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NewExpertAS4920
NewExpertAS4920, Solicitor
Category: Property Law
Satisfied Customers: 384
Experience:  Experience in Litigation, Property, Family and Employment Law matters
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Hope you are keeping well? The property I mentioned

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Hi James, Hope you are keeping well?
The property I mentioned previously where it is owned 50/50 as a joint tenants which is a buy to let property could I request that I want to sell my share of the property and release my equity? Many thanks.
Hi! I am Anu, a qualified solicitor in England and Wales. I will be assisting you with your query today. I may need to ask a few questions before I can address your query.
Please bear in mind this is a chat service and there maybe delays in responding due to assisting other customers.
If you own the property as joint tenants you do not have an share in the property. You would first need to sever the joint tenancy and become tenants in common. In order to do this you would need to lodge a form SEV with the Land registry.
You will also need to come to an agreement with the other owner to either buy you out or sell the property so you can take your share.
I hope this answers your query.
Customer: replied 1 year ago.
Will I be ok to lodge SEV with the land registry on my own even though she is on the title deeds?
In addition if she has benefited from the profits of the rental income more than I have could I make a claim against her for this? Many thanks
Indeed you can lodge the form on your own. You will need to serve a notice on the joint owner inform them of your intentions to sever the joint tenancy. You will then need to lodge SEV and a RX1 forms with the Land registry. There is no fee payable.If she has benefited from the profits more than you then you should demand payment. If the payment is not forthcoming you can pursue her via the county court.
Please let me know if i can assist further.
Customer: replied 1 year ago.
Please would you be kind enough to explain the process of how I can claim the profits she has benefited from for the buy to let property? Many thanks.
Why do you think she has taken more profits then you? What is the monthly rent?

are you there?

Customer: replied 1 year ago.
The monthly rent is £695 which she has received for a period of time however she paid the mortgage which may be approximately on average £170 a month for a number of years. Many thanks.
Sure. So how much to you receive?
Customer: replied 1 year ago.
As detailed on the last response. Thanks.
you receive £170. How much is the mortgage?
Customer: replied 1 year ago.
No she has been paying the mortgage over a period of time of approximately £170 per month and she has received the rental income of £695 over a period of time. Many thanks.
Please outline how you think she is making a profit. I need to understand the exactly calculations. How much are you receiving and how much is she keeping for herself. What are the discrepancies.
If you want you can give me a call to discuss this.
Customer: replied 1 year ago.
As detailed previously. Many thanks.
Customer: replied 1 year ago.
What is an RX1 form? Thanks.
A RX1 form adds a restriction on the property. This illustrates that the property is held as tenants in common and cannot be disposed by a sole owner.
Customer: replied 1 year ago.
When you mention the RX1 please would you be kind enough to explain the RX1?
As such am I correct in thinking that if I want to use the form SEV from the land registry to transfer from joint tenancy to tenants in common for the property that would be ok?
Please would you be kind enough to explain the reasons behind using the RX1 form. Many thanks.
Your will need to fill a form RX1 if you cannot provide any of the evidence of severance options listed in form SEV.
You are able to provide the severance evidence then just the SEV form will suffice as the restriction is specified on panel 8 of the SEV form
I hope this answers your query.
Customer: replied 1 year ago.
Please forgive me for asking again as I don't fully understand I am sorry. Would one of the severance evidence options on the SEV be a letter posted to her and a letter hand delivered to her explaining that I want to sever the joint tenancy on the property. Would that be sufficient for the SEV and if the answer is yes what box do I tick on the SEV. If you could explain the process in as much simple detail for me that would be much appreciated. Thank you.
No problem at all. Yes that would be sufficient. You will need to select the second box under option (C) on panel 7 of the form.You will note by selecting this option you will also need to enclose a copy of the notice of severance as well as evidence of service. You can use FormN215 to confirm how the notice was sent to the other owner(s)
Customer: replied 1 year ago.
Thank you so much for your answer and making the answer as simple as possible to understand I really appreciate your help
It has been my pleasure to assist you. Please kindly accept my answer. Best wishes
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