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tenants in common - when owners don't agree about selling
jjimjam
Posts: 23 Forumite
I'm really struggling to get an answer about what would happen when two people own and live in a house but only one wants to sell up, for whatever reason. Even more complicated, one dies and so others inherit but are not so interested in living there and would rather the money. What happens in these situations?
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Comments
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Court in the first instance. In the second buy out or sell up, then court.
Costs can be awarded. Being intransigent might not pay.0 -
I beleive the TIC who wants to sell has to get a court order to force the other party to sell0
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Get a deed of trust drawn up by a solicitor to cover this eventuality.0
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Hi,
Ultimately either party can decide to sell. If one party doesn't want to then they can hold up the process but only until the other party gets a court order (which the intransigent party may end up paying the legal fees for).jjimjam said:I'm really struggling to get an answer about what would happen when two people own and live in a house but only one wants to sell up, for whatever reason. Even more complicated, one dies and so others inherit but are not so interested in living there and would rather the money. What happens in these situations?
As others have noted, you can pre agree what would happen in the event that either party wants to sell in a deed of trust. Of course it would take a court order to enforce that deed so whilst it might clarify financial matters it doesn't necessarily make things easier.
If someone dies then their exexutor steps into their shoes and can force a sale, no different to the deceased wanting to sell when they were alive.0 -
Owning as TIC should also involve drawing up a Deed which covers all potential future scenarios so that both parties know where they stand.But as others have said, ultimately only a court can force a sale0
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