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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10603
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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my son's fiancée walked out on him before Xmas. They bought

Customer Question

my son's fiancée walked out on him before Xmas. They bought the house in joint names 18 months ago using the proceeds of the sale of his own property for the deposit. At the time of the sale of his original property she had co-habited with him for 30 months but house prices were flat in that 2.5 year period so the equity hadn't increased as a result of her contributions to living expenses. They have just sold the current property as neither of them an afford the mortgage on their own. Overall the proceeds from the sale will be about £70k (before expenses). However, she has demanded 40% of this, expecting about £24k. Surely the £60k profit he took out of the house in his own name and out of which the deposit for the new property was found is his before profits for sharing are calculated/
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

Could you clarify if they purchased the property as "joint tenants" or "tenants in common" and whether any separate Deed was drawn up to reflect your Son's contribution?

I look forward to hearing from you.

Al

Customer: replied 2 years ago.
It is a Joint Ownership agreement and no separate deed was drawn up to show his personal contribution.
Expert:  Aston Lawyer replied 2 years ago.

Hi Dennis,

Thanks for your reply.

Well, legally, if the parties ar eholding the property as joint tenants or tenants in common in equal shares, both parties are entitled to 50% of the equity upon any Sale.

Only if a separate Trust Deed had been drawn up, stating that both parties agreed that your Son should receive a larger percentage of the sale proceeds, is your Son entitled to this contribution back.

Unfortunately, in any dispute, the Courts will look no further than the Land Registry Transfer document (signed by the parties shortly before they purchased) and which stipulates how the parties are to hold the property (ie jointly or otherwise), and will not hear any other evidence that one party put in a larger deposit than the other, for example.

Your Son's Solictor should/would have asked your Son and partner at the time of their purchase as to how they would like to hold the property and completed the Land Registry Transfer document accordingly.

Therefore, your Son's fiancee is legally entitled to 50% of the proceeds, after Mortgage/Agents and Solicitors fees have been paid.

I am sorry this is not the news you were looking for, but it sets out the legal position.

Kind Regards

Al

Expert:  Aston Lawyer replied 2 years ago.

Hi Dennis,

Can I assist you any further?

Kind Regards

Al

Expert:  Aston Lawyer replied 2 years ago.

Hi Dennis,

If I have assisted you, I would be grateful if you could leave positive feedback, so I may get credited for my time.

Kind Regards

A

Expert:  Aston Lawyer replied 2 years ago.

Hello Dennis,

If I have assisted, I would be grateful if you could leave positive feedback, so I may get credited for my time.

Kind Regards

Al