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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 35215
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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A group of "three" friends bought an investment property

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A group of "three" friends bought an investment property jointly, and now two of us wan to sell but the third person refuses. Can a forced sale be implemented and what are ramifications?

My name is ***** ***** I shall do my best to help you.

Yes as Joint owners you can make an application to the court using the Trusts of Land and Appointment of Trustees Act to force a sale - and claim the costs from the reluctant co-owner

The process is set out here

http://www.familylawweek.co.uk/site.aspx?i=ed1008

I hope that this is of assistance - please ask if you need further details

Customer: replied 17 days ago.
There was no written pre agreement on how the profits should be split so will the courts assume equal sharing or apportion according to the investment amount we all contributed? Also an adjoining issue is that the parties wanted to RE-mortgage previously and asked that One of us should remove ourselves from the mortgage but agreed that their interest will still be recognised by the remaining parties. No sum of payment or financial transfer was given to them at the point at which they jointly believed the other parties would keep their word to compensate them equally at the future date of sale. Can this party be included in the court proceedings?

The assumption will be equal shares unless there is evidence that there was an alternative agreement. The simple fact that you contributed in different proportions will not be sufficient given this was an investment as it would be assumed that if this was a business transaction then any terms would have been specified.

The fourth party can apply to be joined to the action if they wish to establish their interest

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