my wife, my father and myself jointly own a property. No Mortgage or loan applies. The ownership is registered in all three names. The time has come when my father has decided he wants the place sold.
What legaly is the proportion of the sale we are each entitled to. There were no conditions regarding the proportion of ownership upon the original agreement.
Is this then just a straight issue of one third of the proceeds for each party, or will this be in the same or some ratio of each individuals original contribution
2006-07-03 01:43:27 · 13 answers · asked by ? 2 in Family & Relationships ➔ Marriage & Divorce
i would say it depended on lots of things .. did you all pay equal amounts for the property .. has one party spent more on it . best see a solicitor for the answers it's worth the £250 to get the truth. it may cost you a lot more if you don't
2006-07-04 07:01:40 · answer #1 · answered by Does it matter 2 · 3⤊ 0⤋
At present you and your wife and father own the property under a joint tenancy . In a joint tenancy, whatever the proportions in which the parties have actually contributed to the purchase price, and/or to the maintenance of the property or mortgage, the only safe working assumption is that any proceeds of sale will be divided equally. To put a house in joint names is to make a gift of any excess contribution to the other party.
If, for arguments sake, you put in more money than the other two and the time came to sell and you weren't happy that you were going only to get a third, you would have to sever the joint tenancy and become tennants in common.
Tenants in common each own a specified share of the property. And if, as in your case, there is no defined share, the share on sale will reflect the initial contributions to the property and of course any subsequent mortgage payments (all this does not apply in this case).
So the answer is, at present in equal shares unless one of you severs the joint tennancy.
As to severing the joint tennancy, if you need to do this, see a solicitor.
2006-07-03 02:09:13 · answer #2 · answered by daniel m 3 · 0⤊ 0⤋
You need legal advice and as soon as possible,only a professional can tell you what you are entitled to and as you have your name registered on the deeds ,a fact which i think your father may have forgot,it's not upto your father if you sell as a rule when there is joint ownership there must be a majority vote for this to go ahead ,what i do know is that you could buy out your fathers share if you so wished but then again you would need a lawyer to explain all the pros and cons of this and the cost of this ,see a lawyer as soon as possible it's your property as well,
2006-07-03 04:20:44 · answer #3 · answered by okayalder62 5 · 0⤊ 0⤋
You should have drawn up a 'Deed of Trust' when you bought the place to prevent this sort of thing happening.
If it gets as far as court the Judge will look at the relative scale of your contributions and decide whats fair based on the information to hand.
He will most likely decide that the original ownership proportions be maintained when dividing the sale proceeds.
2006-07-03 08:38:27 · answer #4 · answered by 'Dr Greene' 7 · 0⤊ 0⤋
I think that it depends on the contribution towards the purchase, maintenance and upkeep of the property.
How much did each party pay towards the cost of the property?
How much did each party pay towards the upkeep, maintenance and repair of the property?
How much did each party contribute in terms of actual work (not necessarily physical) to upkeep, maintain and repair the property?
Once you can tally all these things up then you may find a fair way to divide the proceeds from the sale of the property.
2006-07-03 01:54:04 · answer #5 · answered by k² 6 · 0⤊ 0⤋
Although there was no contract initially in the purchase, there should definitely be an attorney involved in the selling of the property to make sure that all the proper paper works are completed.
2006-07-03 02:13:05 · answer #6 · answered by msthinkpositive 5 · 0⤊ 0⤋
As long as there is nothing in writing stating differently then everyone of you is entitled to 1/3 of the proceeds.
2006-07-03 01:48:43 · answer #7 · answered by mommafrog 3 · 0⤊ 0⤋
Well - as it stands it'll probably be 33.3% each - but that depends on the situation as possibly a share based on the original investmnent might be fairer... (Both financially & any work done on it)
Just talk between yourselves & draw up an agreement.. All of you sign infront of 2 witnesses & get them to sign it as well - Job done...
2006-07-03 14:29:30 · answer #8 · answered by want_to_explore_life 3 · 0⤊ 0⤋
To be honest if it is your fathers home-- initially he gets a say in who gets what? depends greatly on what was agreed at the time.
Ask your father ot go to www.citizens advice.com that should give u all the legal info u need before u contact your lawyers
2006-07-03 22:01:22 · answer #9 · answered by Scatty 6 · 0⤊ 0⤋
Should be a straight split... A third of the sale price each...
2006-07-03 01:47:07 · answer #10 · answered by Forlorn Hope 7 · 0⤊ 0⤋