Can I sell my half of a property?

SharonH007

Hi, I own a house with my ex which he currently lives in with his partner (with my blessing originally). We had an agreement that after 5 years maximum he had to buy my half out (I took a pub on a 5 year lease and didn’t need the money at the time). 5 years late I’m having trouble getting him to realise that my lease is up, I’ve had enough and I want my half. I’ve bern asking him for a couple of years to deal with it but there’s always excuses. We own the house outright, it’s value is about £350k but I agreed I’d be happy with £150k. We’ve done the severed tenancy with land registry etc. I know I’ve been too soft with him but I felt guilty at how I ended our marriage and I guess he’s played on it, my fault though. My question is, are there companies out there that would buy my 50% of the house as an investment? Any advice welcome 

MovingForwards

No, no one buys half a house. It cannot be split in half and taken away.

Is your agreement with your ex in writing?
Are you now divorced?

Soot2006

Maybe his current partner would want to buy or they might want to buy it together, if they're happy there?

Partner should be paying you rent, really ...

SharonH007

No agreement in writing but I’m on with a solicitor now. Yes we are divorced, we still work together which is why I kept it amicable. I wondered if like an equity release company scheme might work?? I will speak to solicitor about rent being payable. She actually owns a house that’s sat empty but there’s an access issue going through court which is why it’s can’t be sold at the moment. 

MovingForwards

An equity release scheme will require both of you onboard with it and is for people over a certain age.

Why was the house agreement not formalised as part of the divorce? Did any financial matters get formalised and approved by the court?

NameUnavailable

There are companies that buy propoerties for cash like a 'we buy any car' type deal, but they offer massively below market value and I can't imagine they'd be interested in a 50% share of a house as it's worth nothing to them until the house is sold - and when would that be? They buy cheap and flip them for a profit.

I think the time has come to force a sale or they need to buy you out.

SharonH007

MovingForwards said:

An equity release scheme will require both of you onboard with it and is for people over a certain age.

Why was the house agreement not formalised as part of the divorce? Did any financial matters get formalised and approved by the court?

No we did the divorce ourselves and kept solicitors out of it. Probably not a great idea in hindsight. I’m pretty sure he can raise the money but he doesn’t want to deal with it. Looks like the equity release is a no-go so I think I’ll get a legal letter and take it from there 

SharonH007

NameUnavailable said:

There are companies that buy propoerties for cash like a 'we buy any car' type deal, but they offer massively below market value and I can't imagine they'd be interested in a 50% share of a house as it's worth nothing to them until the house is sold - and when would that be? They buy cheap and flip them for a profit.

I think the time has come to force a sale or they need to buy you out.

I think you’re right, thanks for your help

MovingForwards

@SharonH007 when taking legal advice, ask about forcing a sale, it costs thousands to do though.

[Deleted User]

You NOW need to sort out the financials of the divorce. This is good news for you because divorce finances are much better at forcing sales etc than Land Trust Law ( TOTLA) for unmarried couples. 

You’ll need to apply for a financial order if you cannot agree and a financial consent order will be decided - either by agreement or by a court. 

Forget the amicable for the time being till you get what you want as a fair settlement 

KeepOnKnitting

Or you move back in to the property that you own a 50% share of until your ex buys you out.