jointly owned pony

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Ibblebibble

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as title says a friend of mine jointly owns a young pony, it was bought for her daughter to break in and then sell on, the other owner provides the upkeep while friend and daughter do the poo picking and training. Pony is now broken in and daughter and friend want to sell, other owner says no he has to go on loan for a year to get more experience so they can sell him for 2k!(he's not gong to be worth that imho but thats by the by lol) friend not happy with loaning idea and as the relationship between owners has gone down hill she really just wants to sell him on now and end partnership.
As i see it, if a partnership breaks down, be it business or otherwise, the general rule is, asset sold and money split. have a feeling that it will take a legal letter to sort it as the other owner would argue the sky was green just to be awkward:rolleyes:
Anyone experienced similar or have any advice?
 
Couldn't the owner that wants to keep to loan buy the 'half' off the owner that wants to sell at the current market value? That way the one that wants to sell gets the amount they would've got and then the owner that wants to loan can sell when they like?
 
If the other owner really wants him to go on loan and genuinely believes (whether rightly or wrongly ;)) that she'll get that kind of money for him, then why not get your friend to suggest the other owner buys your friend out of her share? Your friend may not make money on it (unless she could be bought out on % of worth maybe?), but at least it will be out of her hands.

Edit: apologies, cross-posted same suggestion with Elbie!
 
the other owner provides the upkeep while friend and daughter do the poo picking and training
Click to expand...

Did both parties pay an equal amount for the pony??

Like Apercrubie, I would chance my arm and ask for £1k to end the 'partnership'.
 
yep both parties paid equal , i've told friend to put it in writing now that she wants pony sold or to be bought out, especially as it seems other owner has advertised him for loan without her consent!!
 
Yes a 'legal' type letter seems the right way to go. Quite tricky unless they had some sort of formal agreement in the first place by way of a contract or something similar.

If they are not desperate for the money is it not in their interest to meet in the middle and agree to a loan for 6 months. Then the pony would be up for sale at the start of next year which is a good time to sell and they can split the money 50/50.

This way your friend could make money without having to pay for or look after the horse in the meantime but the other owner would not have to worry about buying her out. It may take at least 6 months to sell anyway so your friend may not lose out on anything if she considers that option?

:)
 
Gosh been through this many years ago .. the person that has the sale of bill owns pony unless you can show that you have proof. But whos name is on the bill thats all that maters

pm if you like went throu this myself
 
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