Is value added to property through renovation considered by the law in dispute of profit split on sale?

Question

My story is a bit like divorce but involves myself and my younger sister.

The short version is that I bought a run down flat with my sister and we have a joint mortgage. The plan was to do it up and split the profit 50/50. What happened was I ended up having to do the large majority of the renovation work and pay for most of the materials, while she made excuses and eventually refused to acknowledge that she wasn't contributing to anything but the mortgage.

Now the work is finished (and we hate each other) we want to sell, but she is refusing to accept less than 50%. My parents are not helping and say that the work I've done doesn't make any difference to how the profit should be split.

So, my question is does the work done to improve the value of a property come into consideration at all legally? And what is the likely hood of my being granted a higher share if it were to go to court?

Answer 1

You should consider consulting an attorney and be willing to go to court. The very least you should do is take the cost of renovations and repairs out of the total selling price and then split everything 50/50 as agreed. That is usually the way it works out.

Answer 2

Of course it matters. Just submit your receipts for the projects and deduct that before the division of 50 /50 profits. Get a lawyer.And if your renovations increased the equity value you can take that as well. just get a realtor to do a market analysis and see what it is worth now. Of course the selling price will ultimately be your current value. and deduct the original price you paid and you'll have the difference of your improvement value.

Answer 3

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Answer 4

very likely if you have your receipts and have documents on how much the value increased due to your rentovation.