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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10796
Experience:  Barrister 17 years experience
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My brother and I bought flat in Liverpool as a buy-to-let

Resolved Question:

Hi, my brother and I bought flat in Liverpool as a buy-to-let venture in 2007. My brother has been dealing with all aspects of the venture in that the bank account where the rent is paid into is in his name, not a joint account. Can I make him disclose this account and statements covering the period from 2007 when we purchased the flat to the present?
Best regards
Dave Pitchley
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.

1. Dear David, Yes you can get your brother to disclose this account into which the money from the buy to let venture went as well as him giving an account of all transactions involving the buy to let venture since its inception in 2007. The law states that as between two co-venturers, engaged in a joint venture, such as you were, that there must be full disclosure o fall dealings with property bought and with money received.

Expert:  Buachaill replied 1 year ago.

2. Each one of two persons engaged in a joint venture owe a duty to account to the other joint venturer for all monies received pursuant to the joint venture. Accordingly, here, your brother owes an obligation to account to you in relation to all dealings with the buy to let, such as rent received and expenditure dispersed in relation to the buy to let.

Expert:  Buachaill replied 1 year ago.

3. If necessary, you can go to court to compel your brother to account to you in relation to the joint venture. A court will enforce this obligation to account should you call upon it to do so.

Expert:  Buachaill replied 1 year ago.

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