Need advice as majority owner of UK property!

skillboy88

sheramber said:

But how can you sell it if the 4 th member doesn't agree?

I think maybe the only option would be to take the legal route if a compromise cannot be reached.

Richiem1987

skillboy88 said:

TripleH said:

This is why if you own something like this, you have an agreement in place to exit ownership of the property.

You could offer more than 25% of the value to buy the other individual out.

Does this person live there?

You can go down the legal route but this will cost money.

What is this person's reasoning to keep the property?

The three of us have already asked the forth person if they would consider us buying them out. However, they have asked for a ridiculous price way way above the actual market value (we had three property agents come to give a valuation). This person lives in the house and seems content to continue to live there and not change anything. 

We are thinking that maybe the only option is to go down the legal route and try to "force" them to cooperate? To us it seems a crazy situation and one that none of us had ever envisioned ....

Seek legal advice. You may find you can force a sale via the Courts and split it 4 ways. 

GDB2222

You really need to force a sale through the courts. There are no (sensible) grounds on which the lady living there can oppose the case, but it may be worth her doing so, as she is living there rent free.  Of course, when she gets the costs award against her, she'll see the error of her ways.

If at all possible, try and bribe her into agreeing. It's much cheaper and much less aggravation.

RAS

It's actually the guy who's living there rent free and refusing either to sell or  move out.

The woman who is still living there is one of the three (majority) owners wanting out.

RAS

I think based on other threads, and assuming England and Wales, you can go to court for an order to sell.

If the obstructer refuses to co-operate, then get an occupation order. Once out, put it up for sale.

Even then, you need their signature on the sale documents, but if they refuse, can apply to the court to get them to sign instead.

That's based on the experience of a woman who posted her about her controlling ex's antics. 

Cost her about 10K and several years.

macman

Alternatively, the 3 non-resident owners can move into the property, as they are entitled to do. The 4th owner is not a tenant or lodger and has no right to exclusive occupation.

Zerforax

What is the legal ownership structure? Do all 4 of you just own and all listed on the Land Registry? Or is it owned via a company or trust?

TBagpuss

It sounds as though you will need to apply to the court under TOLATA. Talk to a solicitor (you are likely to want someone who deals with civil litigation, but in some firms TOLTSA cases may be dealt with by the Family Department, so ask.

They will be able to do a formal letter before action and make sure that you dot all the i's and cross all the t's to mximise your chasnes of sucessfully claiming costs of the 4th owner continues to be awkward. 

If ypu are in a position tobuy ghim out then a formal offer to that effect and backed up wit hthe valuations would probbaly also make sense. 

Claims of this kind do usually take a whle to complete but he is likely to wind up liable to pay all of the costs, so a formal letter frm a solicitor wheich spells that out and, hopefully, promts him to get his own sepearate advice may well focus his mind. 

I suspect that depmanding rent at this point may complicate matters and may not be an option where there was no prior agreement to that effect, but the solicitor should be able to advise on that. 

GDB2222

Do bear in mind that when costs are awarded in court cases you generally only get about 70% of what it has actually cost. So, if you spend £20k on fees, you’ll be out of pocket by £5k even after winning.

 It’s definitely worth giving the awkward guy a bit of a bribe, if that would solve the problem. 

RAS

skillboy88 said:

The three of us have already asked the fourth person if they would consider us buying them out. However, they have asked for a ridiculous price way way above the actual market value (we had three property agents come to give a valuation). 

The obstructer has already been asked to agree a buy out based on the actual market value.

It appears that a £5K hit for legal fees might be cheap by comparison?