How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
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.
13262538
Type Your Law Question Here...
Clare is online now

I was owed money by a guy and to pay off his debt, he

Resolved Question:

Hi, I was owed money by a guy and to pay off his debt, he signed over his share of the 'Beneficial Interest' in a property that he has joint ownership of along with a 'Power of Attourney' for the same property. I believe that the owners are Tenants in Common. The other joint owner of the property is refusing to give any of the rental income from the property as he states he hasn't agreed to the debt payment deal. Am I entitled to a percentage of the beneficial interest of the property?

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.
What evidence did you obtain relating to the ownership?
Clare
Customer: replied 2 years ago.

Hi Clare,

I have copies of the title deeds.

I telephoned the Land Registry office in Plymouth and they informed me that a particular paragragh in the registered title means that the two owners are 'Tenants in Common'. Both of their names are ***** ***** land registry title and I am lead to believe that they both invested equal amounts at the start to purchase the property so should have owned 50% each.

Expert:  Clare replied 2 years ago.
Hi
Excellent.
Have you see accounts for the rental proceeds?
Clare
Customer: replied 2 years ago.

the property consists of 2 flats, flat 1 is rented out @ £550 per month, the larger flat2 is occupied by the guy who I claim owes me money (I have suggested the rental value would be £600pcm), the mortgage on the whole property is <£250 per month giving a net profit of >£900per month. I am claiming 50% of the net profit at £450per month. I wrote to the guy suggesting this profit share proposal or asking for him to suggest an alternative 'fair' suggestion but received only a torrent of verbal abuse the suggested he wasn't ever going to pay any money. I believe he now owes me 5months rent and I have initiated proceedings to recover this debt (>£2250) via monyclaim online.

Expert:  Clare replied 2 years ago.
Hi
The person who owes you money has assigned his interest in the the properties to you.
This means that when the properties are sold you will receive his share, and that you are entitled to his share of any income.
However it does not give you the right to ascribe a rental value to the property occupied by the other joint owner and accordingly your only claim is on half of the net rental proceeds from the second flat - after mortgage and any other expenses relating to the tenancy are deducted.
Since you hold Power of Attorney for the Debtor then you can sue on his behalf for the share of those monies - but you cannot invent an agreement regarding the other property and make any claim based on that
Please ask if you need further details
Clare
Customer: replied 2 years ago.

Thanks for your answer, I don't understand how he can occupy 1 of the flats (which I believe I am entitled to 50% of the benefit from). If he went on to 'occupy' the second flat as well, would I then be entitled to nothing?

Expert:  Clare replied 2 years ago.
Hi
As a joint owner of the Beneficial Interest you are entitled to call for a sale of the property - but you cannot claim a notional rent when one was not previously agreed
Clare
Clare and 2 other Law Specialists are ready to help you