Final decision on property sale

Ryant331

Hi All,
Just wondered if anyone could assist on this situation.
I jointly own my flat with a friend, we both live there. If my friend was to try sell, do they need my permission?
They paid for 75% of the deposit and I paid the remaining 25%. We've been equally paying the mortgage and bills. Our deed of trust only states that we each get out share of the deposit back upon selling, nothing about ownership percentages of the property.
Our TR1 states: hold the property on trust for themselves as

tenants in common in equal shares.

Essentially I need to know if my friend, having paid the larger part of the deposit, will therefore get the final say on this? Thanks

AdrianC

Your friend cannot sell your share without your permission.
Your friend will find it vanishingly impossible to only sell their share, unless it's you who's buying.

You own the property in equal shares - but that's only down to the division of funds from the sale. Not from the actual mechanism of selling.

lucypilates

If one of you wants to sell and the other one can't buy you out or doesn't want to sell, that is a tricky situation. But you can force a sale via the court but this would be the extreme solution and hopefully, you'd be able to sort it out without use of court. 

Ryant331

AdrianC said:

Your friend cannot sell your share without your permission.
Your friend will find it vanishingly impossible to only sell their share, unless it's you who's buying.

You own the property in equal shares - but that's only down to the division of funds from the sale. Not from the actual mechanism of selling.

Thank you for the response, that does make sense.
But sorry, what do you mean regarding 'the actual mechanism of selling'?

Ryant331

lucypilates said:

If one of you wants to sell and the other one can't buy you out or doesn't want to sell, that is a tricky situation. But you can force a sale via the court but this would be the extreme solution and hopefully, you'd be able to sort it out without use of court. 

Thank you for replying. Going to court would be the last thing I'd want. Imagine that would take months and lots of legal fees

AdrianC

Ryant331 said:

AdrianC said:

Your friend cannot sell your share without your permission.
Your friend will find it vanishingly impossible to only sell their share, unless it's you who's buying.

You own the property in equal shares - but that's only down to the division of funds from the sale. Not from the actual mechanism of selling.

Thank you for the response, that does make sense.
But sorry, what do you mean regarding 'the actual mechanism of selling'?

I mean that both of you are owners, you both need to be involved with the sale.

I presume you are also joint borrowers on a mortgage?

Ryant331

AdrianC said:

Ryant331 said:

AdrianC said:

Your friend cannot sell your share without your permission.
Your friend will find it vanishingly impossible to only sell their share, unless it's you who's buying.

You own the property in equal shares - but that's only down to the division of funds from the sale. Not from the actual mechanism of selling.

Thank you for the response, that does make sense.
But sorry, what do you mean regarding 'the actual mechanism of selling'?

I mean that both of you are owners, you both need to be involved with the sale.

I presume you are also joint borrowers on a mortgage?

Thanks for explaining. Yes, we have a joint mortgage so equally responsible for it.

Mojisola

Ryant331 said:

They paid for 75% of the deposit and I paid the remaining 25%. We've been equally paying the mortgage and bills.

Our deed of trust only states that we each get out share of the deposit back upon selling, nothing about ownership percentages of the property.
Our TR1 states: hold the property on trust for themselves as tenants in common in equal shares.

When it's sold and you've each had your deposit back, the remainder will be divided equally between you.

If your friend wants to sell, they will need you to sign the paperwork as well because you are equal owners.

If your friend wants to move, life could become very difficult - come to a compromise if you can.

You can register for the Property Alert Service - https://propertyalert.landregistry.gov.uk/ - if you're worried about your friend doing anything underhand.