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ukfamilysolicitor
ukfamilysolicitor, Solicitor
Category: Law
Satisfied Customers: 981
Experience:  Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
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What's the difinetive law when selling a jointly owned

Customer Question

What's the difinetive law when selling a jointly owned property? I assume a 50/50 split on any equity left after sale? I have two property's for sale, both have myself and my ex wife down as owners, we are divorced about 7 years, didn't do a financial settlement, she remarried over 1 year ago, your help would be appreciated
Submitted: 10 months ago.
Category: Law
Expert:  ukfamilysolicitor replied 10 months ago.

Hello

Welcome to Just Answer

I am a Solicitor and will assist you.

Please may I ask:

- Do you know if you are joint owners of the properties or tenants in common?

- do you have any minor children together?

kind regards

Caroline

Customer: replied 10 months ago.
Joint owners - both on mortgage/deeds, not tenants in common, though she currently lives in one of the two properties and has elected to sell it, the other is empty, we have two children, aged 8 and 9 years old, that live with her, they spend every other weekend with me, I give her £400 maintenance every month, pls ask if there is anything else you need to know. I offered my ex wife to enter into 'a deed of trust' drawn up by a soliton roughly 4 years ago, at that time both properties were in negative equity, the proposed 'deed of trust' would have given her any proceeds on the sale of one property and me the other, she agreed, I had papers drawn up at my expense, she then refused at the point of completing/signing them saying I was taking advantage of her, earlier this year after properties had been valued she has then said that's she is happy to go ahead with that proposed agreement as that suits her now, and is behaving as if it's a done deal, this is why I'm seeking this advice, I would like what I'm entitled to as I tried to make it clear cut with the proposal off the deed of trust, she has hedged her bets, I feel now 'wants her cake and eat it'
Customer: replied 10 months ago.
Am I going to relieve another response from you Caroline?
Expert:  ukfamilysolicitor replied 10 months ago.

Hello

Thank you for your response.

As your ex wife has now remarried then she is no longer able to make a claim in respect of the matrimonial assets and therefore the correct area of law that relates to the properties that you own is the Trust of Land Act.

Expert:  ukfamilysolicitor replied 10 months ago.

As Joint Owners as Joint Tenants - the Presumption in Law is that you are both entitled to a 50% share of the properties.

Expert:  ukfamilysolicitor replied 10 months ago.

What you need to be aware of - is that your ex wife could choose to make a claim under Schedule 1 of the Children Act for provision for your children - such as housing.

Expert:  ukfamilysolicitor replied 10 months ago.

If she made such a claim - then this would be for the benefit of the children. The court can order that your share of a property could be transferred on trust for the benefit of the children. If such an order was granted then this would only last until your children reached the age of majority and then your share would revert back to you.

Expert:  ukfamilysolicitor replied 10 months ago.

It does appear to me from what you have said that your ex is already seeking to sell the property that she is residing in and therefore taking aside the Schedule 1 Children Act, as your ex may not even consider this, then the legal presumption is 50/50.

Expert:  ukfamilysolicitor replied 10 months ago.

If you can both agree this then no further action need be taken.

Expert:  ukfamilysolicitor replied 10 months ago.

If not, you may want to consider mediation. There are lots of mediation services and there will be one local to you. If you google family mediation in your area and then give them a call to get the ball rolling.

Expert:  ukfamilysolicitor replied 10 months ago.

Let me know if I can help you further.

Please kindly remember to star rate our service so that we receive credit for helping you today.

kind regards

Caroline