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JGM
JGM, Solicitor
Category: Family Law
Satisfied Customers: 10650
Experience:  30 years as a practising solicitor. Partner in own firm.
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Hi, my twin sons and I have bought a property together. They

Resolved Question:

Hi, my twin sons and I have bought a property together. They got the mortgage and I put in the downpayment and had cash left over to refurbish the property.
We are now in the process of selling this property and not sure how to work things out.
Can you help?
Thanks.
Jane.
Submitted: 3 years ago.
Category: Family Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

If you think of this arrangement as a partnership, each of your sons has contributed capital in the form of the mortgage funds and you have contributed the deposit and the refurbishment costs. The normal arrangement is that each person would share the profit in accordance with the proportion contributed to the project.

That is subject to any agreement which was previously entered into. If there was none then you will have to agree something or you will have a problem.

I hope this helps. Please leave a positive response so that I am credited for my time.
Customer: replied 3 years ago.

Do i get back the cash i put in before we work out profit? and do my sons get back the amount paid on the mortgage before looking at the profit?.


The mortgage was for £95000 which they have paid between them for 8 years. I put £40000 deposit and £28000 cash was spent by me refurbishing the house.


We bought the house for £135000 and are selling for £172500.


Would be good if you could work it out for me.

Expert:  JGM replied 3 years ago.
Total costs £163000, sale price £172500 therefore profit of £9500.

You would get £3963. They get £5536 between them.
JGM, Solicitor
Category: Family Law
Satisfied Customers: 10650
Experience: 30 years as a practising solicitor. Partner in own firm.
JGM and other Family Law Specialists are ready to help you
Customer: replied 3 years ago.

Thankyou very much for your advice.

Expert:  JGM replied 3 years ago.
You're welcome.

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