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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33946
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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Hello, my partner & I are splitting up. We have 1 child together

Resolved Question:

Hello, my partner & I are splitting up. We have 1 child together although she has a second child who lives with his father. We are not married. We bought our property in early 2006. She put in £137k from the sale of her previous house. I did not have a previous house to sell but had savings. I earn approx £33K working full time, she earns approx £7k working part time. We took out a joint mortgage in 2006 for £65k & there is approx £50k still outstanding on the mortgage. We both signed a Declaration of Trust in 2006 whereby the division of money would be 75% to her, 25% to me if we later split up & sold the property. The house is now sold for £244k but there is disagreemnt as to what each of our share is. She works out that i'd get £61k less 25k (outstanding mortgage = £36k) I think i'm entitled to £244k - £50k (outstanding mortgage) divided by 4 = £48.5K & she would get £48.5k x 3 = £145.5K. Plus we both understand we have to take legal fees off what we get aprrox £1-2k which will be split between us. Please advise what value both of us are legally entitled to from the sale of the property. Also please confirm what monthly child costs I would be expected to pay. Thank You
Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
What is the exact wording of the Declaration of Trust with regard to the percentages?
Clare
Customer: replied 3 years ago.

Hi Clare


Please view Declaration of Trust indicating percentages: This form was signed by 2 independent witnesses & also signed by me & Alison. Please respond as to whether I am entitled to £48.5K or as she wants to give me £36K. Figures were provided in my original statement.If you have any questions please respond & I will answer asap. My ex partner wants to sign papers this Tues (15 Apr) & looking to complete & have us moved by 25th April 2014.


 


Until I get a legal response as to what I am entitled to financially as a result of the house sale I will not sign.


 


Regards


Chrris Cordy


 


THIS DECLARATION OF TRUST is made this day of Two


Thousand and Six BETWEEN ALISON JANE COLE of XXXXX/p>

Hanham Bristol (hereinafter called "Ms Cole") of the one part and CHRISTOPHER JOHN DEREK CORDY of the same address (hereinafter called "Mr Cordy") of the other part WHEREAS:-


BY a Transfer dated the day of 2006 and made
between DENNIS XXXXX XXXXXDON and LYNDA XXXXX XXXXXDON of the one part
and Ms Cole and Mr Cordy of the other part ALL the freehold property situate and
known as XXXXX Hanham Bristol was transferred to
Ms Cole and Mr Cordy as Tenants in Common


Ms Cole and Mr Cordy have agreed that their respective Beneficial Interest in the
property shall be as set out in this deed


NOW THIS


D£ED WiTNESSETH as follows.


Ms Cole and Mr Cordy HEREBY DECLARE that they shall hold the said property as Trustees of Land as to seventy five per cent share for Ms Cole and as to the remaining twenty five per cent share for Mr Cordy


IN WITNESS whereof this Declaration has been executed as a deed on the date
appearing above


 


SIGNED as a Deed by )
ALISON JANE COLE )
in the presence of:-



SIGNED as a Deed by )


CHRISTOPHER JOHN )
DEREK CORDY in the )
Presence of:- )


CHRISTOPHER JOHN


DEREK CORDY in the


Presence of:-

Expert:  Clare replied 3 years ago.
Hi
Who drafted this/
Clare
Customer: replied 3 years ago.

Henriques Griffiths Solicitors in Bristol. It was drafted & signed when we moved into our property in February 2006. A copy of the draft is held at :


Henriques Griffiths Solicitors


107, High Street


Winterbourne


Bristol


South Glos


BS36 1RD.


 


Regards


Chris


 


 

Expert:  Clare replied 3 years ago.
Hi
It is very badly drafted as it actually allows both of the possible interpretations because the word "equity" is not used.
HOWEVER in the usual way of things it is the Equity of the property that is dealt with using a Declaration of Trust and on that basis I believe that the court will take the same approach that you have - unless the Solicitors file suggests a different interpretation should be used.
Your child maintenance liability is 12% of your GROSS income - less a one seventh reduction if you have the child more than 52 nights a year - two sevenths for more than 104 nights.
I hope that this id of assistance - please ask if you need further details
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33946
Experience: I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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