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RJM Law
RJM Law, Lawyer
Category: Property Law
Satisfied Customers: 3485
Experience:  LL.B (Hons)
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Myself and my Brother purchased a property over 13 years ago

Customer Question

Hi myself and my Brother purchased a property over 13 years ago for £100k. He is now looking to remortgage the property and take ownership. I initially paid a £2.5k deposit. I stayed in the property for approximately 2 years, we then let it out for a further 2-3 years before he moved back in and paid the mortgage himself for the remainder of the time, looking at zooplankton the property is now worth between £120k and £140k, £80k is still outstanding on the mortgage, he has offered my £5k to buy me out and take full ownership of the property. Is this a reasonable amount?
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: Not yet, I have just received paperwork today to sign from my Brother's solicitor with regards ***** *****
JA: Where is the property located?
Customer:*****Middleton M24 2WT
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: Not that I can think of..
Submitted: 18 days ago.
Category: Property Law
Expert:  RJM Law replied 18 days ago.

Welcome and thank you for choosing our service, I will be the expert assisting you with this matter today.   I appreciate this matter is important to you and I shall try to resolve it as precisely and quickly as possible for you today.

Please note; there may be delays between messages as the experts on this website all work on a third party basis and are not online full time however, I shall endeavour to respond to your question as soon as possible.  I look forward to assisting you in this matter.

Thank you.

Customer: replied 18 days ago.
Ok
Customer: replied 18 days ago.
No thank you
Customer: replied 18 days ago.
Happy for text response
Expert:  RJM Law replied 18 days ago.

Thank you for the question. I would simply take the current value of the property.  minus the outstanding mortgage which leave an average of £50k, I would then split this in proportion to what you have each paid towards the mortgage.  so if you he has contributed 4k for every 1k you have contributed to the payments then you would be due £10,000.00.  This should be a fairly straight forward calculation.  Just looking at this, I feel that £5k would be on the low side.

Hopefully, I have answered your query in a way that is simple and easy to understand. If anything remains unclear, I will be more than happy to clarify it for you. In the meantime, thank you once again for using our services.

Should you require any further assistance on this matter, please do not hesitate to post a further questions for additional assistance.

Kindest Regards.

Customer: replied 18 days ago.
If it went to court to decide, what costs would I be likely to pay out and how long would it take roughly to be resolved through the courts?
Expert:  RJM Law replied 18 days ago.

Im afraid I cannot answer that, it would depend how much evidence there was to go through, and how busy the courts were, how much your representative was charging etc.

Customer: replied 18 days ago.
If it was contested could legal fees reach £5k?
Expert:  RJM Law replied 18 days ago.

Again, it would depend on how much work was required to be done.  It would be irresponsible of me to comment on what I feel you legal fees would be.   Some solicitors will take on work on a fixed rate, this is something you could look in too.