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selling 50% share of a privately held property


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Hi

 

My question is-is it possible to sell 50% of my purpose built leaseheld flat?  I would like to explore the possibility of selling 50% of the flat..has anyone got experience with this? I talked to a solicitor who claims he can set up the paperwork and I've also received an offer from an interested party.

 

The deal I propose is that I sell 50% of the deed to a second party then the rent is split between 50/50 between both of us. At the point of sale the funds are again split 50/50 and the costs (solicitor,EPC ect) again are split 50/50. The main area I'm unclear on is what is the situation in the case that one party wants to sell and the other doesn't? also what happens in the event of the property going into foreclosure? 

 

I also have a mortgage on the property so I assume I'd need to inform the mortgage company of the new situation and may meet opposition from them.

 

my current mortgage amount is £125,000

the current market value is £220,000

proposed 50% sell off price £110,000

 

I'd appreciate any advice thanks in advance.

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