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JGM
JGM, Solicitor
Category: Law
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Experience:  30 years as a practising solicitor.
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I own a property in Edinburgh and am having to sell due to

Resolved Question:

I own a property in Edinburgh and am having to sell due to a seperation. When we bought the property I put in £100,000 and we jointly borrowed £100,000 to purchase it. I had the deeds changed to reflect my investment to 3/4 to 1/4 ownership.
Now we come to sell. I am told the mortgage debt, which is joint and been paid jointly, will be deducted before the split in ownership takes place?...is this correct?..how can a mortgage that is 50/50 be taken from a house that is owned 75/25 ?.....
Many thanks for any helpful information.
Dominic
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.
Thank you for your question. I am a solicitor in Scotland.
When you purchased you should have entered into a co purchase agreement to ensure that your investment was returned and that any increase in the value of the property and reduction in the mortgage account were suitably reflected in your respective contributions.
As that did not happen, and there is no agreement and as the actual title has been changed what will happen is that on a sale the mortgage account is redeemed. The free proceeds are then divided 3/4 and 1/4 according to the title.
Please leave a positive response so that I am credited for my time.
JGM, Solicitor
Category: Law
Satisfied Customers: 10273
Experience: 30 years as a practising solicitor.
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