Unequal shares..?

James548
James548 Posts: 5 Forumite
in Mortgages & endowments
Hello,

My partner and I are separating and as part of it we're looking at selling the house.

I have the TR1 form which states we are "Tenants in common in unequal shares with 54.8% to HER and remainder in equal shares"

What i'm trying to figure out is what proportion of the property and or equity i am entitled to upon the sale of the house.

What is the 54.8% referring to? and what i am i due in terms of "equal share"?

History if it helps:

Mortgage started in 2007 (25yr term)
Paid £225K
Valued now @ £315K

I'm clueless as to what (if anything) i should expect to receive..

Hope someone can help?

Thank you.
«1

Comments

  • ACG
    ACG Posts: 23,717 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    45.2% of whatever you sell for after any costs related to the sale I would imagine.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 38,750 Forumite
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    I suspect the 45.2% is to be split equally, so 22.6% each.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • James548
    James548 Posts: 5 Forumite
    Thank you... the issue i have is (this is what it says word for word with names changed)

    "On trust for themselves as tenants in common in unequal shares between Paul Smith and Mary Jane - 54.8% to Mary Jane. Remainder equal shares"

    So it mentiones both "equal" and "unequal" in the agreement... Therefore the 54.8% must be reffering to a specific kind of share... and the equal is ofcourse 50/50...

    i dont understand what i get 45.2% of and what I get 50% of (if anything)..

    £315k valued (2017)
    £225k paid (2007)
    £160k outstanding on mortgage

    Therefore a potential £155k to be divided should the house sell @ £315k.

    I just dont understand what i would be due... am i being thick?..
  • kingstreet
    kingstreet Posts: 38,750 Forumite
    First Anniversary Name Dropper Photogenic First Post
    No.

    It's unequal shares because she gets the first 54.8%.

    Then it's equal because the 45.2% left over is split equally between the two of them.

    Presumably, she put in most/all of the deposit at purchase, so 54.8% represents that, plus what it has grown to?

    £155,000 x 54.8% to her = £84,940.

    Remaining £70,060 / 2 = £35,030 each.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • alex_163163
    alex_163163 Posts: 309 Forumite
    First Anniversary First Post
    Didn't you discuss this when you set the deed of trust up? Did you discuss how you would work all this out then? Did your ex put in more/all deposit?

    Going in the above, I'd agreed with kingstreet's answer. You will get 22.6% of any equity left after fees etc?
  • James548
    James548 Posts: 5 Forumite
    Thank you.... you mention:

    "Presumably, she put in most/all of the deposit at purchase, so 54.8% represents that, plus what it has grown to?"

    If that is the case - she would be entitled to the first £172K (54.8% of £315k)

    So i essentially get ZERO?... since there is only £155k to be split anyhow..

    i do have to apologize if i'm being stupid here..
  • James548
    James548 Posts: 5 Forumite
    alex_163163 wrote: »
    Didn't you discuss this when you set the deed of trust up? Did you discuss how you would work all this out then? Did your ex put in more/all deposit?

    Going in the above, I'd agreed with kingstreet's answer. You will get 22.6% of any equity left after fees etc?

    Hello - i was 18, she was much older and had the vast majority of the deposit etc. I never truly understood any of it. After 13 years together she decided to be unfaithful and i'm only just now seeing what i signed up for all those years ago..
  • ACG
    ACG Posts: 23,717 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    kingstreet wrote: »
    I suspect the 45.2% is to be split equally, so 22.6% each.
    After reading it again, I agree with this.

    I was on hold to a lender so just scanned through the post...thats my excuse.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • alex_163163
    alex_163163 Posts: 309 Forumite
    First Anniversary First Post
    I'm really sorry to hear that.

    I don't think you will end up with zero.
    I think the %s you mention will be worked out on the equity left after mortgage paid off, fees paid etc.
    So if there's £155k equity left approx then she will get 54.8%, and then equally split the remainder.
    That's how I would interpret it anyway.

    Do you have the cash to contact a solicitor to check this out properly? Might be the best course of action if you can afford their fees?
  • James548
    James548 Posts: 5 Forumite
    alex_163163 wrote: »
    I'm really sorry to hear that.

    I don't think you will end up with zero.
    I think the %s you mention will be worked out on the equity left after mortgage paid off, fees paid etc.
    So if there's £155k equity left approx then she will get 54.8%, and then equally split the remainder.
    That's how I would interpret it anyway.

    Do you have the cash to contact a solicitor to check this out properly? Might be the best course of action if you can afford their fees?

    Thank you for some re-assurance.. I've moved out and currently renting, driving further etc so my overheads don't really allow advice by a professional right now.

    Does anyone think a friendly local estate agents could help me clear it up if I was to pop into one and ask for their view?...

    Thanks very much everybody.
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