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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34471
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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I am a joint owner (as a tenant in common) of a fully purchased

Customer Question

I am a joint owner (as a tenant in common) of a fully purchased property.
1. Am I able to sell for the consideration of £1/transfer part of my equity to a third party, please?
2. am I able (how?) to transfer an interest equal to a sum of money plus interest at a stated rate from a given date up to the receipt of funds following sale of the property
3. Alternatively, can I enter into a mortgage arrangement with the third party under the similar conditions
4. Under what conditions can the third party force a sale of the property?
5. In either case
a) does this require the agreement of the existing other party
b) does the existing other party have to be aware of such an operation
Thank you
Submitted: 3 years ago.
Category: Property Law
Expert:  LondonlawyerJ replied 3 years ago.
LondonlawyerJ :

Hello I am a solicitor with over 15 years experience. I will try to help you with this.

Customer:

Thank you

LondonlawyerJ :

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.

Customer:

Excellent and re question 2

Customer:

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.

Customer:

Can this be done - and quite how, please?

LondonlawyerJ :

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?

Customer:

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).....

Customer:

.

Customer:

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

LondonlawyerJ :

I can't see any reason why you could not do this.

Customer:

Fine - thank you

Customer:

Excellent - all brief and to the point - a smiley face to be awarded - very many thanks MP

LondonlawyerJ :

Thankyou

Expert:  Clare replied 3 years ago.
Hi
You need to be aware that whilst you can reach any written agreement with a third party that you wish - but it cannot be registered at the Land Registry without the knowledge and agreement of the third party
Clare