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Jamie-Law
Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 8073
Experience:  Solicitor
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What legal rights do I have if I own 30% of a warehouse

Customer Question

What legal rights do I have if I own 30% of a warehouse which is freehold and free of any Morgage
Submitted: 5 months ago.
Category: Law
Expert:  ukfamilysolicitor replied 5 months ago.

Hello

Welcome to Just Answer

I am a Solicitor and will try and assist you.

Please may I ask:

- what are you wanting to achieve - are you wanting to sell your share of the property?

kind regards

Caroline

Customer: replied 5 months ago.
No can my partner who owns a larger percentage basically overrule me on any decisions to do with the property such as me talking to a neighboring tenant on vehicular access
Customer: replied 5 months ago.
The neighbouring tenant wants to lease his land to a new party but my partner is saying that it’s nothing to do with me and should not make contact with them even though it will effect our property
Expert:  ukfamilysolicitor replied 5 months ago.

Hello

Thank you for your responses.

This is out of my area of law as I deal with primarily family matters but also matters in relation to property between individuals where one party wants to sell or realise their share.

I will opt out so that one of my other colleagues can assist you.

kind regards

Caroline

Expert:  Jamie-Law replied 5 months ago.

Hello my name is ***** ***** I will help you.

Are you Ltd or partnership?

Customer: replied 5 months ago.
The warehouse is out of the business which I own 25%.I also own 25%of the business of which I am a sleeping partner and is ltd .The building is separate although used by the business and free of rent
Expert:  Jamie-Law replied 5 months ago.

Do you have a partnership agreement?

Customer: replied 5 months ago.
Yep all legally drawn up but no agreement on the building just percentage split on ownership
Expert:  Jamie-Law replied 5 months ago.

Ok - so nothing prevents you from speaking to anyone?

Customer: replied 5 months ago.
True.But am I over ruled on anything to do with the building as I only have 25%
Expert:  Jamie-Law replied 5 months ago.

But nothing to stop you, as part owner, talking to anyone?

Customer: replied 5 months ago.
But say he wanted to do a deal with tenant next door concerning our building have I little or no say
Expert:  Jamie-Law replied 5 months ago.

What does your partnership agreement say?
You own the building?

Customer: replied 5 months ago.
Yep I own 25% of the building do I have any say in its outcome Ihave the option to buy his share if he ever decided to sell
Expert:  Jamie-Law replied 5 months ago.

No you don’t have the option to buy. You have a limited say in the outcome. Either of you can sell the property, even you with a minority share.

It would make sense to offer it for sale to the other, although there is no requirement.

Can I clarify anything for you about this today, please?

If not, I would appreciate a 5-star rating for my answer. If you need anything further I am available for a follow up at no extra cost.

Expert:  Jamie-Law replied 5 months ago.

If this answers your question could I invite you rate my answer 3, 4 or 5 stars before you leave today.

I am only paid for my work on this question if you rate my answer, using the star system at the bottom of the screen. Please do not forget as it is an important part of the online process! If you need anything further I am available for a follow up at no extra cost. Thank you.