Q. I own a vintage sports car jointly with an old friend. He wants to sell it but I'd rather keep it. What are the rules about this?
A. It is not possible for one co-owner of a single item of personal property (such as a car) to sell the whole without the others agreement. Your friend is free, however, to sell his one half share in the car.
Q. The buyer doesn't want half a car, he wants it all. If I refuse to budge, does my friend have any legal remedy?
A. Unless there is a trust over the car (i.e. you both agreed rules which would cover this type of situation) then it is unlikely that your friend can do anything, as the law does not empower the court to direct the sale of a single co-owned personal chattel. In practice, therefore, this means that your friend is unlikely to realize the full value of his interest in the car unless you agree.
Given the potential for disputes, it is advisable for co-owners to enter into an express agreement governing the terms of their co-ownership before buying. In addition to covering the sale of the asset, the agreement should deal with such things as who is to store, insure and maintain it.
Co-ownership issues can be complex with much depending upon the circumstances of each individual case. For specialist advice contact Keith Swan of Patterson, Glenton & Stracey Solicitors by email at ks@pgslaw.co.uk or by telephone on 0808 231 7043. Patterson, Glenton & Stracey Solicitors have provided legal advice to the people of South Tyneside for over 125 years. For details of their full range of services and to view previous Gazette articles please log on to www.pgslaw.co.uk. Patterson, Glenton & Stracey Solicitors - the Logical Answer.
