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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10585
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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If ownership of a house is shared eg: 75% and 25% does the

Resolved Question:

If ownership of a house is shared eg: 75% and 25% does the majority holder have rights to buy the minor shareholder out without first informing of intention to do so.
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.
Hi,Thanks for your enquiry.Could you please give me a little more information so I may be able to answer you fully-who is the other owner of your property and have you approached them as regards ***** ***** their share?I look forward to hearing from you.Al
Customer: replied 1 year ago.
Thank you for swift reply. There is a history behind my question so I would rather speak directly if and when you can spare the time, I don't expect this to be immediate, can you let me know a convenient day and time. I work Monday morning and all day Tuesday. Many thanks CC
Customer: replied 1 year ago.
I cannot afford the phone call. Both parties names are ***** ***** deeds, I own the 75% share, and I have not yet asked other person as there is some animosity. Would I, as the main shareholder and the person who lives in the property and solely pays for upkeep on premises have the final say in whether I can buy the other person out. The other party thinks I should pay rent when I am already maintaining the property.
Expert:  Aston Lawyer replied 1 year ago.
Hi,Thanks for your reply.I am afraid to say that even though you own a 75% share, you are both still joint legal owners of the property and the percentage shares you both hold have no bearing on what each of you can and cannot do.Therefore, unless the other party is willing to sell, there is nothing you can do to force his/her hand.The only thing one of you can do independently of the other is to go to Court and ask for an Order for Sale if one of you wished to sell and the other was not willing to co-operate with a Sale/was prepared to buy the other party out.As regards ***** ***** that you pay rent, this boils down to the principle of “equitable accounting”. Even where shares are fixed (ie 75%/25%), you both should pay your relevant percentage share in Buildings Insurance/maintenance costs, with the person occupying the property paying the day to day utility bills. Equitable accounting may be used to make adjustments, usually as follows:A claim of one party in occupation to pay occupation rent to the other party after separationA claim of the party in occupation to get credit for some payments of mortgage interestA claim for the party in occupation to get credit for reducing the balance outstanding on the mortgage or paying an endowment policyClaims in respect of repairs or improvements if the works have increased the value of the propertyGenerally, as a rule of thumb, one cancels out two i.e. any claim for occupation rent is cancelled out by the party in occupation paying the interest element of the mortgage/property maintenance costs.I hope this assists and sets out the general law to you.Kind RegardsAl
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