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    can you sell a THIRD of a house?? any financial experts here?

    I know some people here are quite sussed about the financial markets(which I am not) so some advice please. Basically , my 2 brothers and I own a property left to us jointly in november by my mum-its been on the market since april and we havent had an offer yet. Obviously the housing market is utterly hopeless at the moment.

    My brothers are in a financial position to wait til it improves,We are not in that fortunate position. They are named as joint executors,I am a beneficiary for one third but not an executor so they are calling the shots,wont do a buy to let mortgage to free up some capital.

    Seems I cannot equity release one third of a property either. So is it LEGALLY possible to "sell" my interest in the property to a private investor/firm? If it was offering an attractive return even though that may be 6 months/a year down the line?

    this is under scottish law btw if that makes a difference-any ideas anyone?

    18 Comments

    Could/Would they not buy your share?

    ask your brothers to buy your share

    Original Poster

    they wont buy me out-been down that road.

    wow sounds messy but good luck with it.....

    Banned

    Short answer is NO, any decent solicitor would tell you that. Who in their right mind would want to buy a third unless its 3 friends or 3 of one family, far too many implication in law. Sorry

    :w00t::x:gift:

    Scottish law is even more stringent.

    RUDOLF;5931378

    Short answer is NO, any decent solicitor would tell you that. Who in … Short answer is NO, any decent solicitor would tell you that. Who in their right mind would want to buy a third unless its 3 friends or 3 of one family, far too many implication in law. Sorry:w00t::x:gift:Scottish law is even more stringent.



    Loads of houses are being marketed as 'shared ownership'. Not sure how it would be set up though as this is a more complicated situation. Would need the agreement of the other 2 parties for a start, so probably a no go.

    Banned

    Shengis;5931644

    Loads of houses are being marketed as 'shared ownership'. Not sure how it … Loads of houses are being marketed as 'shared ownership'. Not sure how it would be set up though as this is a more complicated situation. Would need the agreement of the other 2 parties for a start, so probably a no go.



    I think I said that, three friends or three family, trouble is getting out of it I have the same problem with my daughter, see wants to sell her 1/4 share in a house in London , Nobody wants to know.:thumbsup::oops::whistling:

    who needs enemies with brothers like that lol

    no-one in their right mind is gonna buy a third of a house they have no say in !

    I very much doubt that you wouldn't be allowed to sell it. The percentage share is yours, and cannot be dictated as to how it should be managed by the other shareholders as no formal document has been drawn up to stop you selling.

    IMO

    If its been on the Market since April, without an offer its overpriced.
    Cut the price and you will find a buyer, Do you have a rightmove linky?

    Banned

    geedub;5931703

    who needs enemies with brothers like that lol no-one in their right mind … who needs enemies with brothers like that lol no-one in their right mind is gonna buy a third of a house they have no say in !



    :thumbsup::thumbsup::thumbsup:

    Original Poster

    DKLS;5931765

    If its been on the Market since April, without an offer its … If its been on the Market since April, without an offer its overpriced.Cut the price and you will find a buyer, Do you have a rightmove linky?



    dont think its overpriced-the price is VERY reasonable for the quality and area it is-its on with glasgow solicitors property centre,marketed on their website,maybe they just dont push it enough.

    Original Poster

    bazzaric;5931706

    I very much doubt that you wouldn't be allowed to sell it. The percentage … I very much doubt that you wouldn't be allowed to sell it. The percentage share is yours, and cannot be dictated as to how it should be managed by the other shareholders as no formal document has been drawn up to stop you selling.IMO



    that is what I thought-I mean one third is legally mine isnt it? I can surely sell it for whatever price I like as long as the other 2 get what they want in the end?

    barky;5931916

    dont think its overpriced-the price is VERY reasonable for the quality … dont think its overpriced-the price is VERY reasonable for the quality and area it is-its on with glasgow solicitors property centre,marketed on their website,maybe they just dont push it enough.



    No offers would say its overpriced. You have the offers over system dont you, why not drop the price by 15-20% invite offers over with say a 2 week deadline, if its a quality area and house like you say demand will make the price go up to something acceptable for the 3 of you.

    I completed on my house 2 weeks ago was on the market for less than a week and I had 3 offers.
    And my friend in Glasgow sold his house within 1 day lucky sod.

    Original Poster

    DKLS;5931991

    No offers would say its overpriced. You have the offers over system dont … No offers would say its overpriced. You have the offers over system dont you, why not drop the price by 15-20% invite offers over with say a 2 week deadline, if its a quality area and house like you say demand will make the price go up to something acceptable for the 3 of you.I completed on my house 2 weeks ago was on the market for less than a week and I had 3 offers. And my friend in Glasgow sold his house within 1 day lucky sod.



    we do have the "offers over" system but we were advised to put it at "offers around" which we did-thanks for the advice tho-will certainly suggest it to the other 2.

    barky;5932076

    we do have the "offers over" system but we were advised to put it at … we do have the "offers over" system but we were advised to put it at "offers around" which we did-thanks for the advice tho-will certainly suggest it to the other 2.



    I just asked my mate, he had his house valued at 480K, he advertised at offers over 440K, had a mini bidding war and it sold for 470K.

    Its always awkward when others are involved, especially if they can ride it out until house prices pick up, if they do. Sit down with your brothers and explain hopefully you can come up with an agreement to please all.

    I own properties with my 2 brothers, (buy to let(, when we purchsed them, the solicitor put a clause into the contract saying that if 1 party wants to sell he has to give 1st refusal to the other 2 at market value, if they dont want it then you can sell to who ever you want. Maybe there is a clause like that you could use?

    is the propery empty? if so why not rent it and split the money? it wont be much but better than nouthing.
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