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NewExpertAS4920
NewExpertAS4920, Solicitor
Category: Law
Satisfied Customers: 384
Experience:  Experience in Litigation, Property, Family and Employment Law matters
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My son owns 25% of the flat in which he and his family live.

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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.
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