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The Purchase price was: £260,000
Current value: £380,000
Mortgage outstanding: £180,000
Our agreement was that the flat would be equally owned by the both of us. My sister raised the deposit by re mortgaging her house, the buy-to-let mortgage was secured by me submitting accounts as proof of income, plus I contributed between £300 to £1000 per month via bank transfers into my sister's bank account from where mortgage premiums were being paid.
I do not have anything in place, and I don't think my sister has either as it was a repayment mortgage.
We did discuss it, but as without her deposit nor my set of business accounts we could not obtain a mortgage, and that this was supposed to be a long term investment to take us into retirement, and that we were sisters and very close, we always assumed a 50-50 ownership.
Thanks Clare, that's very helpful. Just a final note:
My sister won't even return my calls and wants to only go through her solicitor. Her solicitor insists that a mediation is unnecessary and states that "there is nothing that cannot be said by Email"!
So, shall I wait until they have lodged a ToLATA or shall I initiate it myself? How much does ToLATA cost? ....and can I claim costs if I win?
Thanks again Clare, I am only saying this because I know my sister will refuse mediation. (I refer you to the question you helped me with on the 2 June 2015 on this very site regarding my ongoing issues with my family).
So, shall I wait until she has lodged a ToLATA or shall I initiate it myself? How much does ToLATA cost? ....and can I claim costs if I win?