property buyout after separation

J

Josephine1

Guest
Hi,

Can an ex-partner refuse to sell you their portion of a joint property if you better an offer received on the open market - which they are willing to accept?

Can you decide you want to buy an ex partner out and not sell due to decline in the current market and loss of a large proprtion of investment in the property? Assuming offer is based on valuations and agred split of equity.
 
unless you had a prior agreement in place (which may not be worth the paper it's written on anyway) then everything will come down to agreement between the two of you if you are not married. if you are/were married then it's a whole other shooting match. have a search on the forum for previous similar queries.
 
Josephine1 said:
Hi,

Can an ex-partner refuse to sell you their portion of a joint property if you better an offer received on the open market - which they are willing to accept?

Can you decide you want to buy an ex partner out and not sell due to decline in the current market and loss of a large proprtion of investment in the property? Assuming offer is based on valuations and agred split of equity.
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When all else fails..........Court application. Nothing like it to concentrate the minds and reach settlement.

Talk to your solicitor. Work out the costs of you both being bloody minded and awkward. Ask the solicitors to talk if you two can't. And if you can't reach settlement, go to Court.

mf
 
I have applied to the courts...there is a 6-9 month waiting list and I was hoping not to incur these costs.
 
Josephine1 said:
I have applied to the courts...there is a 6-9 month waiting list and I was hoping not to incur these costs.
Click to expand...

How else will this get resolved? Presumably, it has not been possible to negotiate a settlement.

Neither of you can compel the other to do anything without a Court application so one of you is either going to have give in or else make the Court application to move this along.

I don't see any other way around it and the longer this goes on the less likely it is that anything can be amicable.

mf
 
I agree courts is necessary...

My decision now is whether to put it back on the market or sit it out until Court.

If he can refuse to sell to me and their is a possibility the courts uphold that then I am probably better off put it back on the market now...
 
Speaking from experience of a breakup with property involved, I think you're better off selling the property and dividing proceeds down the middle (assuming you both own equal halves) and moving on. So you might not make a killing on the price but if you're left with any little bit then you can put it towards buying your own place. It wouldn't be easy staying there with the memories anyway.
 
We were engaged. no kids involved. The split of financial input is 4:1 with me investing the largest portion. Its 2 years down the road and I would now love to keep the place if I can...
 
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