Hello everybody, I have a co ownership question but I just really don't know how to structure it. I would appreciate if someone could give me some pointers or refer me to a forum where a similar question has been discussed. Thank you in advance!
Alice wants advice concerning a dispute with property she has purchased with others.
Alice, Bill, Cameron, Dolly, and Emily purchased a Property together. Emily was 17 at the time, but Alice, Bill, Cameron, and Dolly were 18.
Alice moved out and offered to sell share to Bill, but he couldn’t afford to buy it. So, Alice rented room to Finley
In 2012 Bill got loan from bank and secured it against his interest in the property
In 2013 Dave became ill and made a will stating that if anything should happen to him, his parents should inherit his interest in the property.
They all had a discussion in a meeting with what they will be doing to the property. Bill and Cameron want to sell it, but Dolly and Emily want to stay.
After talking, Cameron sent letter to all as he wishes to sever his share. However before the post got to the others, Dolly died.
Advise Alice:
The extent of all the party’s individual rights, especially with the fact legal and equitable ownership has changed on the property AND If she can force a sale of property, how successful will this be?