Help! How can I get out of my co-ownership?

U

UpandDown

Guest
Just over 2 years ago I bought a terraced house with a friend. We both own 50% each. When we bought the house we agreed that after 2 years we would assess our options with the idea to sell up and move our separate ways (due to making proffit on the property) Unfortunately we never got anything put in writing! You can see where this is going...........


I now want to either sell up or buy him out because I want to get a house with my girlfriend. Problem is, he wont sell up or buy me out.

What can I do? I'm starting to get really depressed by the whole situation.
 
It is possible to force a sale but it is a very lengthy and expensive legal process. Has he given any reason for not wanting to sell? Could you rent the house out?
 
There are 2 main reasons why he wont move!

a) The house has not been completed yet (refurb) and therefore the value isnt as high as it could be. Meaning if I were to buy him out he wouldnt get the full potential value. Also, with the market the way it is, the house is no longer worth as much as it was.

b) If he sells up he will have to rent somewhere as he wont be able to afford another property on his own.

I have offered to buy him out with the house unfinished and at a very good price but he wont budge. I appreciate he wants to make maximum proffit from the property but as my Dad has done the majority of the work on the house (at no charge) I feel he is being very unreasonable.

What are my legal rights in forcing a sale? Is it mega mega expensive? Maybe I could just threaten that and the fact it is going to be so expensive, he may just decide to sell?
 
Has he given any indication that he would be prepared to sell for the right price - more than market value for his half due to "inconvenience" or is it a case of he just wants to live there and no money will shift him?
 
Before the market really took a slump I offered him more than market value (with the house in it's current condition) and he turned that down. I think he was half tempted!

Now I wouldn't offer him the same amount as before due to the decrease in value but I would still offer him a fair amount to buy him out.

I think the biggest problem is that the house still requires work and money spending on it to make it truely sellable. Problem is, he is not prepared to do any of this work and does not really have the money either.

I'm not prepared to pay a high premium just because it will inconvenience him. At the end of the day, he would be getting a reasonable proffit for not a lot of work and not paying any selling/legal fees either.
 
I've got a free half hour meeting with a lawyer tomorrow. Any specific things I should be asking him?
 
Hi there ,
Does this guy not realise that the price of houses are set to drop dramatically in the next few years , some economists predicting drops of as much as 60% from the heady days of 2006 ?
Tell him to read a newspaper ,and to accept the fact that if he/you do not sell now that you stand to lose big time.
good luck.
 
Update.....

Been to see the Lawyer today and he has told me that should it go to court then I'm 100% guaranteed to win and he will also have to pay most my legal fees.
 
some friend eh!!!
are the 2 of you both living there currently?
perhaps if your dad hit the 2 of you with a bill for work he's done...it might stir your 'friend' into action.
 
We are both living in the house yes and as it stands we have not fallen out over the situation.... YET! I'm sure that may end up changing if I have to threaten the legal route (which I'm hoping I wont have to do!)

At the end of the day, I can't move on with my life until we have both gone our separate ways and he needs to appreciate that.

re: my dad! I dont think that would be possible as he did the work as a favour to us both. However I always told my friend he should be offering my Dad some money/a gift as a thank you. After all, my Dad spent roughly £800 of his own money on petrol traveling to our house every weekend for about a year!
 
UpandDown said:
Update.....

Been to see the Lawyer today and he has told me that should it go to court then I'm 100% guaranteed to win and he will also have to pay most my legal fees.
Click to expand...


Did he not also tell you that it will be a deeply painful experience, that you and your friend will fall out big time and that even though you are 100% guaranteed that you may not be awarded all of your costs so that you will be very likely footing a hefty legal bill all of your own?

mf
 
If I had another option then I'd be happy to consider it but there isnt.

I cant afford to move out and pay for another property elsewhere and no-one would want to live with him in a house that still requires a lot of work doing to it.
 
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