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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Hello, can you give me some advice please - I own 50 percent

Resolved Question:

I own 50% of a house with two others who own 25% each. I want them to buy me out as I need to release the equity from my share, but this is unlikely. How else can I access this equity? What are my other options?


 

Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts : Hello my name is XXXXX XXXXX 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, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : Do you have any form of contact please?
Alex Watts : Sorry I can't see what you have said?
Alex Watts : Did you have any form of contract?
Customer:

sorry, your first reply asked for a contact? No. I would assume not. All 3 of us inherited the property

Customer:

and it's mortgage free.

Alex Watts : Ok.
Alex Watts : Well you can write and ask that you wish to sell or release equity.
Alex Watts : If they refuse then you can issue proceedings and seek an order that sells the property.
Alex Watts : The court can order the sale and appoint an estate agent to handle the sale.
Alex Watts : They can either buy you out or be forced to sell.
Alex Watts : Can I clarify anything for you about this today please?
Customer:

What ways can the equity be released without selling the property?

Customer:

I don't particularly want to force them to sell, if there is another way I can gain the equity to my share.

Alex Watts : Unless there is an equity release company that would buy your share, you could do that.
Alex Watts : Does that help?
Customer:

Is it a costly process partitioning through the courts?

Customer:

Hoping I never have to go down that road but how do I set the ball rolling on that front?

Alex Watts : It could be yes. Depending on if it is contested.
Alex Watts : You would need to see a solicitor to start the process.
Alex Watts : Does that clarify?
Customer:

and the costs would be all paid by me if partition etc was granted?

Customer:

under what grounds could it be contested?

Alex Watts : If you win costs could be payable by the others.
Alex Watts : they could just try and fight it, but you have equity so it can be sold etc
Customer:

thanks

Alex Watts : If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/
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