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Thomas
Thomas, Solicitor
Category: Family Law
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Experience:  UK solicitor
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There are 3 of us on the mortgage, one of them has left 7 years

Resolved Question:

There are 3 of us on the mortgage, one of them has left 7 years ago and so only 2 are paying it, he only contributed £500. If we sell the house will he be entitled to a share of the profit?
Submitted: 10 months ago.
Category: Family Law
Expert:  Thomas replied 10 months ago.
Hi, Thanks for your question. Did you execute a declaration of trust when you purchased the property stating your percentage interests and responsibilities as to mortgage contributions?Tom
Customer: replied 10 months ago.
I have spoken to my son and he believes they did
Expert:  Thomas replied 10 months ago.
Hi Thank you for your question and patience, I’m Tom and I’ll try to help you.It’s a tricky area, but the thing that you need to do as soon as possible is try to get a copy of the declaration of trust. This will state the percentage interests of each party. What I am hoping for is that it also states that each person’s share is dependent on them paying the mortgage in the amounts agreed. If it states this then this will be good evidence that the person who has vacated should receive less of the equity now.In order to sell the property you will need the other person’s signature to the contract and transfer. The only way that this can be avoided is if you litigate and get a court order ordering that the property is sold. Once you have obtained the declaration of trust you should take it to a property litigation solicitor for a consultation to request their specific opinion on by what proportion a court should say that the person’s share in the equity should be reduced and also about the best way of engaging the person.I would avoid inflaming the situation with the other person until you do this. My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question. Kind regards,Tom
Thomas, Solicitor
Category: Family Law
Satisfied Customers: 7509
Experience: UK solicitor
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