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I bought a property 12 years ago with a friend on a 50/50 basis, It was a semi detached house that I obtained planning permission to convert to 2 x 1 bed flats. I say I because I did all the application work, project managed the conversion, found tenants as & when, organise all insurances, gas certs & any repairs that are needed.
My partner has no history of anything to do with property so it was easier for me to take control. I send him a statement monthly of incomings & outgoings & transfer his 50% of the profit (which is currently approx. £1,000.00 pcm).
My problem is that some work is needed to finalise the conversion, then we can split the freehold & own 1 flat each. He seems reluctant to do this as it will mean he has to maintain his own flat rather than rely on me & is being awkward transferring funds. He has considerable wealth & I now worry that he is taking advantage, I can see a row looming that will definitely finish our friendship.
I think the only way forward is to either with-hold his monthly profit & carry on or just inform him we need to sell now at whatever price we can get & go our separate ways.
If I do the former, at some stage in the future I will need him to sign documents redeeming the current mortgage so we can take individual mortgages on each flat.
Any advice would be appreciated.
My partner has no history of anything to do with property so it was easier for me to take control. I send him a statement monthly of incomings & outgoings & transfer his 50% of the profit (which is currently approx. £1,000.00 pcm).
My problem is that some work is needed to finalise the conversion, then we can split the freehold & own 1 flat each. He seems reluctant to do this as it will mean he has to maintain his own flat rather than rely on me & is being awkward transferring funds. He has considerable wealth & I now worry that he is taking advantage, I can see a row looming that will definitely finish our friendship.
I think the only way forward is to either with-hold his monthly profit & carry on or just inform him we need to sell now at whatever price we can get & go our separate ways.
If I do the former, at some stage in the future I will need him to sign documents redeeming the current mortgage so we can take individual mortgages on each flat.
Any advice would be appreciated.
