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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2300
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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My ex partner and i bought a house. everything is 50/50 in

Resolved Question:

Hi,
My ex partner and i bought a house. everything is 50/50 in terms of investment/mortgage etc
Be broke up and he wants to buy my out of my half.
He is saying that when i get valuations for the property, i have to ask for value of the property, not the sale price.
In my opinion i would be stupid to sell my half of the property to him for anything less than what I could get if we sold it.
May i refuse to sell my half? Can he force me to?
Can i insist we sell?
Can i ask for a price (he can buy me out at) based on the sale price of the house?
What about good in the property?
Thank you
Submitted: 7 months ago.
Category: Law
Expert:  Harris replied 7 months ago.

Hi, thank you for your question. Just a bit more information required to fully assist you:

-Are you/were you married to each other?

-Is the title in joint names, if so is it joint tenants or tenants in common?

-Do you have children together, if so what are their ages?

Customer: replied 7 months ago.
Hi,No we were not Married
tenants in Common
No childrenThank you
Expert:  Harris replied 7 months ago.

Thank you for confirming. As you are tenants in common you both have a legal interest in the property and it cannot be sold without both of you agreeing to the sale. If there is no agreement and either of you wishes to sell, an application to your county court will need to be made for the court to decide whether to grant an order for sale.

If no price can be agreed, then it will be for the court to decide what an appropriate price is, but for the purposes of the estate agents visit you should be requesting for a market appraisal as this is the figure that the courts would use in residential properties. Alongside the market appraisal figure, it would be usual to deduct an amount for costs of sale (for example 2.5% of the appraisal figure) as well as the mortgage, and it is the division of the equity that you will need to discuss with him to reach agreement.

I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for your question without a positive rating. Thank you.

Harris, Law Specialist
Category: Law
Satisfied Customers: 2300
Experience: Family Law - Specialist in Divorce, Financial Relief and Children Matters
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