Selling a house is no easy feat. Amongst many other things, you have to figure out the costs of selling, whether you should rent rather than selling, or if you should also get in touch with an estate agent. When there is another person involved in ownership of the property, then this becomes even more complicated. In this article, we will answer all of your questions about how you can sell a house with joint ownership.
How can property be owned between people?
Joint tenancy essentially means that your property cannot be divided up. This means that ownership is totally equal. If one party wants to leave, then the other must agree to a sale of the property, or to buying the other owner out. In another case, if one owner dies, then the other owner would be left as the sole owner of the previously jointly held property, so they will own it outright.
What happens if one of the joint tenants wants to sell?
Providing both parties agree, the sale of the property should be decently straight forward. However, complications naturally arise if one person desires to sell against the wishes of the other. If only one party wants to sell, then they cannot do so without applying to the court to force the sale against the wishes of the co-owner. It is not possible to say if the court will agree.
Why should you think about a Trust Deed?
If you decide to buy a house with another person, then we recommend that you have a Trust Deed or a Declaration of Trust.
This legal document is useful because it states who owns what percentage share of the equity. It also can be used to state how one party can buy the other one out. This means that if one wants to sell, then rather than putting the property straight on the open market , then they agree to offer it to the other party first.
Having a Trust Deed is very important as it means that people have the ability to stay in their own home, even if their relationship falls apart.
How can I sell my house with joint ownership?
As with selling all properties, we recommend that you get a valuation of your home to work out how much it is worth. FastCash4Houses can help you with this step. When you come and tell us about your property, we will process the property valuation and then give you a no-obligation cash offer within 24 hours.
Essentially, the best advice we can give you when it comes to a house with joint ownership is to establish from the start what you would do in the case that you decide to sell by having a Trust Deed. This means that if you reach this stage of one or all owners wanting to sell, you will already have laid out the ground rules for what you will do.
In any case, FashCash4Houses is here to support you every step of the way in the venture to selling your home, so please get in touch with us today and we will offer you our support.
