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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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Good evening, i have a property worth 180,000 with no Mortgage. When

Resolved Question:

Good evening,
i have a property worth 180,000 with no Mortgage.
When i got divorced there was a Legal Charge put on the property of 40%, paying my ex wife when the children finish full time education.
She has since died and my 2 kids have 20% each of the legal charge....it is held in Trust.
What happens now if i want to sell my property, where is the 40% of the sale put?

Thanks,

Mark
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

Do both your children beneficially own 20% each of the property?
Customer: replied 3 years ago.

My children own 40% of the property ( Legal Charge - 40% interest in the property 50/50 share each )

Customer: replied 3 years ago.

do you require any more info


 

Customer: replied 3 years ago.

Hello uksolicitorja,


 


not sure if your now offline, i have to leave for work in 10 mins, but one last bit of info that i forgot to give you.....my children are 18 & 13 yrs of age and they live with me.


Regards,


Mark


 


Look forward to your reply

Expert:  UKSolicitorJA replied 3 years ago.
Thank you Mark.

As you say the children's shares are held in trustso you will have to pay their share from the proceeds of sale into the trust fund. You will need to establish what the nature of the trust is, who the trustee is, what its terms are etc.

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Customer: replied 3 years ago.

when i sell the house and use a Solicitor for Conveyancing, would he be able to sort this side of things out as well?


 

Expert:  UKSolicitorJA replied 3 years ago.
Yes, this is possible of the right solicitor is appointed.

All the best-please leave feedback
Customer: replied 3 years ago.

thanks

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