Can I sell my 50% of a property?

GentleGiant_2

GDB2222 wrote: »

If you are that close to bankruptcy, is your brother hoping to pick up the half-share in the property cheaply from the trustee in bankruptcy perhaps? Not very nice, but I guess it's possible.

There must be a price it's worth your brother's while to buy your share off you for. Have you asked him?

Not really close at all - but need to pay of my dents sooner rather than later.

GDB2222

GentleGiant wrote: »

Not stubborn at all.

Simply willing to sell at any agent at any price.

Problem is everything I suggest / propose is met with silence for a month and then he responds with something else - so I agree to that and so we start another month.

Problem is he will not speak to me and hasn't done for years. So it makes it very difficult, we are talking through a third party.

I am at my wits end & powerless to move on.

Let's look at it from his point of view - or at least what I think might be his point of view. He has an investment in half a property that brings him a nice income. He doesn't want to give that up. The rent comes in, and you each get half. As far as he's concerned, he can't see what the problem is for you, and he probably thinks that you are nuts to want to get out. If you offered him your share at say £200-225k, do you think he'd be interested? Would you be prepared to do that?

GentleGiant_2

already offered that, but says he cannot afford it.

Annisele

GentleGiant wrote: »

already offered that, but says he cannot afford it.

Not even with a mortgage?

If the yield is as high as you say it is, then with 50% equity I'd be surprised if he couldn't get a mortgage on it (unless his credit is shot or there's some other reason lenders wouldn't be interested in him).

JQ.

GDB2222 wrote: »

I'm lost. Why do you say there's no return? The OP said that there's a 10% return, so there's no reason to believe that the brother is withholding rent. Brother does not want to sell and is stalling for time.

There's no return for a buyer, as they would not have legal title - they would have to take legal action to get it, and until that was resolved the OP's brother would be receiving the rent and not the new joint owner.

GDB2222 wrote: »

Can you provide a list of "completely normal investments out there that will produce far better returns than 10%"? I'm in!

Yes, it's what I do for a living. Lots of commercial property out there returning 15-20%. You're more than welcome to pm me your contact details, listing what sectors you're interested in, and how much cash you have - intro fee is 1% of purchase price.

GDB2222 wrote: »

Current ownership is formalised, AFAIK. It seems that we are agreed that the OP's interest can be sold. It's just a matter of the price that can be fetched, which depends a lot on what the brother wants.

No, the current ownership is not formalised. If it was, there would be a legally binding agreement between the OP and his brother detailing exactly what would happen when one of them wanted to sell and all the other aspects of joint ownership of a property. Such a Joint Venture agreement is standard practice in the commercial world.

No I don't think we agree, I believe the OP's share cannot be sold because nobody would buy it. All that recommending that the OP tries to sell the property is doing is delaying the legal action he needs to take against his brother by another 6 months.

GentleGiant_2

sorry - not been well.

So let's say the annual income from rent is £50k - are you saying that property earning this can be purchased for £250K?

That sounds cheap and a bit of a bargain.

Will see where we go to this month - if not I will be forced to court - if the decision goes against me though I am stuffed royally. That is my concern and a gamble I cannot take at the moment due to potentially thousands of pounds being awarded against me.

GDB2222

JQ. wrote: »

Yes, it's what I do for a living. Lots of commercial property out there returning 15-20%. You're more than welcome to pm me your contact details, listing what sectors you're interested in, and how much cash you have - intro fee is 1% of purchase price.

Okay, I'll PM you my email.

JQ.

Yes.

But there is a world of difference between owning commercial and residential property. Occupier demand is low at present, so the risks are far greater. If the tenant vacates or goes bust you are left with significant void costs (empty rates, maintenance re-letting costs) and properties can literally sit empty for years. Rents are dropping and many many properties are over rented. Finance is far more difficult to source for commercial investment and alot more expensive. The list goes on.

What has you solicitor actually said about forcing a sale?

GentleGiant_2

I cannot afford one.

dancingfairy

Have you spoken to a debt charity? try National Debtline or CCCS or your local CAB.
Bankruptcy is a last resort and also in that case the OR may of course demand that the house is sold or make things very difficult for your brother.
Perhaps something like a dmp would work for you(with a debt charity of course - no need to pay fees). You obviously risk that the creditors will take you to court and try and get some sort of charge against the house but that's not guaranteed.
Best of Luck
df