Selling half of jointly-owned property

valian

My son is the joint owner of a buy-to-let property, originally purchased with his then partner. They have a joint mortgage, with about £190k outstanding. The property is worth in the region of £265k. He now wishes to sell his half of the property. It is all very amicable. There is a prospective buyer, with cash, who is a friend of both my son and his erstwhile partner, and she is quite happy for him to purchase my son's share. Having obtained a valuation that is agreeable to all three parties, what is the most straightforward way to proceed?

HappyMJ

Easiest way is to speak to a solicitor.

Alter_ego

Joint tenants or tenants in common? I don't remember which is which but it's very important.

valian

Pretty sure they are tenants in common, which should make things a good deal easier, as far as I know.

pollyanna24

I did similar about 4 years ago.

My ex sold his half of house to my brother.

Nationwide basically guided us through and we used the solicitors they provided.

We are both named on the mortgage and they did all the usual checks to see if we could afford to take on the mortgage.

We were (and still are, now with my brother) joint tenants.

Annie1960

With joint tenants, it can be useful to consider adding a clause to say that if one wants to sell, they will offer it to the other before putting it on the open market.