Want to sell shared flat - advice needed.

Cliom

My husband and his dad own a 2 bedroom leasehold maisonette together which they both lived in for 10 years up until a year ago. I also lived there for a couple of years whilst we rented out my flat but we have moved into my property as we now have children and needed our own space. The agreement was for my father-in-law to rent a studio flat and rent out the whole maisonette to make some profit but he changed his mind at the last minute and said he would get a lodger. I found a lodger and they have been there for 4 months but he has now said he does not want anyone else living there and will cover the mortgage himself. This would mean we wouldn’t make any money on the property in rent which we cannot afford to do. His dad is very complicated and unpredictable and I can just see this getting messy. Ideally we would like to sell the property and use the money to extend the flat we are in. The mortgage has been paid directly from his dads account whilst my husband still pays the rest of the bills C/Tax, Gas, electricity, tv licence etc. Where do we stand legally? If he doesn’t agree to sell what can we do? He is very unpredictable and think he would make it really difficult for us. He is working, has a good job and is independent but would not qualifier for a new mortgage at his age. I guess I am saying we would like to get on with our lives and make some money of the flat without causing too much fall out. I am currently about to extend the lease as it has gone down to 83 years and am wondering if it would be simpler to just sell it at the same time?

Any advice?

G_M

Cliom wrote: »

............... If he doesn’t agree to sell what can we do?

1) accept what your dad wants
2) negotiate some other agreement (eg he starts paying all the bills, maintenance costs etc as well as mortgage)
3) go to court and get an order for the property to be sold

Those are the options.

Number 3 will be slow (if he fights it), expensive (especially if he fights it) and will destroy the family.

Another number 2) negotiation might be to persuade dad to start paying you rent for the 50% you own, but which he lives in. It would then be up to him whether to get a lodger to help him financially, or benefit from privacy by living alone.

But in that case it would seem fair that you pay 50% of the mortgage and capital costs.

Cakeguts

Don't spend any more money on it like extending the lease and if he wants to live there on his own let him pay the mortgage and all the bills. It is going to be simpler to just let it all go otherwise you are going to have to have a really big family row the won't make any difference to the situation but will mean that everyone falls out.

csgohan4

Another thread on why money and family shouldn't mix. It will be costly now for your partner to force a sale if his dad doesn't want and not to mention the extra stamp duty when your partner buys another place

Hope it works out for you

Yoga_cat

Why would you be spending money to extend the lease on a property in which you have no ownership stake? I don't even see how that would be legally possible. As you say, it's owned by your husband and his father.

Cliom

It would be paid for 50/50 by us and his dad, I would have to arrange it as they're not organised or any good at admin hence leaving it until it's gotten so low.

Cliom

It worked well when they both needed it 10 years ago...life changes though and looking for an amicable way out..

Also he is not planning on buying elsewhere so I do not think the stamp duty issue applies here.

Cliom

G_M wrote: »

1) accept what your dad wants
2) negotiate some other agreement (eg he starts paying all the bills, maintenance costs etc as well as mortgage)
3) go to court and get an order for the property to be sold

Those are the options.

Number 3 will be slow (if he fights it), expensive (especially if he fights it) and will destroy the family.

Another number 2) negotiation might be to persuade dad to start paying you rent for the 50% you own, but which he lives in. It would then be up to him whether to get a lodger to help him financially, or benefit from privacy by living alone.

But in that case it would seem fair that you pay 50% of the mortgage and capital costs.

If we agree to option 2 what are our rights down the line when we need to sell or if his dad passes away or if my husband dies? It sounds good short term but I think it might just be prolonging the issue.