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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2739
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I'm a part owner of a property and i wish to release my equity

Resolved Question:

i'm a part owner of a property and i wish to release my equity out of the property but the other part owner, who wishes to buy me out, is refusing to co-operate if i don't sell to him at 'his' price, which is considerably lower than the market value! he states that he will refuse to sell and purposely delay the sale knowing that i'm retired and am unable to delay the sale, thus forcing my hand to give in to his demands! what are my legal options?
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.
Hi, thanks for your question.
Was there a deed of trust made when the property was purchased? This would have detailed how the property would be sold in the future and how it would be valued.
Customer: replied 1 year ago.
no
Expert:  Harris replied 1 year ago.
In the circumstances if you cannot agree directly regarding the sale and valuation, you will need to make an application to court.
If you do not wish for this to happen, then you should instruct three independent agents to carry out a valuation and use the average as the property value. It is not for the other joint owner to decide what the value of the property is in the face of independent valuations.
Customer: replied 1 year ago.
that has already been done and the average is £515 000 but he is only offering £470 000!
Expert:  Harris replied 1 year ago.
In the circumstances you would have to submit an application to court to your local county court for an order, which will ascertain the value of the property
Customer: replied 1 year ago.
if he is unwilling to sell do the court order the sale? what costs are incurred by involving the courts?
Expert:  Harris replied 1 year ago.
Yes, the court can make an order for sale. The court fee would be £280 - legal fees would vary depending on the terms of any solicitor you instruct
Expert:  Clare replied 1 year ago.
.
Expert:  Harris replied 1 year ago.
Please let me know if you need further information regarding this.
Please rate my response positively - I will not be credited for answering this question without a positive rating.
Customer: replied 1 year ago.
sorry i've not responded but i had to go out! i thought once it goes to court, the court takes over! what you're saying is i have to have solicitors as well? who covers all the legal costs?
Expert:  Harris replied 1 year ago.
The court will make a decision regarding the application and you are free to represent yourself - so Solicitors costs would be optional.
Customer: replied 1 year ago.
that's great! thanks for that, that's a great relief! do you know what sort of time frame this process takes?
Expert:  Harris replied 1 year ago.
It would take the court at least a few weeks to list the matter for a hearing, and at the first hearing if no decision can be made the court may direct that you both file statements and further evidence to support your positions. It will therefore take at least a few months depending on the court's availability.
Customer: replied 1 year ago.
i am due to fly out to thailand next week for 6 months! once i have made the application do i physically have to attend the court or can i represent myself from abroad? i'm only in the uk to sell the property!
Expert:  Harris replied 1 year ago.
You will need to attend court in person
Customer: replied 1 year ago.
ok! that's more expense and i thought as much! can the sale of the property through the courts be stopped for any reason seeing as i need it to be sold! could the court rule not to intervene and force the sale? currently i'm vulnerable financially and my co-owner is aware of this, he's purposefully dragging things out to force my hand!
Expert:  Harris replied 1 year ago.
The court will need to assess both of your positions and if no sale is ordered then the court could order for the other party to buy out your share.
Customer: replied 1 year ago.
thank you for that! i think i will need to instruct a solicitor to assist me with this process! can you tell me where i can find a solicitor specialised in this type of law?
Expert:  Harris replied 1 year ago.
You cans search for local solicitors here: http://solicitors.lawsociety.org.uk/ Area of practice would be general litigation
Customer: replied 1 year ago.
thank you!
Expert:  Harris replied 1 year ago.
No worries, hope it goes well. I would appreciate if you could rate my response positively so that I can be credited for answering your question.
Harris, Law Specialist
Category: Law
Satisfied Customers: 2739
Experience: Family Law - Specialist in Divorce, Financial Relief and Children Matters
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