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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34106
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Two parties have divided a house under the terms of a Trust,

Customer Question

Two parties have divided a house under the terms of a Trust, One party has issued a notice that they wish to sell their half because the relationship between the parties has deteriorated.
The receiving party has the opportunity to buy the other half within 6 weeks of an agreed valuation.However there is no mention in the Trust that the issuing party can buy the receiving party out.
Is there anyway this could be done?
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Does the Receiving party wish to buy the issuing party out?
Clare
Customer: replied 2 years ago.

We understand that they can't afford to buy it.

Expert:  Clare replied 2 years ago.
Hi
Does the other party wish to purchase the remaining half?
Clare
Customer: replied 2 years ago.

No they don't. They said they were keen to have the place valued so they would have an idea of what money they would have available to spend on another place.

Expert:  Clare replied 2 years ago.
Hi
I am sorry I am a little confused - what is it that you would like to know?
Clare
Customer: replied 2 years ago.

Is the issuing party able to buy the receiving party's half of the property, rather than put the property on the open market?

Expert:  Clare replied 2 years ago.
Hi
is the receiving party refusing to agree to this?
Clare
Customer: replied 2 years ago.

We have not asked them yet. If they state that they don;t wish to purchase, we are unsure whether we are allowed to have the right to purchase before the property is put on the market.

Expert:  Clare replied 2 years ago.
Hi
If it is not set out in Declaration of Trust that either party can purchase the other out then there may have
to be court proceedings to force the transfer
This could be proceedings to prove that it was an implied part of the agreement that if the receiving party declined the offer then the issuing party could purchase their share; or it could be an application for an Order for sale of the property within which the court is asked to order the "sale" to the other owner.
Either way this will reduce the amount that the other party will eventually have to spend - and it may well be that pointing that out will deter them from being difficult on the issue
Please ask if you need further details
Clare
Clare and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Hi Clare,

Thank you very much indeed for your guidance and information. I'm sure that it will be very helpful to us in the coming months.

Pam Yarnold

Expert:  Clare replied 2 years ago.
Hi
You are most welcome -I hope all goes well
Clare