How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask NewExpertAS4920 Your Own Question
NewExpertAS4920, Solicitor
Category: Law
Satisfied Customers: 384
Experience:  Experience in Litigation, Property, Family and Employment Law matters
Type Your Law Question Here...
NewExpertAS4920 is online now

My son owns 25% of the flat in which he and his family live.

This answer was rated:

My son owns 25% of the flat in which he and his family live. He has run up debts with his bank which he is unable to repay and owes me money too. I want to draw up an agreement whereby, in return for his 25% share of the property, I pay off his debts, set his debt to me aside and put a surplus into his Trust Fund. We plan to sell the flat later this year. Originally, the flat cost us £132,000. Its condition has deteriorated significantly. My thought was to take a conservative valuation of £100,000 for the moment and, upon sale, calculate a net value (after deducting the cost of remedial work and the cost to sell) and for him to then become entitled to 25% of the excess over £100,000. I am looking for help in drawing up this agreement.
Customer: replied 1 year ago.
I should add that I own the other 75% of the flat and that the flat in in England.
Hi! I am Anu, a qualified solicitor in England and Wales. I will be assisting you with your query today.
Unfortunately experts are unable to draft any agreements via this site. We are here to address any legal queries.
NewExpertAS4920 and other Law Specialists are ready to help you