Jointly own a holiday home - I want to sell, he doesn't.

K

kilkenny

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Hi,

First time poster long time viewer and hoping for some constructive advice. Please move to a different forum if this isn't the appropriate location.

I have a holiday home owned jointly with a friend of mine which is worth nearly €200k, unfortunately we have had a falling out and I was wondering what my options are.

The house is fully paid for and the other person does not want to sell the property outright on the market or sell their share of the property to me.

I would like to know were I stand as to what options I have, I would gladly take half the market value of the house and walk away from the situation.

But if the other person doesn't wish to sell on the open market, or sell their half to myself or buy my half from me.

What would the options be available to me? could I force the sale of the house on the open market?

All advice appreciated.
 
You need to tell us what way the property is held and presumably its freehold.

There are two types of legal ownership - 'joint tenancy' which essentially cannot be split except by death or by the Court.

The second is tenancy-in-common and this is a share which can be sold.

Before any further elaboration - which is it?

If neither - it could in one persons name (legal ownership) and the legal owner holds in trust half for the other party - equitable title.

Bit of work to be done.
 
Hi,

Thanks for the prompt response, the house is held in freehold.

I do not know what way the ownership is down on the property. I will have to look into this.two friends who purchased the property with no legal document detailed about what to do if one wanted to sell etc. In hindsight we should have had a document drawn up for this type of situation.
 
Your only option is to apply to court for a Partition/Severance Order if the other joint tenant is unwilling to sell, or buy you out.
 
Hi J26,

Your only option is to apply to court for a Partition/Severance Order if the other joint tenant is unwilling to sell, or buy you out.

Doing the above would the costs run into excessive figures? As I dont want to end up having to pay huge amounts in legal fees.

Cheers for the reply.
 
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