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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10585
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My ex mother in law borrowed 40% of the price of

Customer Question

Hello,
My ex mother in law borrowed 40% of the price of a house from me, has given me a legal agreement to pay me 40% of the net proceeds of the sale, which she and her solicitor say will include the £20.000 she borrowed from a bank to buy the house. The net proceeds of the sale should include all costs the "seller" incurs? This can not be right?
Many Thanks
G Burgess
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.

Net proceeds of Sale does mean any monies left over and which are due to the Seller, after payment of any Estate Agents/Solicitors fees and any Mortgage.

I am not sure what was discussed at the time, but if you lent her 40% of the purchase price, the agreement should have said that you are entitled to 40% of the gross Sale price, and not 40% of the net proceeds of Sale.

I hope this clarifies the legal position to you.

Please let me know if I can assist any further.

Kind Regards

Al

Expert:  Aston Lawyer replied 2 years ago.

Hi Geoff,

Can I assist you any further?

If not, I would be grateful if you could rate my answer.

Kind Regards

Al

Expert:  Aston Lawyer replied 2 years ago.

Hi Geoff,

Can I assist you any further?

If not, I would be grateful if you could rate my answer.

Kind Regards

Al

Expert:  Aston Lawyer replied 2 years ago.

Hi,

Can I assist you further?

Kind Regards

Al