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Do i have to sell?
country_sport
Posts: 123 Forumite
My partner and I (not married) bought our house 13 year ago on a 80/20 tenants in common, he owning the 80%
After many arguments over the years, we agreed to sell if we split.
How, after the latest (and final) argument, he how wants to buy me out. With the market as it is, i fear this will be to his advantage! as it will now mean he will have to pay me quite a bit less. I think he as been waiting for the crash before saying this.
My question is do i have to sell? can he force me? I am happy to ride it out and wait.
After many arguments over the years, we agreed to sell if we split.
How, after the latest (and final) argument, he how wants to buy me out. With the market as it is, i fear this will be to his advantage! as it will now mean he will have to pay me quite a bit less. I think he as been waiting for the crash before saying this.
My question is do i have to sell? can he force me? I am happy to ride it out and wait.
0
Comments
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You don't have to sell to him.
If you can't come to an agreement you could sell the property to A.N Other and then split the procedes.
I'm not sure on the 80/20 legality though. Maybe best to speak to a solicitor.
You may get more than you think.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
House prices are as high as they've been for years - your only risk would be valuing it for an actual sale.
Get 3 estate agents to come round and quote the price they think its worth. That'll be different to the price you might actually achieve if you had to wait for a sale.
You'd get less money if house prices drop properly as some suggest they will.
Value now and take the money.0 -
Now would be the best time he could insist on this.
Prices are now dropping in the majority of areas.
This is something he will probably regret doing and you will be glad of.
How much is yours might not depend soley on how much you agreed between yourselves, but might be something to be agreed by solicitors.0 -
But bringing in solicitors to argue over the amount (it's 80:20 on paper) will reduce the amount of money available.
on 100k house fees might exceed the 20k cash the OP would get.0 -
>it will now mean he will have to pay me quite a bit less<
Err, you bought a property in 1993/4 at the bottom of that last slump, so you've likely gained 200% to 300% over that time! Some people might think you've done well, and not worry about a theoretical loss of 5-10% from not splitting and selling in August 2007.
The longer you hold on, the less you'll get from the sale.0
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