Hi there, thanks for your question. My name's XXXXX XXXXX I'm going to help you with this.
If you have adopted a 60:40 split, can I assume you that guys hold the property as tenants in common and, if so, is there an agreement (a declaration of trust) regarding how you are to hold the property and how sale proceeds will be split on a sale? Is there a mortgage over the property? What are you looking to achieve and what are your main concerns?
Thank you for your quick response. Yes, we signed a declaration of trust, and we do have a mortgage over the property (LTV of 65% and latest valuation is £585,000). My concern is to understand what my rights are as my partner is pushing me to move out, but I have nowhere else to go. He wants to keep the flat based on his higher share. He does not want to sell it and is reluctant to find an agreement to buy me out. I don't know what to do exactly.
Thank you for any advice.
Thanks for the additional information and I'm really sorry that you're in this difficult position.
First, he cannot compel you to leave just on the basis that he owns a greater proportion of the beneficial interest. You both hold the legal estate, regardless of how you have agreed to divide the equitable estate under the trust deed. If he wants the property to himself, he will need to buy your share in accordance with the terms of the trust deed.
If he cannot do this and you want to sell the property and move on (but he is refusing) you can apply to the court for an "order for sale". This is done under s.14 of the Trusts of Land and Appointment of Trustees Act 1996. It gives the court a discretion to order a sale and gives a list of matters the court should have regard to. This includes "the purposes for which the property subject to the trust is held". The breakdown of a relationship between cohabitees may well point in favour of sale because the property was intended to provide a home for both of them. If this is the course of action you choose to take, it is adviseable to contact a solicitor to assist you with your application.
Again I'm very sorry that you're having to go through this and if you need any clarification on the above, or need any further information, please don't hesitate to get in touch.