Can I sell my 50% of a property?

GentleGiant_2

Can I market and sell my 50% of a commercial property that was left to myself and my brother in an inheritance?

He is being very difficult and is preventing the sale and I wish to move on with my life and get married.

BitterAndTwisted

Why would anyone purchase half of a share in a commercial property with someone they don't know? Either sell your half to your brother or go to court to force a sale.

JQ.

No, is the short answer.

GDB2222

I am sure that you can sell your 50% share, but you may only get say 30% of the value of the property. As B&T says: Either sell your half to your brother or go to court to force a sale. Generally, the courts will order the property to be sold if either owner wants that, but ofc there may be special circs here you haven't mentioned.

GentleGiant_2

Thanks.

Of course anyone buying would get a decent annual return for their money of 10% or so.

My issue is that he has agreed to sell, but is now being very difficult and arguing over everything which means it is impossible to market the property, as I do not have his agreement on agent, price, solicitor or anything else.

Of course should we agree on any of the above, I know that he will refuse to accept any offer - so I am stuffed.

Hence my thought of selling my share to someone who wishes to invest some cash instead of getting no return in a bank.

All a court would do is to instruct him to sell, which he has already agreed to, so it would make no difference from what I can tell.

In the meantime my debts mount up.

Lee

G_M

GentleGiant wrote: »

Can I market and sell my 50% of a commercial property that was left to myself and my brother in an inheritance?

He is being very difficult and is preventing the sale and I wish to move on with my life and get married.

Legally - yes.

In practice - very hard to find a buyer.

GentleGiant_2

Okay - thanks.

If I put it on the market it might kick start him into doing something - of course someone might also come along wishing to buy the whole lot!

I am at my wits end with worry over debt and everything else and just wish to move on with my life.

Heck if I died tomorrow then he would have someone else to deal with anyway - might serve him right!

Argh!!!

Just very frustrated - sorry.

GDB2222

If you did get a court order, it would cover all the details like that.

As I said, anyone buying your share would most likely want a sizeable discount to reflect the hassle factor of jointly owning it with your brother.

Quite frankly, if it is producing a return of 10%, why doesn't your brother buy you out? Certainly, 10% is a decent return at the moment, so maybe your bro is right and you are trying to sell too cheaply?

Sounds like a bargain, so why don't you give some more details? Maybe someone here will be interested?

GentleGiant_2

Simply he cannot afford the £250K that would be my share - property is worth around £500K according to commercial agents.

GDB2222

GentleGiant wrote: »

Simply he cannot afford the £250K that would be my share - property is worth around £500K according to commercial agents.

So, if you sold your 50% share separately to an outsider, you'd probably be looking at getting a figure of around £200k. Surely, he can raise that against £500k worth of property that he'd then own outright and is producing £50k annual rent? Obviously, that depends on the covenant and so on.

GentleGiant_2

He says not - this has been going on now for 3 years!

I threatened to take him to court - his solicitor initially said fine go ahead and we will ask for all our costs to be awarded against you.

After various letters he agreed to sell.

Sadly we have not got any further forward.

The 6 months it took for him to establish that he could not afford it was just another delaying tactic.

I cannot afford a solicitor due to large debts. So if I went to court, I would be representing myself against a solicitor.