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Buying out partners share of house
caryn14
Posts: 38 Forumite
Hi
I'm thinking of buying out my business partner from a joint share in a rental residential property. We own the property outright and have an equal share. Also there is no animosity associated to the split, purely a need for them to release some capital.
My question is, whilst I would clearly need to involve a solicitor in the sale, is it much more straightforward and less costly than buying a completely new property? I'm assuming there would be no need for searches etc. I'm hoping to keep the legal costs as low as possible, anyone had any experience of this and any pitfalls I might want to think about?
Thank
I'm thinking of buying out my business partner from a joint share in a rental residential property. We own the property outright and have an equal share. Also there is no animosity associated to the split, purely a need for them to release some capital.
My question is, whilst I would clearly need to involve a solicitor in the sale, is it much more straightforward and less costly than buying a completely new property? I'm assuming there would be no need for searches etc. I'm hoping to keep the legal costs as low as possible, anyone had any experience of this and any pitfalls I might want to think about?
Thank
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