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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?
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.
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.
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?