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Forcing an agreed sale
Frustratedwombat
Posts: 4 Newbie
I own a property with my sister outright. It was left to us by our mother who died about 5 years ago. It has been rented but last June the tenant moved out. She wouldn’t allow me to rent it out again as she wants to buy me out and develop the property.
We agreed a price for her to buy me out about 6 months ago but now is delaying signing the documents and paying. Something to do with her plans to change the use and get planning. She says it will “take quite a while” and a “good few months or so” for her to be able to buy me out.
in the meantime, i’m losing quite a lot of money every month as the property is empty. It’s been this situation for about 10 months now. I’ve lost thousands while the property is empty and deteriorating.
As she has agreed to buy me out, is there anything I can do to either force a sale or force her to actually do what she has agreed to do - pay me the money and for her to get on with what she needs to do?
Our relationship is such that it no longer exists so any legal action can’t possibly make it any worse.
We agreed a price for her to buy me out about 6 months ago but now is delaying signing the documents and paying. Something to do with her plans to change the use and get planning. She says it will “take quite a while” and a “good few months or so” for her to be able to buy me out.
in the meantime, i’m losing quite a lot of money every month as the property is empty. It’s been this situation for about 10 months now. I’ve lost thousands while the property is empty and deteriorating.
As she has agreed to buy me out, is there anything I can do to either force a sale or force her to actually do what she has agreed to do - pay me the money and for her to get on with what she needs to do?
Our relationship is such that it no longer exists so any legal action can’t possibly make it any worse.
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Comments
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Get her to pay you the amount of rent profit that you would have received when it was tenanted. But I think you'll need a lot of good fortune to persuade her to do this.0
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You will lose a lot more if you pay legal professionals to try and force a sale, sit tight. If there is no mortgage on the property then you are not paying for it being empty.0
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I wish that were the case foxy-stoat. With it being empty and insurance has increased and then there’s the council tax. Also as it’s vacant it’s deteriorating0
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And then there’s the rental loss0
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Agreed. Highly unlikely!0
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Send her a text and just say you have decided not to sell to her any more and you would quite like to get in on the action of developing the property and then selling for an increased amount once the work is complete and you look forward to working with her on it. Regards, your new business partner.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Move into the property yourself and rent your place out instead.0
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Tell her you have decided to charge her more due to your losses, on a sliding scale, lets say £500 every month that passes and if she doesn't like it you will begin legal proceedings to force a sale. She should end up paying the cost of those.0
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ReadingTim wrote: »Move into the property yourself and rent your place out instead.
+1 On that.
Whether you see it through or not suggest to your sister that you are frustrated by the delays so have changed your plans and are planning to move into the property and no longer wish to sell. That may motivate her.0
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