How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: UK Family Law
Satisfied Customers: 13406
Experience:  25 years experience of all aspects of family law
13262538
Type Your UK Family Law Question Here...
Clare is online now
A new question is answered every 9 seconds

Oh great I was wondering if there was a way to break a deed

Customer Question

Oh great I was wondering if there was a way to break a deed of trust
Submitted: 1 year ago.
Category: UK Family Law
Expert:  Clare replied 1 year ago.

Hello again

How much was the deposit?

Customer: replied 1 year ago.
It was structured differently, a consideration of 150,000 was paid by a buyer as me and my wife were going through divorce.
Expert:  Clare replied 1 year ago.

My apologies.

can you explain a little more about the background to your question and what the Trust deed says

Customer: replied 1 year ago.
Sorry for the delay it was a purchase with a deed of trust meaning that the property was held for the proprietor for 13 years
Customer: replied 1 year ago.
It was called a deed of trust and agreement and basically meant we could do nothing with the property for 13 years whilst he put together the rest of the funds to purchase
Expert:  Clare replied 1 year ago.

So who paid what and what do you now wish to do?

Customer: replied 1 year ago.
The proprietor paid the 150,000 but me and my ex wife made a rash decision selling so we wish to try and get out of the deed of trust and give him back his 150,000 or force him to complete now instead of in 13 years time
Expert:  Clare replied 1 year ago.

Who lives in the property at the moment - and what is the relationship between you and the purchaser?

Customer: replied 1 year ago.
The proprietor/purchaser lives there. There is no relationship between us he was meant to just be a buyer who needed more time but we didn't realise the deed of trust was a 13 year document
Expert:  Clare replied 1 year ago.

Did you have legal advice at the time?

How much is the house worth?

Is there a mortgage?

Customer: replied 1 year ago.
It is currently worth about 4 millionIt was worth about 3.2 million at the time (3 years ago)There is a mortgage of 2.9 million outstandingWe had legal advice at the time but the decision was based on emotion as we were divorcing and the legal advice was provided by solicitors he recommended
Expert:  Clare replied 1 year ago.

Whose name is ***** ***** mortgage - and who is paying it?

Customer: replied 1 year ago.
The mortgage is still in mine and my partners joint names but is being paid by the proprietor, however it is a minuscule amount
Expert:  Clare replied 1 year ago.

How much does he have to pay you when he does complete?

Customer: replied 1 year ago.
Nothing, just the outstanding mortgage amount. We were very silly but didn't understand what we were getting into
Expert:  Clare replied 1 year ago.

So there was £400,000 equity - you agree to accept £150,000 and remain on the mortgage - what arguments were used to persuade you to go for this?

Customer: replied 1 year ago.
We took it as a normal purchase where the purchaser needed a little more time to complete and was advised nothing to the contrary. Our lack of knowledge hasn't helped. We are not asking for any money back and if he does want the property then we want him to complete, we just as divorcees want to either have the property out of our name or to sell on to someone else
Customer: replied 1 year ago.
We don't want to wait 13 years to have to reach this solution
Expert:  Clare replied 1 year ago.

What does the document actually say

Did you use the same solicitors as he did?

How were you put in contact with the purchaser?

Related UK Family Law Questions