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Peter Collins
Peter Collins,
Category: Property Law
Satisfied Customers: 8037
Experience:  Barrister at Self Employed
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I own my property as tenants in common with my Ex parter.

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Hi I own my property as tenants in common with my Ex parter. She is planning to move someone else in soon. I own 80% of the property and she owns 20% of the property, I was hoping to find out my legal rights regarding this and also as a majority owner.

Hello, my name is*****’ll do my best to assist you today and I’m sorry that you are going through this. I appreciate that is is important that you find a resolution as soon as possible.

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You have a couple of options here. To be clear though, legally you are both owners, just because you are a majority owner you don't necessarily have more rights.

With a property that is jointly owned, you can either:

a. agree to buy out the other party at market value of their share; or

b. sell the property and divide the proceeds according to the trust declarations, i.e. 80/20.

It's not an option simply to do nothing, unless the other party is happy for this to be the case. But, even if they agree to do nothing now, if they decide in the future that they want their money and you can't buy them out, then they would succeed in going to court for an order for sale, I'm afraid.

I hope that this answers your question?

Thank you for your enquiry today. I am happy to answer follow-up questions - please do get in touch with requests for extra information or further queries and I will do my best to help you.

Customer: replied 12 days ago.
Thank you for your response. What are my rights in regards ***** ***** other party moving an additional person into the property?My plan is to buy out her share using additional lending with the mortgage broker. When we bought the property I laid down a deposit of £100,000 and she paid nothing. Obviously she is now entitled to the 20% as that is what is in the mortgage but are there any legal avenues available to me for better leverage when buying her out?Many thanks,
Jamie

Your leverage is the deed of trust - and the 80/20 is presumably to reflect the additional Moines you put in at the start.

The only other factors to consider are personal contributions that have increased the properties' value, for example.

Can I clarify anything further?

Customer: replied 12 days ago.
If it comes to selling the property who would be responsible for paying what associated fees to solicitors and such? Would this be split 50/50 or 80/20?

Actually it can be argued either either way - i.e. that shares of fees should be proportionate to shares in the property or that fees should be shared equally as this is separate from the trust deed. I'd start from a presumption of 50/50 on the fees in this case.

Customer: replied 12 days ago.
Thank you very much for your help, I may be back in touch if I think of any more issues but that is great for now thank you.

My pleasure.

Peter Collins and other Property Law Specialists are ready to help you

Thank you again for visiting JustAnswer, please do let me know if you have any additional questions in the future. I am also happy to answer any new questions on other topics that you may have, you can request me by putting “for PLCLEGAL” at the start of the new thread. Best wishes, Peter