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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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Hi a friend and I purchased 4 properties between 2011/2012

Customer Question

Hi
a friend and I purchased 4 properties between 2011/2012 with the intention of refurbing/repairing and renting out 3, the 4th was for myself as my own residence albeit both names are XXXXX XXXXX mortgage. We took further advances of equity from 2 for the purpose of repairs and to put towards deposits.
I have been managing the letting repairs maintenance etc from day 1 without any input from my partner. There has been problem tenants, none payments, damage and long periods of inoccupation to which all funding and mortgage payments have been payed for by myself from my own personal bank account and savings.
Contact between us ceased around Nov 2012 and despite numerous attempts by myself to contact him I have had no replies.
I have now received a solicitors letter demanding rental statements and accounts, property valuations and he wants me to sell my home and he take a percentage.
In my eyes he abandoned our 'business' and left me to suffer the consequences and their are no 'profits' that can be shared but only debts, in essence he owes me for the management costs my time and expenses.
As well as this I have ended up in hospital as it started to affect my health.
I don't know what to do and I cant afford to go to court as Im struggling to keep everything afloat.

Please help !!!!
regards

Carl Hulin
Submitted: 3 years ago.
Category: Law
Expert:  Nicola-mod replied 3 years ago.
Hello,

I've been working hard to find a 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.
Yes please continue
Expert:  Nicola-mod replied 3 years ago.
Hello,

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

Thank you for your patience,
Nicola
Expert:  Ash replied 3 years ago.
Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return.

Did you have any form of partnership agreement or a Limited company please?


Customer: replied 3 years ago.
Hi and thank you for your reply.
We had/have no written agreements only verbal.
I am not a vindictive person and as it stands would be happy to reimburse him his initial outlay and sever ties but I have no way of communication with him only through his solicitor. I am also unsure as to whether I should make contact with his solicitor or not.

Regards

Carl
Expert:  Ash replied 3 years ago.
What were the verbal agreements please?

Customer: replied 3 years ago.
The timeline was as follows :
Originally bought property 1 for approx £55000 which had been trashed so needed extensive work before it could be let.
Property 2 : I was reluctant to purchase as it was in a state of disrepair also but was persuaded. £63000.
These were refurbed and let out but as I'd started working part time I undertook to manage everything and we agreed he would not receive any payment until a later date.
2 other properties came available (property 3a/3b £69000 each) 3a was to be my own investment property and 3b a joint investment but for mortgage purposes we had joint mortgages (3a is not being disputed).
I found property 4 which I wanted for myself and for mortgage purpose we had a joint mortgage but the agreement was he had no interest whatsoever In it.
We met in summer 2012 and agreed he wouldn't start taking any payments until the new year 2013 due to the problems and issues we were having.

The main agreement was we were going to attempt to purchase 10 properties And wait until the market picked up and sell at a profit as long as they ticked over any rental income was a bonus.

Carl
Expert:  Ash replied 3 years ago.
Ok. But he made initial investments, is that right? Please note I am on and offline today.

Customer: replied 3 years ago.
That's fine...yes we split deposits 50/50, but not on p3a and p4 I funded those
Expert:  Ash replied 3 years ago.
Did you ever dissolve the partnership please?
Customer: replied 3 years ago.
The last contact we had was Nov 2012 since then I have tried to contact him on numerous occasions to discuss issues and problems.
It transpires he changed his no. and moved house.
We have mutual friends and I have sent messages through them to ask him to get in touch but nothing, he has told one friend to not give me his contact info.
Expert:  Ash replied 3 years ago.
Unless you have terminated the partnership then sadly it is still in existence. This means the request by the Solicitor is quite proper for accounts and rental statements etc. Of course this does not mean he would be entitled necessarily to anything but he would still own a share of the property. This is because he put down the deposit with you and therefore has a beneficial interest. Of course if there are debts then he would still own a portion of the debts and you could seek to enforce that. But also at the same time he would still own a share of the property.

I am sorry if this is not the answer you want and certainly not the one I want to give, but I have a duty to be honest. In short he may still own some share even if it is small. Can I clarify anything about this for you today please? Alex



Customer: replied 3 years ago.
It's As I thought but does that mean he has had to contribute financially to a deposit to ha a beneficial interest and not just in name.
Is it wise to reply to his solicitor?
Also is it possible to have his name removed from the deeds alone without his authorisation

Thanks

Carl
Expert:  Ash replied 3 years ago.
Yes Carl, I would reply otherwise they could seek a court order requiring the information. No you will need his permission or a court order to remove him. Alex

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