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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Buachaill Your Own Question
Buachaill
Buachaill, Barrister
Category: Property Law
Satisfied Customers: 13364
Experience:  Barrister 17 years experience
53108719
Type Your Property Law Question Here...
Buachaill is online now

I jointly own a property but I want to rent it exclusively.

Customer Question

I jointly own a property but I want to rent it exclusively. How do I work out the rent to pay to the other owner?
JA: Because laws vary from place to place, can you tell me what state the property is in?
Customer: it’s in a good state in Northern Ireland
JA: Has anything been filed or reported?
Customer: No
JA: Is there anything else the Expert should know before I connect you? Rest assured that they'll be able to help you.
Customer: its a two bedroom apartment
Submitted: 7 days ago.
Category: Property Law
Expert:  Buachaill replied 6 days ago.

Hello, I am your Expert and thank you for your Question.  I will be working with you to resolve it today.

Expert:  Buachaill replied 6 days ago.

1. If you want to rent a jointly owned property exclusively, then you would owe half the open market rent of the property to the other joint owner.  Essentially, look at what the property would fetch if rented on the open market.  Then take half this value and you will have the value of the share to be attributed to the other co owner.  This effectively is how a court in Northern Ireland would approach the issue.

Expert:  Buachaill replied 6 days ago.

2.  If you require any clarification or if there is additional information you wish to share,  I will be happy to assist further in the resolution of your question.