Selling 50% Share in house

K

kneelo

Registered User
Messages
14
Hi,

I'm just looking for some advise.

I own a 50% share in a house with a friend, and now I want to sell my 50%. I am unsure how to proceed.

Is there anything I should look out for or is there a particular procedure i should follow in starting the ball rolling??

Any help would be greatly appreciated.

Thanks in advance.
 

Are you selling it to the friend or to a 3rd party?
 
Hi, thanks for the reply. I will of course give my friend first refusal but if he doesn't want to or can't buy me out it will have to be sold 100%. .

So to answer your q, it will most likely to be my friend.

Thanks
 
The first thing you need to do is agree a price. The best way to do this is to pick an auctioneer each and another you both agree on, get valuations from all three and take the average of the three. Next you should contact your solicitor to get the title deeds from your existing lender (this can take 2/3 weeks) and at the same time you should ascertain that your income is sufficient to buy the house out.

Sarah

www.rea.ie
 
kneelo said:
Hi, thanks for the reply. I will of course give my friend first refusal but if he doesn't want to or can't buy me out it will have to be sold 100%. .

So to answer your q, it will most likely to be my friend.

Thanks
Click to expand...

Personally I'd get 3 valuations done and agree to abide by the middle one. Obviously you don't need an EA so there are savings there which could be split? Depending on how soon you need the money, how flexible you are and how close this friend is you could give them a little leeway on the payment side-all done through a solicitor and above board of course.
 
Thanks for the replies.

So with the evaluations, we know how much the house is worth today. Then, is the original house price decucted from the current market value of the house or is it the outstanding mortgage balance that's deducted to figure out how much the 50% is worth??
 

Say the house is worth 500K and the outstanding mortgage is 300K.
You'll end up with 100K...your 50% of the equity in the house. What it was worth isn't really relevant.
 
The above figures look correct assuming you invested the same amounts and have been making equal mortgage repayments.
and that you invested same amount into the upkeep of the house.
If He paid for all floors for eg, I'm sure he would want to subtract that from the overall profit figure.

Good luck with it all.
 
Hi,

I am in a similar situation with my brother where i want to sell my half and he has indicated that he wants to keep it.

Is there a stamp duty implication of he purchases my 50%??

Thanks
 
I bought my sis's 50% share of the house. There were no stamp duty implications (you probably need to double check but I think it's to do with the fact she's a blood relative & the value of the house, which is currently worth about 490K) Keep in mind the Solicitors fees were @2K. Maybe you could shop around on that one.
 
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