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Property/DIY

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Original poster

Any lawyers/knowledgeable people around? How easy is it to sell half a flat?

11 replies

DitaVonCheese · 27/04/2009 11:56

A friend and I bought a flat together a few years ago. I now want to sell and she doesn't. The obvious solution is that I sell my half to someone else, but I'm really confused as to how to do this. If it's just a matter of changing the name on the mortgage, subject to mortgage company's approval, obviously, then how do I get my share of the money? Or would they have to remortgage?

And no, we didn't have any sort of agreement as to what to do in this kind of situation

OP posts:

bloss · 27/04/2009 12:13

Message withdrawn

PestoDrizzleMonster · 27/04/2009 12:16

If you sell your share of the property to your friend, it is really simple. It is known as 'transfer of equity'. A solicitor will know how to do this. The only tricky thing may be agreeing how much the property is worth with your friend and them agreeing to buy your half off you.

Good luck

trixymalixy · 27/04/2009 12:23

Can you really sell half a property?!?!?

Who in their right mind would buy it?

Sorry Dita, I think you either have to persuade your friend to buy your half or persuade her to sell. I don't know whether you could force her to do either with no agreement in place. I have absolutely no experience of this though and suggest you get some legal advice.

bloss · 27/04/2009 12:32

Message withdrawn

Original poster

DitaVonCheese · 27/04/2009 12:43

Many thanks - that's really useful. I'm about 99% certain that we are (or were) tenants-in-common as we didn't want to do the one where the other one gets your share if you die. We did however buy the freehold about a year ago, so not sure whether we are still t-i-c or indeed tenants at all (?).

We have a joint mortgage though, so how does that work? From what you're saying, bloss, it sounds as though we would end up with two mortgages, one for each half. Forgive me if I'm being dim, DD has eaten my brain

My friend's brother did want to buy a little while ago but she did some investigating and the mortgage company told her that they would need to remortgage completely and therefore she'd need a 20% deposit, which she doesn't have. I'm just wondering whether she was misinformed and we should revisit it.

Thanks

OP posts:

trixymalixy · 27/04/2009 12:52

Wow that's really interesting. Does the other party really have no say in who you sell your half to?

Dita, do you think once you set things in motion your friend will actually find she can afford your half?

Original poster

DitaVonCheese · 27/04/2009 13:16

Sadly not, as that would be the best solution all round!

OP posts:

trixymalixy · 27/04/2009 13:28

It all sounds very complicated.

Good luck with it.

bloss · 27/04/2009 13:56

Message withdrawn

Original poster

DitaVonCheese · 27/04/2009 15:35

Fab, thanks bloss

OP posts:

lalalonglegs · 27/04/2009 20:02

But, Dita, unless you have a buyer lined up who is friends with your co-owner, surely it will be practically impossible to sell half a flat even if it is legally doable? (I don't want to put a downer on this, I've just never, ever heard of it before except share of ownership schemes with a housing assn as co-owner.)

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