To want more money from my ex friend?

[Othering]

Me and a friend bought something together, 50:50. We both paid several hundred pounds each. Exactly a year later, I wanted out. Friend (now an ex friend cos shes disgruntled that I wanted out) said she will buy me out, paying the original price back to me. Trouble is, the asset is now worth several thousand pounds. It has appreciated significantly. Aibu to think she should pay me half the current market value? She can very easily afford it BTW.

Sell it to her with an agreed contracted clause that should she then sell whatever it is on then she will pay you the calculated interest.

I think it will be BITCOINS !

It depends. Have you any proof for conversation/ money exchange/ receipt? If so then yes, I'd fight for it. If not, then take the money and forget about it. The cost of going to small claims court is not very high and can fill a form online.

Ooh is this a quiz ! Hope you give us a clue more than what it’s not. Animal vegetable mineral ? As a side point. Nora of this story is. If you have an idea. Don’t share it around people who are known to one get their own way and two are not to be trusted with money.

Why does she have possession of the item?

Locked box of toilet rolls?

I am wondering about bitcoins too, only because I don't know anything about them. I cannot think of anything else that would appreciate in value x10 in one year other than what has already been suggested and OP has said no. A sculpture or art work by an artist that has suddenly become famous? Shares? Although why would bitcoins, shares or art be at ex-friends house and why would OP suddenly want out?

OP if it has gone up in value by this much in such a short space of time, personally I would hang on to your portion.

It's clearly not bitcoins! They wouldn't pose this problem. The two people could simply sell half of them (legally, they would sever their joint ownership and just own half each).

I'm betting on a home gym. The prices have gone through the roof due to supply and demand because all the gyms are closed and the whole world has sold out of them. They're changing hands for crazy money on eBay. Muscle-bound meat heads are desperate for them.

I'm on the fence here, can't decide but if she's notoriously bad at paying getting anything should be a bonus.

If possible sell your share for market price.

I think what the item is probably does matter. If you really didn’t discuss future selling when you bought it and it wasn’t predictable that you’d want out (that’s where knowing what it is might really matter) or predictable that it would rise in value (again, it’s important to know what it is to assess that) then it seems really unfair that she should have to pay above the odds (vs original plan) to keep it.

I think the fair way to do it is either:

• OP keeps a silent interest in it with agreement to take half market value when sold at any time in the future
• OP gets her original outlay back, with commitment to pay half market value when sold, less that outlay

In either case, with a contract and full understanding of who insures the object in the mean time, and what happens if it is lost, damaged, stolen, obsolete, worn out in future...

Say you bought the item for £200. You each paid £100.

You say it is now worth eg £1000, so your portion of the item is £500 which is what you feel you are due.

What happens if your friend sells the item in another year for £2000?
Will you expect another £500?

What happens if the bottom falls out of the Item market and in a year's time it is only worth £40?

What happens if your friend sells the item in another year for £2000?
Will you expect another £500?

That’s a silly question. If the friend buys it off OP this year then OP will have no stake in it next year will she? Just like if your ex bought you out of the house, then sold it a year later for more than it was worth the previous year, you’d no longer have any entitlement to the profit since you no longer have shared ownership.

Anyway I think OP can sell it for what she wants. Personally, I would sell it to my ex friend for the amount I bought it for if it was a personal item that wasn’t being used for business purposes. But I would sell it for what’s it currently worth if it was being rented out or used in commercial ways. But that’s just my own judgment. OP wouldn’t be morally wrong to demand market rate in either situation.

By the way, as I recall from law many years ago, the legal presumption (in the absence of anything agreed to the contrary) is likely to be that you own to item on trust for each other in what's known as a trust for sale. If either of you want it sold it has to be sold, and the proceeds split.

A bike
A puppy
A skip

is it a season ticket, or some other pair of tickets to a prestigious event next year? Nobody would buy half of a pair, ie one ticket

OP, if I've got this right, you're saying you don't have a written contract, she has possession, you can only prove joint ownership (presumably by proving you paid her?) but for some reason, you can't sell your interest in the item to anyone else.

In that case, it looks like your options are is (1) to accept her price, pay it and move on or (2) take her to the small claims court.

How come you can only prove joint ownership but you can't prove you own your share? It's really difficult to advise anything sensible when we don't know what you're talking about, but I'd try to find a way to transfer your interest to someone else.

Is it a Cleverspa replacement filter?

Have either of you been using the item? Has she always had it?

How were you planning to get your money's worth if you hadn't fallen out?

Is it a hot tub?

I reckon it's a Harry Potter and the Philosopher's Stone first edition.

One sold for ££££££££££ recently and the OP thinks they can get the same for theirs. Ex friend wants to hang on in case it goes up more and is saying OK I'll give you what you paid.

Do I win £5 ?

I can’t believe I’ve read all 10 pages and I still don’t know what it is! Going to go to bed imaging all sorts!

Why would she give you more than you paid for it??

Anyone suggesting that what would be due to you is half the original rate is awarding your friend 100% of the profit for no good reason (based on the information we have).

But there IS a good reason. The ex-friend didn’t want the to buy the item outright - that’s why she went halves with the OP. Now the OP is offering to sell her share for a profit to someone who didn’t want it when it was a lot cheaper. Why would someone who wouldn’t pay £500 for 100% of something 12 months ago now want to pay an extra £300 (for example) for the other half she didn’t want in the first place? If the price had come down, there might be an incentive for the ex-friend to buy out the OP. If the ex-friend wanted to buy the OP’s share, rather than the OP actively wanting to sell, of course she should offer more. As it is, she’s essentially being asked to pay extra to benefit the OP.

Why does she have possession of the item?
Presumably, unless the item is a cloud, a star or a metaphysical concept, it has to be physically somewhere. I can’t see how difficult it is to understand that one of the part-owners would be in possession of it at any one time.