Tenancy in common - selling my part

Shimla999

Hi Tiglet, Thanks for your reply. Yes, that is an option. And it would be easier, admittedly. However, I don't want to do that. I want to keep the flat - I love it and want to pass it on to my daughter or live in it again myself when she leaves home. It is a good investment too, because it is in a very good area and popular city. I want to cut off all ties with my ex and therefore stop being a co-owner of the flat in London. But yes, it would be easier to simply sell the flat. Anyway, meanwhile it is going to be easy to rent and that will cover my rent here.

bris

It's not a straight forward case as you already own another property so you can't say you need the money to buy somewhere else. Location isn't an excuse.
This is a business, not a consumer issue. You rent the flat out in London but live in Spain, there is no reason why a judge would force a sale.


It's a gamble and it will be an expensive one at that as the legal cost will be significant.

Shimla999

Thanks, Bris. I can see what you mean. So, a court order would be a waste of time and money, it would appear. Therefore, the only way I can get the money from this flat is if he buys me out, it would appear. Is that right? Oh dear!

Red-Squirrel_2

Shimla999 wrote: »

I own a flat in a city 2 hours away from here but cannot live there as our daughter goes to school in this area.

Would it not be easier to sell this property to raise funds if you need to do so asap?

Does your ex maybe know anybody who would want to go in on the investment with him and buy you out? A friend? A family member?

Shimla999

Hi Red Squirrel, Thanks for your reply! Yes, it would be easier - in theory - but, as I mentioned, I don't want to sell my property in the city. I love it very much and want to leave it to my daughter. She might want to study in that city in the future or I might want to live there again after she leaves home. So, I would rather rent it out now and not sell it. I can use the rent to rent another place here. But I just want to cut all ties with my ex and not co-own a property with him (it is a very acrimonious split - he left me for another woman in a very nasty way) and also buy another place. In theory, I don't think anyone else would want to invest in the flat with my ex, but I suppose it is a possibility. Thanks for your suggestions!

Drawingaline

Sell the flat in Spain, buy your ex out of the London flat, then sell the London flat and fund a house in the area you and your daughter live.

Red-Squirrel_2

Shimla999 wrote: »

Hi Red Squirrel, Thanks for your reply! Yes, it would be easier - in theory - but, as I mentioned, I don't want to sell my property in the city. I love it very much and want to leave it to my daughter. She might want to study in that city in the future or I might want to live there again after she leaves home. So, I would rather rent it out now and not sell it. I can use the rent to rent another place here. But I just want to cut all ties with my ex and not co-own a property with him (it is a very acrimonious split - he left me for another woman in a very nasty way) and also buy another place. In theory, I don't think anyone else would want to invest in the flat with my ex, but I suppose it is a possibility. Thanks for your suggestions!

So you've made a choice, that's totally up to you. But that would have been an easy and sensible way to release some funds to move and you have decided not to do it.

You won't be able to cut ties with your ex, you have a child together, but I do understand not wanting to have any more joint finances. Other people with more experience might know if that is considered an acceptable reason to force a sale.

Shimla999

Thanks for your replies, Drawingali and Red Squirrel.

Yes, the logical thing to do - and the easiest . would be to sell my flat, but at the moment I really do not want to do that. I realise that I can't cut all ties - we have joint custody - I was referring to the joint finances, as you say. I want to have a little to do with him as possible. Plus I want to access my equity but realise that it is not easy. When I entered into the deal to buy half of the flat, I thought we would be together forever and I trusted him 100%. I now realise that he was not the person I thought he was. So, in hindsight, it was a very naive thing to do. But I suppose most people don't suspect their partner of many years and the father of their child is going to go off with someone else and try to make their life hell in all possible ways. Hindsight is a great thing. But I would never have a joint account or own a property with anyone ever again!

Tom99

Since the flat in London is not mortgaged, could you ex get a BTL mortgage on it in order to buy you out? That way he will probably still end up with about the same net income from the flat plus 100% of any future growth in value?

unforeseen

Not quite sure why the ex would go to the trouble of trying to get a BTL mortgage while living abroad.

He appears to be happy with the current set up and its the OP who wants to change things.