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Joshua, Lawyer
Category: Law
Satisfied Customers: 26070
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I own without any mortage a flat used principally for holidays/weekend

Customer Question

I own without any mortage a flat used principally for holidays/weekend breaks.
A friend of 40 years has offered to 'buy in' to this flat for one third of its value. She has used the flat in the past and wants to make a contribution via this method. I had considered selling the property as it is little used.
I am concerned what would happen if I died (I have no dependents or family) would I just make a mention of her financial involvement in my will ?
Futher I live in a leased property and the flat for tax purposes is a tax void if I sell it.
We would have to make it clear what would happen if either of us wished to pull out of any arrangement.
Advice please. Thank you.
Submitted: 4 years ago.
Category: Law
Expert:  Joshua replied 4 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

For the avoidance of doubt is your friend seeking a third share in the property in return for her payment? I think this is the case from what you say?

Joshua :

Could you confirm the approximate value of the flat overall of which she wishes to acquire a share?