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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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How are costs/fees split when you part own a property?

Resolved Question:

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?

Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Did you have any out of pocket expenses regarding the re-decoration?
Clare
Customer: replied 2 years ago.

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.

Expert:  Clare replied 2 years ago.
Hi
It is reasonable to that the decorating costs are repaid in full from the proceeds of sale, in the same way as the Estate Agents and Legal Costs will be and that the balance is then split.
However if that was not agreed prior to the work being done then you will have to settle for half of the costs I am afraid.
Please ask if you need further details
Clare
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