For UKSolicitorJA only please,
Hello, thank you for your reply, sorry for my delay, but I have been working shifts.
Ok in your reply you state "or one of you buys out the other at fair market value"
Do you mean, by fair market value?
1) Market value 10k, buyout value 5k, being half market value.
2) Market value 10k, buyout value 10k, being full market value.
I think I know the answer, but do not wish to second guess, for obvious reasons.
Many thanks, again.
For solicitor UKSolicitorJA only,
If this goes into dispute, what rights does each party have regarding the use, and any further expenditure on the vehicle, without permission/agreement of the other party?
- Can the one party be refused use of vehicle, by the other?
- If one party wishes/continues to use the vehicle, so renews insurance, and MOT without permission of the other, do they by default, accept full responsibility, and liability of the vehicle and costs.
Which, in turn by default, they agree to accept amount requested by the other party for settlement/buy-out of that parties half of the vehicle?
Insurance renewal due May 2014, MOT due June 2014.
The vehicle due be used May/June 2014.
Vehicle insured for £12,000.00.
Estimated market value from one scource VW mechanic, and by other party scourcing on Ebay. (£8,000 - £10,000)
Dispute (buy-out share) value £5,000.00