Tenants in Common - Order for Sale cost?

CGG

I am a Tenant in Common, along with ......., on the Deeds on my l....... property.
I am in possession of a copy of the Land Registry's 'Official Copy of Register of Title' showing this fact, and the property is owned outright by us in equal shares.
No-one lives at the property and I want my share of the equity out asap. The others are not in a position to buy me out and one is being obnoxious to say the least about selling the place - claiming it is worth more to stand in bricks and mortar than to sell it and move on with the funds.
Having looked up similar circumstances on the net, I understand the option open to me is to pay a Solicitor to obtain from the Courts an 'Order for Sale'.
Does anyone have any idea how much this process is likely to cost?
Thanks in advance.

BitterAndTwisted

Only a solicitor could advise you on the potential costs of such an action.

One rather persuasive argument you could use with the other owners is that property-prices are extremely unlikely to soar on the next three to five years, so it might be a better solution to realise their assets and put them into a much more reliable investment vehicle.

Have any of you considered letting the property to cover the maintenance costs rather than leaving it empty and becoming a drain on resources?

CGG

Hi. Thanks for getting back to me.
Yes, but my ....... has been uncooperative and bull-headed all the way down the line regarding any suggestions of marketing the place and, indeed, renting it out.
I want out, so there needs to be minimal contact with them in the future. My ...... too would rather sell the house. We've both tried to reason that 'a bird in the hand, is worth two in the bush' . This is why I'd started to look at what legal options were open to us to solve the problem. Hence the questions on 'Order for Sale' costs.

RAS

Pity that the executor did not sell rather than transferring the property to you all.

BitterAndTwisted

What I would propose is this: that you and your brother act in concert and seek legal advice together as between you you own 66% of the property. And then warn the other brother that should you be compelled to go down the route of forcing a sale that you will seek to recover those expenses from his share.

System

RAS wrote: »

Pity that the executor did not sell rather than transferring the property to you all.

It wouldn't have been the executors decision. Subject to the wording of the will, only the beneficiaries could have decided that

CGG

Thank you both for your comments. It is a sorry situation and a very frustrating one at the same time.

CGG

I've just phoned and made an appointment to see a Property expert in one of the local big Solicitors firms. Apparently, I'll get them to to initially hear the problem next week when I see them, and will take along the Land Registry paperwork that I've got. Will report back on what advice/charges they quote me. Thanks again, folk's.

xylophone

No-one lives at the property

Is the property insured and maintained? If so it must be costing you all money?

As another poster has said, you and your other sibling are majority owners and as there are no circumstances like for example, a need for Mr Stubborn to live in the house etc, I cannot see why a court should refuse the partition order?

You could approach three local solicitors and enquire about fees and costs - I think (if this is anything to go by http://www.justanswer.com/uk-law/2t552-typically-does-cost-file-partition-force.html) you should expect the cost to run into a few thousands rather than a few hundreds?

SouthCoast

The legal costs will depend on how awkward Mr Stubborn wants to be.

Mediation may achieve a cheaper resolution.

CGG

Property is insured. It has now become liable for Council Tax, which we pay. These costs alone are a big contributing factor in me wanting out.