Chance of success of court order to force sale ?

AnotherJoe

griff450 wrote: »

It's not a low ball price (obviously it is lower to an extent), there is room for negotiation and I have also offered to pay for a mediation service as I am flexible on what has been offered.

"]Well that seems reasonable but if they won't go for it you'll have to decide whether to go nuclear and cost you both money or just sell it.

I have also had threatening behaviour which aimed at me (from the father) which I've reported to the police.

Part of me thinks it would save me a fair lot of stress to sell, but at the same time I do not like being bullied, especially when we would have substantial early repayment charges to pay.

Additionally I think we could obtain a better price in the future, all estate agents have said there is a small dip at present.

"We" could obtain ? So now you don't want to sell it just yet ?
Anyway, If you are so able to determine future house price trends why aren't you a multi millionaire?

Finally, I would be looking to onward purchase which means it wont be a chain free sale ! which is only going to extend things even more.
Not to mention you said there was some sentimental attachment for you yet now you will be selling it anyway ????

That seems to make little sense. Split the two transactions to keep it simple. If I was your vendor and discovered the mess involved in the sale of your house (which involved you buying it !!!) I'd be looking for another buyer.

gettingtheresometime

Just a little point but if you were to buy your ex partner out, why do you think estate agent fees should be taken out of the potential equity? Similarly if you were to sell to anyone else, you'd have the early redemption fees so think about not including those in your figures


How much, by doing the work, did the father 'save' you ?


Does she (and/or her father) not want you to have the house or is it a case of not at that price?

steampowered

My main question I am really after a response on is, If a court order was applied to for sale buy her, would the chance of success be diminished due to a "fair" offer being made to purchase her share ?

It is unlikely that the judge would be willing to let the ex's interest sit in limbo forever, unless they agree to whatever price you are offerring.

You might be able to convince the judge to make an order that the house is sold to you, instead of an order that the house is sold on the open market.

The judge would then probably take expert evidence (e.g. from a surveyor) on what the open market value of the property would be.

but have discounted associated fees such as early mortgage repayment charges, estate agent fees and so on.

I don't see why you should be applying a discount for estate agent fees, given that no estate agent would be involved.

The early repayment charge is more debatable. Perhaps it would be fair for that to be split 50/50.

The other point to remember is that - even if you buy-out your ex's share - she will remain on the mortgage. Unless you remortgage in your sole name, this will prevent her from getting another mortgage elsewhere. So I can understand why she wants the house sold.

Additionally I think we could obtain a better price in the future, all estate agents have said there is a small dip at present.

Finally, I would be looking to onward purchase which means it wont be a chain free sale ! which is only going to extend things even more

This contradicts your earlier posts, in which you said you wanted to hold on to the property because you had an emotional attachment.

If you are only holding onto the property in the hope its value will go up, that's silly. You have no idea whether property prices will go up or not. It is entirely possible that they will remain flat or go down (particularly if interest rates rise - as they will inevitably do).

Trying to time the market as an amateur is unwise. If you could predict property price trends you'd be a multi-millionaire. Estate agents can't predict them either. The reality is that you have absolutely no idea whether or not the return on property will exceed the return on the other places you could put your money (e.g. shares or savings account).

griff450

gettingtheresometime wrote: »

Just a little point but if you were to buy your ex partner out, why do you think estate agent fees should be taken out of the potential equity? Similarly if you were to sell to anyone else, you'd have the early redemption fees so think about not including those in your figures


How much, by doing the work, did the father 'save' you ?


Does she (and/or her father) not want you to have the house or is it a case of not at that price?

We wont have EA fees as it wouldn't be on the open market, the early repayment charges, the Halifax have agreed to scratch if I stay with them for the mortgage, if we were selling on the open market we would have to pay early repayment charges.

I would not like to estimate as I'm not a builder, but a fair bit, however as I've stated this was done as a gift, and even if we sold on the open market they are not going to be returned.

I am almost in the blue as to wether at the price offered or at all, as no return communication has yet been made to my solicitor, so as it stands it is a stalemate !

steampowered

The thing to do would be for your solicitor to write to the daughter stating your offer, and explaining how it was calculated (maybe attaching the market valuations).

You could say in the letter that you feel the offer is fair, but are happy to discuss it or attend mediation.

Once you've put that in writing, that's all you can really do. It is then up to the daughter/father to respond.

stator

Does your ex own another property?
If you just play the waiting game you might find that she decides it's time to sell. For example if she wants to buy another property with someone else she will get hit with a large stamp duty bill if she doesn't sell her share in your property first.

FBaby

So the house was in the family and passed on to her? Then you moved in with her, in the house, and she agreed that to put your name on the deeds. How long ago was this? Then her father did a lot of work on the house? At what cost? How long ago?

Is the issue that they don't agree to your offer, or that they don't want to sell to you? If the latter, then that's her choice and if indeed it used to be her house before it became your joint one, and depending on how recent that is, I wouldn't blame her at all.

If she's happy to sell, but not at the price you've offered, then you need to renegotiate.

AndyTails

steampowered wrote: »

I don't see why you should be applying a discount for estate agent fees, given that no estate agent would be involved.

The early repayment charge is more debatable. Perhaps it would be fair for that to be split 50/50.

There is potential for confusion as to what "discounted" means here. It could mean "taken off the offer price" or "ignored, and therefore not affecting the offer price".

Your interpretation is the former, but my interpretation (and backed up by the OP's response to your post) is that he meant the latter.

griff450

FBaby wrote: »

So the house was in the family and passed on to her? Then you moved in with her, in the house, and she agreed that to put your name on the deeds. How long ago was this? Then her father did a lot of work on the house? At what cost? How long ago?

Is the issue that they don't agree to your offer, or that they don't want to sell to you? If the latter, then that's her choice and if indeed it used to be her house before it became your joint one, and depending on how recent that is, I wouldn't blame her at all.

If she's happy to sell, but not at the price you've offered, then you need to renegotiate.

Sorry, didn't explain too well.

It was in the family years ago but we bought it from someone unrelated.

I am leaning towards they don't want to sell to me, but I can't be sure until I receive a response.

There in lies a stalemate as to if they don't sell to me , but I don't want to sell on the open market as I feel I have made a reasonable offer (which I have pointed out is more than open to negotiation) who would a judge go with?

I feel it's almost a case of who blinks first.

griff450

griff450 wrote: »

I have recently split from my partner.

We owned a property as joint tenants (recently severed to tenants in common)

My solicitor has written to ex partner offering to buy her share.

I have obtained 3 market valuations and made an offer based on the profit that would be made if sold on the open market but have discounted associated fees such as early mortgage repayment charges, estate agent fees and so on.

Despite this I have had no reply and ex partners Father seems to be insisting on putting on the open market.

I do not want to agree to this so I assume she would have to apply for a court order to force sale.

Would the fact that I have made a "fair" offer to buy her share influence a judges decision in any way ? or is this irrelevant.

Cheers in advance.

stator wrote: »

Does your ex own another property?
If you just play the waiting game you might find that she decides it's time to sell. For example if she wants to buy another property with someone else she will get hit with a large stamp duty bill if she doesn't sell her share in your property first.

Due to the circumstances I don't know, but I believe she is staying with friends and family but will eventually need cash to rent / buy