
as you can imagine the non-sellers say OK OK the game is up long before it gets to that unless they are really really dim. You should structure it so that THEY pay for the advice that you can force a sale and not you ( pay for it ) . It sort of has more force if it is that way round
[ I am speaking from experience of being forced to sell land at the bottom of the market by other members of my fambly whom I then disinherited but that of course is another story )
even if the inheritance is recent the other heirs cant make you hang onto a property you dont want - BUT you CAN force a sale if they wont buy you out
actually it is cheaper for you to force a sale by telling them that you will force a sale if they dont agree to a sale - they have to be pretty thick to say 'yeah really well go on then' coz it means they get less ( court costs see ? )
I think the judge signs the sale documents on their behalf
( rather than issues a court order 'thou shalt sell'. )
as you can imagine the non-sellers say OK OK the game is up long before it gets to that unless they are really really dim. You should structure it so that THEY pay for the advice that you can force a sale and not you ( pay for it ) . It sort of has more force if it is that way round
[ I am speaking from experience of being forced to sell land at the bottom of the market by other members of my fambly whom I then disinherited but that of course is another story )
..
buying out a share is the sensible option and so a family at war definitely WON'T go for that option.
and also if that happens and the two others say in ten years - hey look how much money we have made on property and how much money you havent ! then it raises the possibility of a buy-out at less than market value. Lawyers and balancing payments then loom.
so it is sensible to sell to a fourth party at market rate
when I drive past the sold property I remind my relations:
"we used to own that once"
the property value currently is around three million
buying out a share is the sensible option and so a family at war definitely WON'T go for that option.
and also if that happens and the two others say in ten years - hey look how much money we have made on property and how much money you havent ! then it raises the possibility of a buy-out at less than market value. Lawyers and balancing payments then loom.
so it is sensible to sell to a fourth party at market rate
when I drive past the sold property I remind my relations:
"we used to own that once"
the property value currently is around three million
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