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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 30929
Experience:  Over 5 years in practice
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My self and a friend purchesed two properties several years

Customer Question

My self and a friend purchesed two properties several years ago, one here and one abroad.
We put up half of the costs for the both of them and any expences such as insurance .
I have done all the admistration with the one in Cyprus on a day to day basis as it is a Holiday let.
We had Tenants in the other one until September last year. We now have this up for sale , but can't find a buyer as yet.
Since we got these properties He has had no input in any of them, and has left me to handle
everything. He now either wants buy me out or split any profits from the sale.
I was wondering, as I think of him as a silent partner what do you think the purcentage of the split should be.
Regards
John Farrell
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.

Hi there,

Thanks for your enquiry.

Please note that as an English Solicitor, I can not advise on Cypriot law, but the principle will be the same as under English law.

As regards the UK property, do you know if you hold the property as Joint Tenants or Tenants in common, and if the latter did you agree to hold an equal 50% share?

I look forward to hearing from you.

Kind Regards

AL

Customer: replied 3 years ago.


We can not sell the one in Cyprus yet, the one here is in my name as


His credit was no good at the time of buying.


The property is a Buy-to-let and none of us have lived there at any time.


I also think I will have to live there for some time to avoid the Capital


gains tax. We have no contracts with each other regarding either


properies


 


Regards


 


John

Expert:  Nicola-mod replied 3 years ago.
Hello,

It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola
Customer: replied 3 years ago.


Hi


 


I am happy to wait for another expert to look at my question


 


Regards


 


John

Expert:  Nicola-mod replied 3 years ago.
Hello John,

We will continue to look for a Professional to assist you.

Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 3 years ago.
Hello John,

I apologize as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?

Thank you for your patience,
Nicola
Customer: replied 3 years ago.


Yes you can keep on lookimg for the right expert.


 


Thanks


 


John

Expert:  Nicola-mod replied 3 years ago.
Hello John,

We will continue to look for a Professional to assist you.

Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 3 years ago.
Hello John,

I apologize as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?

Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 3 years ago.
Hello John,

Please understand it is rare for us not to be able to find the right Professional to assist our customers. We can either return your good faith deposit to the original funding source, or we can keep your deposit on your account here for future questions.

Please let me know how you wish to proceed and again I apologize for any inconvenience this may have caused.

I hope you will give JustAnswer a try again in the future,
Nicola
Customer: replied 3 years ago.


I think we should forget looking for an answer, I can leave the good faith


deposit for another day should I need some help.


 


Thank you


 


John Farrell

Expert:  Nicola-mod replied 3 years ago.
Hello John,

Thank you - and apologies that we could not find someone to answer your question. Please don't hesitate to get in touch should you need further assistance at any point in the future.

Thanks again,
Nicola

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