My brother and I currently own a 25% share (12.5% each) in a property with one other person owning 75% under Tenancy in Common. The property is soon to be put on the market and along the way we have incurred some expenses for redecorating etc. My question is: How are the expenses split? Should they be paid back to us before the house is split which of course would mean we are only paying 25% (preferred), or is it something you mutually agree with the other party involved, and would it be the same answer with regards ***** ***** estate agent's fees etc.? My brother and I were the only ones who decorated the house which subsequently has added substantial value, however as we only receive 25% of that profit, do we only pay 25% of the costs?
Yes, my brother and I paid for all the decorating materials and did the work ourselves. We are not wanting to reclaim labour as we feel this may cause issues and prolong the sale.
The other person may have some expenses as they are going to pay for the carpet upstairs.