can someone give me legal advice or what would/ could happen in this scenario , this is just a scenario i need to know so please dont become personal So you went partnership in a IP with a then friend. It is Tenants in Common with joint loan with a Bank so just say there is 175k owing ,the rental income at this stage covers the mortgage payments. The agent manages the property The property is worth say about 225 -240k The friendship has ended , the partner ( not sexual ) has decided not to b in contact with you anymore . So you think its best to sell, the partner has refused to converse with you at all If you go to see a Solicitor what would the next stage be for them to do ?? Do both parties pay ? Is it expensive to be in this scenario ?
Not legal advice, but should have had a partnership agreement that included this scenario. (You know people can see all of your other posts, right) There are a lot of other questions. Where is the rent going? Where are the payments being taken out of? What do you have to lose versus the other party? Because if you dont have an agreement you cant force them to do anything. They dont pay the mortgage, and your on the hook for it. Vice versa. Do they have anything to lose? Do you? Would they be willing to sell to a third party? For how much? Can this be solved by money?
See a solicitor asap and make sure your interests are protected. You need to make sure the rent is used to pay down the loan; that you aren't made to pay the whole of the loan if the other person disappears; and that you each will receive and be liable for half share of everything.
Is this the same property you mention in one of your other threads? The one you purchased with a defacto partner who has ceased communicating with you? If so, I suggest keeping to one thread, otherwise it gets very confusing for people trying to provide advice.
You should see a lawyer naturally. The proceedure is to apply to the Supreme Court to appoint a trustee to sell the trust, pay off the loan and share the rest. cost about $20k upwards It doesn't sound like a partnership, but just a joint ownership of property.
Legal Tip 70: Two owners of a property - one wants to sell the other doesn't Legal Tip 70: Two owners of a property - one wants to sell the other doesn't
Thanks for the info for this scenario Can you advise if one owner object to the sale , and the other party takes it to the Court to appoint a Trustee , is it commonplace both owners pay the legal fees etc from the sale or possibly could they make the objectee party pay ? If i wished to object to the sale , will i be up for the other parties fees too ? Or does you both have to pay ?
Reading into this , anyone going into co ownership needs to do a Contract first, no matter how good friends you are at the time nor even if your Sister or Brother. Times change, people change etc and the only ones seem to behefit will be the Lawyers.
Contracts won't save you either. What happens if one refuses? You still have to go to court. But it still might be a good idea to put things in writing anyway.
