Joint Ownership and Selling an Investment Property
Selling jointly owned property can involve additional agreement, ownership and legal considerations. The precise position depends on how the property is owned.
Why ownership matters
Ownership arrangements can affect who needs to agree to a sale and how the proceeds are dealt with. Check the title, ownership structure and any relevant agreement before relying on a simple assumption.
Agreement between owners
This is one part of the wider portfolio picture. Look at the issue alongside your properties, finances, tenancies and objectives rather than treating it in isolation.
Legal documentation
Good preparation makes the position easier to understand and can help avoid avoidable delays. Gather the relevant ownership, property, finance and tenancy information and keep it current.
Mortgages
Mortgage terms, outstanding balances, redemption figures and any early repayment charges can all affect the practical outcome. Check the current figures for the property and consider how the position fits with the rest of the portfolio.
Companies and trusts
This is one part of the wider portfolio picture. Look at the issue alongside your properties, finances, tenancies and objectives rather than treating it in isolation.
Professional advice
This is one part of the wider portfolio picture. Look at the issue alongside your properties, finances, tenancies and objectives rather than treating it in isolation.
Practical takeaway
Do not assume one owner's wishes are enough to complete a sale. Establish the ownership structure and obtain appropriate legal advice.
What should you do next?
You do not have to decide before you understand your position. If a portfolio review would help, request a confidential portfolio valuation with no obligation to sell.