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Buying someone out?

2

Comments

  • chelseablue
    chelseablue Posts: 3,296 Forumite
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    Whoops, apologies!
    How is it different? Glad I asked on here now I must say
  • G_M
    G_M Posts: 51,977 Forumite
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    We have a trust deed saying we own the house 70% me and 30% him
    is not the same as
    1. The net sale proceeds shall be paid as to:

      1.
        1. The fixed sum of £164,000.00 to the First Owner
        2. The fixed sum of £6,000.00 to the Second Owner.
        3. The balance being divided between the Co-Owners by paying the First Owners share to the First Owner and the Second Owners Share to the Second Owner.


    Now is it?
  • chelseablue
    chelseablue Posts: 3,296 Forumite
    Name Dropper First Post First Anniversary
    Correct, I just looked at the first page where it says The First Owners Share 70% and Second Owners 30%


    Now that I've posted the correct info, on todays value, how much would he be entitled to?


    Im crap at this sort of thing, as you can probably tell
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    Points 1 and 2 of your Deed of Trust are clear but point 3 is woolly. How is the balance to be divided between the co-owners?

    If we assume that the balance is to be divided equally between the two of you then after you get your £164k and he gets his £6k back then there is £30k left to split between you. So he'd get £15k and you'd get £15k.
  • G_M
    G_M Posts: 51,977 Forumite
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    Have you got a calculator?

    There's probobly one on your phone or laptop.
  • G_M
    G_M Posts: 51,977 Forumite
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    Pixie5740 wrote: »
    Points 1 and 2 of your Deed of Trust are clear but point 3 is woolly. How is the balance to be divided between the co-owners?
    It's not woolly Pixie - it's incompletely quoted. Again.
  • chelseablue
    chelseablue Posts: 3,296 Forumite
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    G_M wrote: »
    It's not woolly Pixie - it's incompletely quoted. Again.

    There isn't anything further after point 3
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    G_M wrote: »
    It's not woolly Pixie - it's incompletely quoted. Again.

    Until the OP clarified what it actually said I was starting to think the Deed of Trust had been drawn up on the back of a fag packet. :)
  • chelseablue
    chelseablue Posts: 3,296 Forumite
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    :rotfl: no was done by the solicitor at the time
  • chelseablue
    chelseablue Posts: 3,296 Forumite
    Name Dropper First Post First Anniversary
    After point 3 it carries on to a new section called 'Right of pre-emption'
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