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wingrovebuyer
wingrovebuyer, Senior Solicitor
Category: Property Law
Satisfied Customers: 737
Experience:  Bachelor of Laws (Honours); PG Diploma in Law; Member of ALA; 9 years' experience
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I'm selling a house divided into two flats - a flat that I

Customer Question

I'm selling a house divided into two flats - a flat that I own (large) and a flat that my mother owns (small). How do I make sure that I receive the right share of my flat and my mother receives the right share of her flat? Do the solicitors divide the money according to the square footage of each flat? How does it work?
Submitted: 1 year ago.
Category: Property Law
Expert:  wingrovebuyer replied 1 year ago.
Hello. The solicitors acting for you will have to apportion the aggregate purchase price between the two properties. Essentially, you need to agree with your mother a fair apportionment. Personally, I'd jointly instruct a valuer to assess both properties and suggest the apportionment - that way, both of you have had a fair and independent view and advice on the correct values. It will also assist the solicitor in putting the right (and justifiable) figures into the Transfer(s). Hope this helps.
Customer: replied 1 year ago.

Thank you. However if we sold the property as one whole unit in the hope of making more profit, how would the profit (above the individually valued amounts for each flat) be apportioned? Also can you please tell me whether my mother and I should get separate solicitors to protect both of our interests monetarily?

Expert:  wingrovebuyer replied 1 year ago.
Hello. If only you own the freehold, you'll need to sell that, including your flat. You will need to jointly sell your respective interests or sell them to the buyer separately. Either way, you'll need to apportion the sale price between your interests and hers - even if you sold together under one transfer. There's nothing stopping you agreeing a sale at an aggregate price, then apportioning it between your and your mother's interests. Indeed, I'd expect that. I don't think you need separate solicitors as you'll have a mutual goal to achieve so there's no obvious conflict of interest. Best, WB
Customer: replied 1 year ago.
Thank you - how do you work out the aggregate price? On square meterage?
Expert:  wingrovebuyer replied 1 year ago.
Not necessarily - it's for your valuer / estate agent to say. A smaller flat may have a disproportionately higher value for some other reason (ie more in demand in local market, better fittings etc). The valuer or agent can value both, then the whole and you can then work out the proportions fairly easily. Please leave a rating. Best, WB
Customer: replied 1 year ago.
With the sale, do I then just send the solicitor my bank details and my mother sends the solicitor her bank details and they send us the monies individually?
Customer: replied 1 year ago.
My mother has told me that she plans to split the profits of the house 50/50. My flat is worth more than hers. How do I ensure that my part of the profits don't get transferred to her bank account? Her property company owns the freehold and my flat is a 125-year lease. She's going to take part of my profits for herself she says. How do I avoid this? The lawyer transfers my share of the sale to me, doesnt he/she, rather than transferring the whole amount to my mothers property company's bank account?
Expert:  wingrovebuyer replied 1 year ago.
The solicitor would wend you your share separately. This now sounds like a disoute will arise. If there's a dispute arising you do need separate legal advice. Can you leave a rating please, as I think I have answered your original question. Best, WB

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