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tdlawyer
tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience:  11 years experience of general practice.
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I signed a declaration of trust when buying home with partner

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I signed a declaration of trust when buying home with partner in 2007 .I put in £139 k she put in nothing.the deed says that I get the first 52% of the net proceeds and the remainder will be split between us equally.The purchase price was £260k and the sale price the same with a 104k mortgage.Her solicitor is saying she will get 37k whereas I will get £115k (260k-£104k mortgage) divided between us-156 - I get half of this £78k approx plus £37k.how can this be correct that I will lose 24k by having the deed of trust-I was advised to take this out to protect my assets.Is there anything I can do.My wrong assumption was that I would get 52% of the sale price-£130k plus remainder share of profit once mortgage paid equals half of 26k so 13k making my total monies 143k approx.hope this makes sense! Thanks really want to know where I stand.I have documentation. From the solicitor who did the deed of trust -and dealt with the purchase of the house-that I put in £133k from sale of my last home and added cash to this to fund current home (& mortgage)
Submitted: 3 years ago.
Category: Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer :

Hello, thanks for your question. My name isXXXXX can assist with this.

Customer: Hello
tdlawyer :

What you appear to be saying is that you should not have had the Deed of Trust, or that it should have been worded differently to ensure that you got your investment back first really ahead of her?

tdlawyer :

Is this right?

Customer: Yes
Customer: I think that my initial monies should have been protected that was the purpose of doing the deed of trust
tdlawyer :

Okay. There is little you can do about the deed now if, having entered into it, it has the effect that you mention. Obviously, if you agreed to something, that's what you're stuck to. However, it seems to me like your solicitor or other adviser at the time got it wrong, and should have worded things very differently.

Customer: So I cannot challenge it at all?
tdlawyer :

Now, before I tell you what to do about that, I would add that a solicitor should look at the Deed for you, just to make sure that the interpretation suggested to you is correct.

Customer: ok
tdlawyer :

Okay. You need to contact some solicitors near to you and ask them whether they deal with professional negligence work against other solicitors. There are lots out there that would do this, and you need to find somebody you feel comfortable with. Basically, you should be able to find somebody that will do this on a no-win no-fee agreement for you, and recover the money you have lost that way, by claiming against the solicitors that did the initial Deed of Trust for you.

Customer: So what can I do about this situ - if anything? We are splitting up and I paid the full mortgage for 2 of the six years at the home.Can I argue I should have a bigger share?
tdlawyer :

I expect you're stuck with what's in the deed of trust.

tdlawyer :

I expect your only avenue is to sue the solicitor that tied your hands with the deed of trust.

Customer: Ok.thanks.shame I trusted the solicitor!!
tdlawyer :

You should get your own (a new!) solicitor involved now, and they will write to your old solicitor that did the deed and ask them what their position is.

Customer: Ok thanks that's helpful
tdlawyer :

Then, they will notify their insurance company, and they will take over for the solicitors most likely. They will, if they feel this is a clear mess up, make an offer of settlement to address your financial loss as a result.

tdlawyer :

They will do this, and should do this, before you agree to anything in the sale and apply the terms of the deed of trust.

tdlawyer :

So you need to move on this as quickly as you can.

Customer: Ok thanks will do.
tdlawyer :

Okay. Do you want to ask me anything more specific about this?

Customer: No I can't think of anything. Will go to local solicitor.
tdlawyer :

okay - good luck with this. I hope you manage to sort it quickly.

Customer: Thanks
tdlawyer :

Thank you.

tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience: 11 years experience of general practice.
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