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Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7035
Experience:  BA (Hons), PgDip, Practising Solicitor
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I bought a property with a friend for £120 000. I invested

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I bought a property with a friend for £120 000. I invested £10 000 my friend invested £60 000. He took out mortgage in his name for the remaining £50 000.
We have refurbished the property putting 50/50 work in. The property was then comercially let, with equal share of work connected with letting. All expenses connected with refurbishment, letting, including interest only mortgage payments were covered by income from letting. After expenses were taken off there was no profit from letting.
We sold the property 7 years later for £300 000. After paying off £50 000 mortgage there was £250 000 left to divide between us.
How should this be done? How much should I get and how much for my friend?
Submitted: 2 years ago.
Category: UK Law
Expert:  Thomas replied 2 years ago.

Did you execute a declaration of trust declaring what each party should receive upon sale?

Customer: replied 2 years ago.

no written agreement


verbal agreement that I can top up my share of cash part up to 50% but I did not put any more cash in. The only further investment was my work on refurbishment.

Expert:  Thomas replied 2 years ago.

Do you want to dig your heels in for as much as you can get, or are you minded to just take what's fair to maintain your relationship with your co-owner?
Customer: replied 2 years ago.

I want to know what is a fair division of profit from sale given the circumstances I described.

Expert:  Thomas replied 2 years ago.

Thanks for your patience.

There is a presumption that unless there is an agreement to the contrary each party retains a 50% interest in the property. That is why I asked you what you want to do, because the position is very advantageous to you.

However, your partner can litigate under the Trusts of Land and Appointment of Trustees act to get more of the percentage and he would probably be successful on the basis of his greater capital expenditure and also exposure to mortgage liability.

He would be able to litigate to get more than 50% I would think but both of you would require legal counsel and would have to pay your own costs, so this would ultimately deplete the cash you would realize from an unlitigated sale anywy so you should both take this in to account when deciding what to do.

I would say that a fair settlement would be each of you having the proportionate percentage interest that your original capital contributions would dictate. So, you having a 16.7% interest, with him having the remainder.

As I say though if litigated it’s likely that you would get significantly more than 16.7% though.

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Kind regards,

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7035
Experience: BA (Hons), PgDip, Practising Solicitor
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