Can I force someone to sell a property?

Mitzy

Long story short. I bought an investment property abroad with someone many years ago which has proved to be a disaster.
The other person has had very limited input into the property in that I always managed the letting, paying mortgage, management fees etc for the past 15 years.
The property was always been in negative equity but now the negative equity gap has decreased and I want to get rid of it as I am sick & tired of looking after it and can't see that things will ever improve.
I have told the other person but they are saying that they can't afford to pay their contribution in.

So basically can I force them to sell the property or can I pay off my portion of the negative equity and get the lender to remove me from the mortgage & deeds?

livedadream

my understanding is you can ask them to buy out your share.

not sure if you can legally force them though.

endacl

Lender won't remove you. Why would they?

Polo_Mint

How much as the other person invested into the property.

And which country is the property located

byronbay2

You've been paying a mortgage for 15 years and are still in negative equity?? WTF?

Mitzy

endacl wrote: »

Lender won't remove you. Why would they?

I will pay them 50% of the difference between the current value & the mortgage. The other owner will then be able to do what they want with the property. Sell or keep etc

bisset

did you and the other party have a legal agreement regarding buying one another out etc?

Mitzy

The property is in the UK. Not in an area that is booming in any way. Prices have been stagnant for years

Mitzy

Polo_Mint wrote: »

How much as the other person invested into the property.

And which country is the property located

We both contributed 50%.
What I want is to pay my contribution to rid myself of the debt and leave it all square.
I want to purchase a property in Ireland but owning this property is restricting me

BabySlam

As Bisset said, it depends what legal contract you made.
so what is the arrangement you made in writing?
do you own the property jointly?
Everything depends on what you contracted when you bought the property.

Can you not sit down with the other person and if you cant agree then ask would they agree to a mediator rather than a fight in court?
If you can resolve it yourselves it will be easiest in the end.

coylemj

Mitzy wrote: »

I will pay them 50% of the difference between the current value & the mortgage.

It doesn't work like that. The lender would then be left with your 50% ownership after you make the cash adjustment to reflect the remaining negative equity. They won't agree to that, given that there is an existing partner who can mess them around, same as he is doing to you.

You would be expecting them to convert your net debt to equity in property in a depressed area, co-owned with an uncooperative partner. It's not going to happen.

nuac

Mod
See a UK solicitor
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