What happens if one of us wants the property to be sold and the other one doesn’t?
If there is a Trust Deed or other agreement that sets out what the parties have agreed, then that agreement will be followed.
In the event that no such agreement exists then you can make an application under the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA) for an Order for Sale.
The Court has wide-ranging powers under TOLATA and can make an order that the property be sold and/or how the equity should be split. However, in a business context, unless there is evidence to the contrary, the Court will normally find that the parties’ interests in the property reflect their financial contribution towards the purchase price or commercial input.
What happens if I have been paying more towards the property? Do I get more out of it at the end?
If there is a Trust Deed that sets out what has been agreed between the parties, then this needs to be followed.
If there is no Trust Deed then it will depend upon either what the parties agree to amongst themselves or whether the Court finds that there is sufficient evidence to demonstrate that the position has changed since the property was purchased.
This is however, a potentially complicated situation which would turn on the facts of each case. If you are in this situation please give us a call to discuss.