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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To want more money from my ex friend?

265 replies

Othering · 28/06/2020 09:42

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.

OP posts:
Cherrypie098 · 28/06/2020 12:03

Given that the item is currently with her, I guess there is nothing to prevent her from refusing you access to it without giving you any money, or she could sell it and not give you any money, so maybe best to try not to get too adversarial!

Jaxhog · 28/06/2020 12:04

It IS hard to make suggestions without knowing what the item is. But I do wonder this. If she has possession, how are you getting your equal benefit from it? If you are no longer getting benefit from it because she has possession, then she needs to make you a 'reasonable' offer.

Is there the possibility of a mutually trusted mediator helping?

bevelino · 28/06/2020 12:04

The OP, is playing games and must be laughing and loving all the attention.

Livpool · 28/06/2020 12:06

YABU - you have decided you want out so it will be on her terms. If the price of it had gone down - I assume you would accept the lower, newer price?

TellingBone · 28/06/2020 12:06

When this first came up did you both not discuss what might happen to this asset in the future? I simply can't imagine a scenario where one would invest jointly in something without talking about the aims of the project and possible outcomes should one owner want to sell.

Whenwillthisbeover · 28/06/2020 12:08

She doesn't want to pay you the market value because she probably has the intention to sell it in its entirety and pocket the entire increase in value.

Personally she would have two options from me:

  1. I would buy her out at full market price (and then sell)
  2. she can buy me out at full market price (and do what she wishes with it)

If she didn't agree to either I would consider legal assistance in forcing the sale, this would of course be dependent on the value of the item before and after. If it was a packet of seeds that is now a grow bag of tomatoes then probably not Grin

wheretonow123 · 28/06/2020 12:09

I think there is a reasonable case on both sides as the OP wants out but the ex friend wants to buy and sell on the open market.

So the suggestion by someone above that said to pay half between the original share and the current value sounds right and fair to me.

ShadowMane · 28/06/2020 12:09

so its not a house, horse, painting, animal or boat
It has no on going maintenance costs....

Outable, but no other threads....

morethanafortnight · 28/06/2020 12:09

Just take an axe to the thing and chop it in half.

SospanFrangipan · 28/06/2020 12:12

Pretty sure I've seen a post about this before, And it's some kind of aesthetics equipment Hmm

burnoutbabe · 28/06/2020 12:15

If no agreement in writing then there may well be no proof you even own anything?

I assume this is not a tradable asset with a proof of ownership?

So she had it and could probably just sell it on anyway if she wants. You'd have to sue her for any share and prove you owned a share.

Hazelnutlatteplease · 28/06/2020 12:15

If you can't sell it without her agreement it actually has no market value so her offer is good.

If you can sell on your share, just sell on your share and have done.

Otherwise keep hold of your share in the hope it goes up in future.

Its not hard

StillCoughingandLaughing · 28/06/2020 12:16
  • Personally she would have two options from me:
  1. I would buy her out at full market price (and then sell)
  2. she can buy me out at full market price (and do what she wishes with it)*

But the OP’s ex-friend has a third option, which is to say ‘I’m selling at this price or not at all’ - and it looks like she’s taking it.

MzHz · 28/06/2020 12:16

Can you get the item independently appraised by 1 or 2 experts or ideally a joint appointed one? Then agree on current value and then she can offer to buy you out.

Would YOU be able to raise the funds - even if temporarily- to buy HER Out then YOU sell it?

Sally872 · 28/06/2020 12:22

As selling to someone else at market rate is not an option seems to be your choices are;

  1. sell it to Ex friend for original price as that is what she is willing to pay

  2. buy out ex friend at price she is willing to sell for

  3. keep your half.

Selling it to ex friend at market rate is not something your exfriend is willing to do so not an option wether or not it is fair.

Friedbluetomatoes · 28/06/2020 12:24

Is it a beach hut? Oh please divulge, these kind of posts drive me crazy!

Tiptoes123 · 28/06/2020 12:31

Half of the current value. I don't understand why you should accept any less. If she doesn't want to pay that, then that's her choice you can't force her. But I wouldn't accept half the original money. What if she then sold it and kept the full profit?

Can you sell to anyone else? If not then you have a choice - either accept her lower offer, ask her to pay more, or keep your share.

BumbleBeen · 28/06/2020 12:36

Is it something worth £100s or £1000s, or £10,000s? Because that's relevant.

If it's a lower value thing, just accept a refund of what you originally paid.

Is it a caravan?

Amber0685 · 28/06/2020 12:37

I want to buy one if it increases in value several thousand pounds from a few hundred!

sausagebap · 28/06/2020 12:38

I think beach hut too.

Sparklesocks · 28/06/2020 12:39

It’s very obviously what it is - a vary rare beanie baby.

burnoutbabe · 28/06/2020 12:41

Can't be a beach hut as that would be governed by clear laws about ownership and selling if owners are in dispute.

prh47bridge · 28/06/2020 12:44

@Ponoka7

The Court wouldn't force a sale because there wasn't an intention of creating a legal contract. There was a similar case on Judge Rinder. It was a piece of vintage jewellery. As a good will gesture and in the spirit of friendship, the difference was split. But as there wasn't a legal contract and the item wasn't bought for investment purposes, he did think that it the other party had a point to just offer the original cost.

The cost of going to court would wipe out any profit. There has to be a winner and they don't always award costs, anyway.

Judge Rinder is not a judge. He is a barrister specialising in criminal law, not civil law. His decisions are not always correct in law.

We don't know for sure what would happen as the legislation is unclear but comments in a recent High Court judgement suggest that the judge in that case believes the court has the ability to order sale of the item and would do so in a case like this. But, absent an actual judgement on a similar case, it is impossible to be sure.

Also, the cost of going to court would not wipe out any profit. If the OP won she would definitely be awarded any court fees she has paid. If this is a small claim she shouldn't incur any solicitors costs - she should represent herself. If it is not a small claim she would be awarded any legal costs she has incurred other than in exceptional circumstances.

huuskymam · 28/06/2020 12:47

I'd ask her If you both had decided to sell, would she be looking at to get the original price back or more.

Guavaf1sh · 28/06/2020 12:47

You shouldn’t ask this kind of question if you are unwilling to give the most critical piece of information- what it is. It’s like those ‘is my baby name ridiculous’ posts that don’t say the actual name