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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34277
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Madame, My ex partner and I wish to sell our house

Resolved Question:

Dear Sir, Madame,
My ex partner and I wish to sell our house and I need to know how the profit should be divided between us in relation to the shares we have put in.
The house was bought for £588,000 and hope to sell for £775,000.
There is £509,000 left on the mortgage.
Leaving £266,000.We then need to take out the following which we both put in, to give us the profit to then split. The following figures would also need to come back to each as we put in.
Claire £15,000 deposit + paid mortgage £9,600 = £24,600
Phil £43,800 deposit, £23,520 stamp duty + paid mortgage £61,288= £128,608
Leaving £112,792 to divide between the two of us, but I don't know how that should be split?
If I have the calculations right I should get back £24,600 + a % of the profit of £112,792
I hope you can advise to see if what my ex has offered is fair and if not I will need legal representation as we are joint tenants with no shares stated previously at any time, so think I could be entitled to 50/50.
Many thanks and I eagerly look forward to hearing from you.
Kind regards *****
E: [email protected] co.UK
M: 07947 146 124
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.
Is there actually a Declaration of Trust confirming that you will each receive your contributions back before the balance is divided?
Clare
Customer: replied 2 years ago.

No but, I think that is fair. So just need to know how to divide the profit after taking out contributions please.

Expert:  Clare replied 2 years ago.
Hi
Since there is no Declaration of Trust stating otherwise the legal position is that the equity shoudl be shared equally between you.
However since you are willing to agree that the larger contribution made by your ex should be acknowledged the usual approach would be for you each to receive back your original Capital Investment - NOT the mortgage payments - and the balance to be divided equally between you
If you wish to be very generous and count the mortgage payments in as needing to be refunded then it would certainly be reasonable for the balance to be divided equally between you and you should not settle for a penny less.
I hope that this is of assistance - please ask if you need further details
Clare
Clare and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Hi

Thanks for this. As the contributions are a vast difference, would this stand up in court. Because this is no where what my ex would agree to.

He has offered my £40k!

Kind regards

Claire

Expert:  Clare replied 2 years ago.
Hi
The other option is that the equity should be split in a way that reflects the differing contributions - as in - you get 25% of ALL of the equity with no deductions.
£40,000 is simply nowhere near enough - and the Court will award you more
Clare