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tdlawyer
tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience:  11 years experience of general practice.
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My partner and I are splitting up. The property is in joint

Customer Question

My partner and I are splitting up. The property is in joint names but has a deed of trust registered so that he gets 10% of the sale price ( property cost £207,000 I put in £187,000 he took out a £20,000 mortgage) we have been living together for 12 years, can you advise me how much he is likely to get out of the property etc if its sold? The property has been valued at £350,000 - 365,000 in the past few days he says he wants enough money to buy another prop[erty outright,
Submitted: 3 years ago.
Category: Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer :

Hi thanks for your question. My name isXXXXX can help with this.

tdlawyer :

Presumably, the the percentages you mention are after deduction of expenses of sale?

Customer:

Yes I am presuming so

tdlawyer :

Okay, then if you assume same costs of about £1,500 (for solicitors), and a sale value of £360,000, then he would receive c. £13,650. That assumes the £20k contribution is repaid and the £207k mortgage is repaid too first. Then the percentages are applied to the net sum remaining.

Customer:

the mortgage is fully paid but says he wants more because of time and effort put into prop[erty over 12 years so how much extra could he expect please?

tdlawyer :

Did you agree to him having more?

Customer:

Not at the moment nothing has been agreed

tdlawyer :

Then that's the whole point of the declaration of trust. It sets out what you both get when a sale happens - he cannot now ask for more because of the effort put into the property.

tdlawyer :

The terms of the deed are the crucial things here.

Customer:

The terms set out that he gets 10% of the sale price but my conscience would not let him get just that he would obviously get 10% plus £20,000 what he has paid for the mortgage is that correct?

tdlawyer :

Yes, I'd taken the £20k into the figures I mentioned above, assuming that was repaid to him first.

tdlawyer :

Again, it depends on the terms of the trust, but I would imagine the intention was to repay that,and the mortgage you had, first and then apply the percentages.

Customer:

so he cannot rightly claim £80,000 plus?

tdlawyer :

I can't see how - no.

Customer:

ok thank you very much for your help - things obviously will go to stale mate

tdlawyer :

Hopefully you'll reach some agreement.

tdlawyer :

Is there anything more that I can help you with about this?

tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience: 11 years experience of general practice.
tdlawyer and 2 other Law Specialists are ready to help you
Customer: replied 3 years ago.

Hello regarding my correspondence to you on 16th April, my partner still states that he wants enough money out of the sale of the property to buy himself another property outright as he will be 69 this year and cannot afford to take out a mortgage. Otherwise he will refuse to sell the property.

Expert:  tdlawyer replied 3 years ago.

What he wants and what he is entitled to are two different things.

If he refuses to sell because wants more, then you could issue a court claim against him asking the court for an order to sell the property. The court is likely in most cases of relationship breakdown etc., to sell it, especially where there are no young children.

Tony

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