How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 33283
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
13262538
Type Your Property Law Question Here...
Clare is online now

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: 2 years ago.
Category: Property Law
Expert:  LondonlawyerJ replied 2 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 2 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

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Remus2004

    Remus2004

    Barrister

    Satisfied Customers:

    2427
    Over 5 years in practice.
< Last | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Remus2004's Avatar

    Remus2004

    Barrister

    Satisfied Customers:

    2427
    Over 5 years in practice.
  • http://ww2.justanswer.com/uploads/TG/TGraham12/2012-7-17_81212_bigstockBusinessHandshake508163.64x64.jpg Thomas's Avatar

    Thomas

    Solicitor

    Satisfied Customers:

    414
    UK solicitor holding an England and Wales practising Certificate.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    42
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law.
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    4708
    LL.B (Hons), Higher Prof. Dip. Law & Practice
  • http://ww2.justanswer.com/uploads/AS/Aston Lawyer/2013-10-8_19517_JAPROFILEPICTURE.64x64.jpg Aston Lawyer's Avatar

    Aston Lawyer

    Solicitor

    Satisfied Customers:

    1823
    LLB(HONS) 20 years of experience in dealing with Conveyancing and Property Law
  • http://ww2.justanswer.com/uploads/CH/chathamchamber/2011-4-24_191833_1.64x64.jpg chatham-chamber's Avatar

    chatham-chamber

    Solicitor

    Satisfied Customers:

    828
    LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
  • http://ww2.justanswer.com/uploads/CL/clairep80/2013-8-25_191218_dreamstimexs267279822nd.64x64.jpg Clare's Avatar

    Clare

    Solicitor

    Satisfied Customers:

    241
    I have been a solicitor in High Street Practise since 1985 with a wide general experience.
 
 
 

Related Property Law Questions