Sell a co owned house

[Billyholz]

Hi

I’m really not sure how to ho about this and I’m really worried, 

 

i bought a house with my brother in Merseyside 10 years ago.

We own it 50/50 share and no no mortgage.  

 

We don’t get along Anymore and I had to move out and I’m staying with a friend.

I want to sell but he is refusing.

 

I want to make him an offer to buy me out, but I’m sure he will refuse or not want to pay me what it’s worth.

Can I force him to sell the house and we each get the money?

 

What is the best thing to do?

 

Hope you can help!

Billyholz

[honeybee13]

Hello, welcome to CAG.

 

I've moved your thread to our General Legal forum and left you a link to follow. People should be along later to advise.

 

Best, HB

[Billyholz]

Hi HB

Thank you.. I can’t see the link you sent me. Please can you resend. Will the link be in the message you send me? It’s my first time on this site.

Thanks again..

 

BH

 

[honeybee13]

Hi.

 

You posted in the Questions and Suggestions about this Site forum. If you go back there, your thread title should still be showing and if you click on it, you'll be on the new forum.

 

HB

[Ethel Street]

Do you own the property as ‘joint tenants’ or ‘tenants in common’?

 

gov.uk explains the difference. 

/assets/static/govuk-opengraph-image-dade2dad5775023b0568381c4c074b86318194edb36d3d68df721eea7deeac4b.png

Joint property ownership: Overview - GOV.UK

WWW.GOV.UK

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Check if you're a joint tenant or tenants in common. Change from joint tenants to tenants in common, or tenants in common to joint tenants

 

[Billyholz]

Hi

The house is owned as  joint tenants 50/50 ownership.

[Ethel Street]

@Billyholz

 

Unfortunately there is no easy solution. As a general rule of law one joint owner cannot compel the other joint owner to sell.

 

The best advice is to keep on negotiating to see if you can come to an agreement. Is the obstacle price? If so would it help if you got a professional valuation of the property? Perhaps get 2 or 3 valuations and take the average?

 

You've identified 3 possible ways to resolve this: He buys out your 50% and continues to live there. You buy out his 50% and you continue to live there. You both agree to sell the house and split the sales proceeds 50/50 and use the cash to each buy somewhere else to live. Is your brother likely to agree to any of these? Do you have a preference?

 

Another option would be that you just leave him living there on his own and paying all the bills but you retain your 50% ownership in the house. That way you would continue to benefit from any future rising house prices. But that would only be practical if you could get your own place to live on your own income and savings without needing cash from selling the house.

 

If you can't agree consider whether you could go to mediation.

 

In the last resort it might be possible to get a court order compelling the sale of the property but this is an uncertain (and expensive) route to take so avoid it if at all possible. It's a complex area of property law and you must see a solicitor for professional legal advice if you are thinking of going to court.

 

 

[Billyholz]

Hi

So far we don’t talk so I don’t think he will  try to make my life easy! Is there any way the property can be changed to tennants in common  if he refuses to sell or negotiate or does not respond to my request to buy? Does that make any difference ? I need the money to buy a place of my own.. I’m really stuck!!

[Ethel Street]

I think you will need specialist legal advice from a solicitor on this. The volunteer site team here are not qualified lawyers/solicitors.

 

I don't know whether you can change to tenats in common if your brother does not consent but even if you can I don't see how that will help you raise money. In theory maybe you could sell your 50% but who would buy it? No-one is going to buy 50% of a house they'd have to share with your brother are they? 

 

When you bought the house together did you sign an agreement with your brother on what would happen if one of you wanted to sell up and move out (either as a formal trust deed or an infomal letter)? There are lots of reasons why one of you might have wanted to move out, it's not only if you fall out and don't want to live together any longer.

[Billyholz]

Hi

I’m not sure  if there were any formal / informal trust letter of deed. I cant exactly remember. I will need to go back to the solicitor. But if there are no attachments or formal letter then could I possibly sell my half. I see people sell a 50% share as investment on auctions. If not can I gift my half to charity or to pay my debts.  I want to make sure he doesn’t get it if I die! I don’t have any children.

[Ethel Street]

You need a solicitor to answer your questions.

 

Sell 50% at auction? Have a look at what price they get....

 

I understand why you are approaching this as a property law issue but may I suggest you consider it more as a family dispute reolution problem and explore that. Think about whether a neutral go between might get you both round the table with an independent mediator.

[Billyholz]

Hiya

Thank you for this! I’m sure like you said I may have to l find a neutral go between/ mediator to get this one sorted out!!