Ask an Property Solicitor. Get an Answer ASAP.
Hello I am a solicitor with over 15 years experience. I will try to help you with this.
As a tenant in common you can sell and dispose of you share of the property as you wish. I am afraid I cannot make sense of your second question. Could you explain it a little more please. You can enter into a mortgage arrangement on your share of the property. You do not require the agreement of the other party, nor does the other owner have to be aware of such a move.
Excellent and re question 2
Rather than transfer, say, a percentage of my equity I wish to transfer the equivalent of a sum of money plus interest at a stated rate from a given date calculated up to the receipt of funds following eventual sale of the property.
Can this be done - and quite how, please?
That is a repeat of what you put in your original question. I do not understand what you mean. Can you explain a little more please?
I wish to pay someone some money, sometime in the future when the property is sold. In order to arrange this now in an irrevocable manner (guaranteed operable after my decease) . Although the amount I wish to pay is in itself fixed I wish, on payment for it to be interest adjusted for the delay in payment. I recognise that this is somewhat unusual but there are reasons for doing it in this manner (or similar).....
Am I, for instance, able to transfer "such portion of the equity equal to the sum of £ xxx plus simple interest at x% between date 1 and the date of receipt of proceeds of the sale", please
I can't see any reason why you could not do this.
Fine - thank you
Excellent - all brief and to the point - a smiley face to be awarded - very many thanks MP