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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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Bought a property with father, paid father back 2/3 of

Customer Question

bought a property with father, paid father back 2/3 of price, we then paid in addition money for improvements. total money into the house equal.
father was going to live with us, but due to personal issues concerning my two daughters this did not work out.
I am willing to pay back what was put in to the property from his side and cut my relationship. there is no title on the house, he has tried on many occasion to pay off my balance of the mortgage, and has told everyone local family etc, that he has bought the house for us. money gone into the house is equal shares. house has increased in value, now I need to sell bercause do want any ties with hi, he wants additional money relating to his share in profit.
he is proceeding with legal action, as there is no title or trust etc. wehat are my grounds, I will pay what he is owed.
Submitted: 10 months ago.
Category: Law
Expert:  propertylawyer replied 10 months ago.

Please can you explain what you mean by 'there is no title '?

Every property have a title and each transaction compulsory registrable since 80s.

In the absence of any declaration of trust you will either own jointly or 50/50.

Customer: replied 10 months ago.
Property is in my name and my wife's name. There is nothing registered in my fathers name
Customer: replied 10 months ago.
Hi Please see letter below we never proceeded with any of the suggestions made below. I assume there is no legal reason why I would have to give him a share of money in the property. if I sell the property, pay mortgage, am I right in thinking that then money remaining should be split 50/50."I refer to our correspondence and append the Land Registry title from which I see that xx Brandreth Road is registered in the name of yourself and Wife and that you hold the same as tenants in common.The property is subject to a charge in favour of Nationwide Building Society as appears from entries 4, 5 and 6 in the Charges Register.The arrangement in relation to the purchase of this property, as I understand it, is that you have taken out a mortgage and the balance of the purchase price was contributed equally by you and xx.In terms of providing security for xx interest, one could either register a Second Charge against the property to cover the amount lent to you by xx (and there is no restriction on in the title to prevent this) or to proceed by way of a Declaration of Trust.In the Declaration of Trust one would state that the net proceeds of sale, after payment of the mortgage, would be held for as to one half for you and xx and the other half for xx. I do not know what arrangements exist in relation to repayment of the mortgage, but if it were to be repaid either by monthly instalments, or in the event of death by a life policy, then it may be appropriate to fix the amount of the mortgage debt, so that Bob's interest is limited to a share in the equity."
Expert:  propertylawyer replied 10 months ago.

What happened? You and wife own the property? Who contributed to purchase, you and wife? What about xx? Who is xx, wife or third party?

I trust there is no declaration of trust referring to xx or second charge?

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