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Currently own property with friend. Buying out help/advice.

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Comments

  • xylophone
    xylophone Posts: 44,290 Forumite
    Name Dropper First Anniversary First Post
    Tenants in common have individual rights in their property. They can dispose of their shares in it as they wish. So A can sell his interest.

    But, putting the property on the market for sale affects the other co-owner. If B doesn’t want to sell the property, he could refuse to sign the property transfer document which would make it difficult to complete the sale to a buyer.

    The Form A Restriction

    Form A (Restriction on dispositions by sole proprietor)

    No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court.
  • mrginge
    mrginge Posts: 4,843 Forumite
    Well in theory you could offer him less than market value, since if you don't sell he'll be on the hook for additional stamp duty with his GF
  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    mrginge wrote: »
    Well in theory you could offer him less than market value, since if you don't sell he'll be on the hook for additional stamp duty with his GF
    Or to put it another way, in practice you could offer less than market value for all the reasons already listed.
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