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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34271
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I purchased a property with my sister two years ago as an

Resolved Question:

Hello,
I purchased a property with my sister two years ago as an investment, we had inherited some money, it is presently let out. We had agreed verbally that we would keep it for a minimum of five years and then decide to sell or continue. My sister now wishes to sell up but I feel we should stick to the plan, it is giving a good return. She has told me that she would go to court unless I agree to sell up, can you please advise me as to my rights.
Regards, ***** *****
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

How much is the property worth and how much is outstanding on the mortgage?

Customer: replied 1 year ago.
Hi Clare,
The flat is worth approx £200k, there is no mortgage.
Regards, Alan.
Expert:  Clare replied 1 year ago.

Can you buy her out?

Customer: replied 1 year ago.
No unfortunately and I don't want to take out loan.
Expert:  Clare replied 1 year ago.

Where more than one person owns a house it is automatically held on a "trust for sale'.

The Trust can be ended at any time and if need be an application to the court can be made to force a sale.

I am afraid that since there was no clear written agreement that the capital would be tied up for five years then yes your sister can if need be apply for such an Order.

I am sorry to give bad news - please ask if you need further details

Customer: replied 1 year ago.
No unfortunately, and I don't want to take out a loan, I probably would not get one, I work part time and the rental income is important.
Expert:  Clare replied 1 year ago.

Where more than one person owns a house it is automatically held on a "trust for sale'.

The Trust can be ended at any time and if need be an application to the court can be made to force a sale.

I am afraid that since there was no clear written agreement that the capital would be tied up for five years then yes your sister can if need be apply for such an Order.

I am sorry to give bad news - please ask if you need further details

Customer: replied 1 year ago.
Thank you for your advice.
Regards, Alan.
Expert:  Clare replied 1 year ago.

YOU are welcome sorry it was not better news

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