Tenants in Common question

worrieddad_4

Hi all

I purchased a house with my partner as tenants in common in unequal proportions. If we were to split up, can one force the sale of the other? Also, when sold, do legal costs/estate agent fees come off first then we split the proceeds or do we split those in proportions too?

UK007BullDog

Best you speak to a solicitor, not 100% sure but the other party might be able to force you to sell or you have to buy out their share.

All costs will be divided either 50-50 or depending on share as that would be fairer if you bought in unequal shares. Then any money left over will again be shared out in unequal shares.

deary65

The law pervents no one from dealing with their assets,in your case, only if there are children involved.The costs decided between the parties.

Robert_Sterling

Costs pro rata to share seems most reasonable to me.

Debt_Free_Chick

worrieddad wrote:

Hi all

I purchased a house with my partner as tenants in common in unequal proportions. If we were to split up, can one force the sale of the other?

Not directly - but you need to check the terms of any agreement you have. Indirectly, yes - one party can force the sale in order to recover their share of the property.

It works like this .... let's say you own the property 60:40 - you own 60% and your partner owns 40%. She is entitled to her share (40%) and it's up to you how you pass that to her. If you were to split, then you would owe her 40% of the value of the property. If you could get mortgage to cover her share plus your own share, then you would simply remortgage and pass her share to her. If you were unable to do so, she can sue you for her share and the Court might well order that the property be sold so that she could get her share.

Also, when sold, do legal costs/estate agent fees come off first then we split the proceeds or do we split those in proportions too?

It depends on what the agreement states. Often, it states that (both) your shares are based on the value of the property, less the costs of disposing of it.

If the agreement is silent, then we have to guess what the Court might decide. My bet is that the Court would split the costs in the same ratio i.e. 60% of the costs are yours and 40% of the costs are hers. But I am only speculating here. The first point of reference is the agreement that sets out how the value of the property is to be split.

HTH