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UK-Justice
UK-Justice, Barrister
Category: Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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Jointly purchased a steam locomotive between 10 friends. No

Customer Question

Jointly purchased a steam locomotive between 10 friends. No written agreement between us except to lease our loco to the club we all belonged to at the time of purchase. Lease agreement between owners and cleb has ceased. 3 of us wish to realise our share value. Loco was purchased for £1,200. Now worth more than £5,000 possibly more. Loco was insured by club for £10,000. Remaining owners who are still club members want to buy us out at original price of and offered only £150 for our shares. The also want to renew lease to the club but we 3 do not.

Advice please on our rights.
Submitted: 4 years ago.
Category: Law
Expert:  UK-Justice replied 4 years ago.
Thanks for your question, I will do whatever I can to help you. Please remember to rate my answer SMILEY FACE OR ABOVE.

Greetings from someone that is a guard and signalman on a heritage railway in the Midlands!

Do you know the current value of the loco?

Customer: replied 4 years ago.


Not fully as the other seven as part of the club will not agree to a valuation and we 3 cannot gain access. A reasonable estimate looking at similar locos is around the £7,000 to £8,000 mark. This a 71/4 guage loco by the way.

Expert:  UK-Justice replied 4 years ago.
What they can't do is buy you for the original price.

What you can do is get a proper valuation.

If they refuse to then you can refuse to give your share.

Your share must be at current value, not historic value.

If they refuse then you could issue Court proceedings to get the loco valued then sold, if they refuse to sell it.

But they can not refuse to get it valued or give you current market value.

I hope this helps.


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UK-Justice and 4 other Law Specialists are ready to help you
Customer: replied 4 years ago.

Any idea what the court proceedings may be and how much?


 


Can I quote your words with confidence in correspondence to all owners?

Expert:  UK-Justice replied 4 years ago.
Yes you can quote.

Proceedings depend on if contested.

If not contested £1000 - if contested £5000+



Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
Customer: replied 4 years ago.

Can the remaining seven owners set up a new lease agreement with the club without the remaining owners consent? The original lease agreement had all our signatures on it.

Expert:  UK-Justice replied 4 years ago.
No - consent is needed..............




Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
Expert:  UK-Justice replied 4 years ago.
I'm just following up with you to see how everything is going. Did my answer help?

UK-Justice

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