Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • James548
    • By James548 19th Apr 17, 10:17 AM
    • 5Posts
    • 0Thanks
    James548
    Unequal shares..?
    • #1
    • 19th Apr 17, 10:17 AM
    Unequal shares..? 19th Apr 17 at 10:17 AM
    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.
Page 1
    • ACG
    • By ACG 19th Apr 17, 11:17 AM
    • 15,077 Posts
    • 7,621 Thanks
    ACG
    • #2
    • 19th Apr 17, 11:17 AM
    • #2
    • 19th Apr 17, 11:17 AM
    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
    • By kingstreet 19th Apr 17, 11:31 AM
    • 31,620 Posts
    • 16,891 Thanks
    kingstreet
    • #3
    • 19th Apr 17, 11:31 AM
    • #3
    • 19th Apr 17, 11:31 AM
    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
    • By James548 19th Apr 17, 11:34 AM
    • 5 Posts
    • 0 Thanks
    James548
    • #4
    • 19th Apr 17, 11:34 AM
    • #4
    • 19th Apr 17, 11:34 AM
    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
    • By kingstreet 19th Apr 17, 11:38 AM
    • 31,620 Posts
    • 16,891 Thanks
    kingstreet
    • #5
    • 19th Apr 17, 11:38 AM
    • #5
    • 19th Apr 17, 11:38 AM
    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
    • By alex_163163 19th Apr 17, 11:46 AM
    • 145 Posts
    • 95 Thanks
    alex_163163
    • #6
    • 19th Apr 17, 11:46 AM
    • #6
    • 19th Apr 17, 11:46 AM
    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
    • By James548 19th Apr 17, 11:51 AM
    • 5 Posts
    • 0 Thanks
    James548
    • #7
    • 19th Apr 17, 11:51 AM
    • #7
    • 19th Apr 17, 11:51 AM
    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
    • By James548 19th Apr 17, 11:53 AM
    • 5 Posts
    • 0 Thanks
    James548
    • #8
    • 19th Apr 17, 11:53 AM
    • #8
    • 19th Apr 17, 11:53 AM
    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?
    Originally posted by alex_163163
    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
    • By ACG 19th Apr 17, 11:54 AM
    • 15,077 Posts
    • 7,621 Thanks
    ACG
    • #9
    • 19th Apr 17, 11:54 AM
    • #9
    • 19th Apr 17, 11:54 AM
    I suspect the 45.2% is to be split equally, so 22.6% each.
    Originally posted by kingstreet
    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
    • By alex_163163 19th Apr 17, 12:07 PM
    • 145 Posts
    • 95 Thanks
    alex_163163
    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
    • By James548 19th Apr 17, 12:12 PM
    • 5 Posts
    • 0 Thanks
    James548
    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?
    Originally posted by alex_163163
    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.
    • kingstreet
    • By kingstreet 19th Apr 17, 12:21 PM
    • 31,620 Posts
    • 16,891 Thanks
    kingstreet
    Thank you.... you mention:

    "Presumably, she put in most/all of the deposit at purchase, so 54.8% represents that, including 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..
    Originally posted by James548
    Amended.

    Take off the mortgage to be repaid. It's based on the equity in the property, not the value.
    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.
    • sammyjammy
    • By sammyjammy 19th Apr 17, 1:12 PM
    • 4,129 Posts
    • 4,472 Thanks
    sammyjammy
    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.
    Originally posted by James548
    No I don't think they will help, they have no reason to and are no more likely to understand it than any other layman.

    Citizens advice MAY be able to assist if you can show them a copy of the agreement but you may struggle to get an appointment.
    "You've been reading SOS when it's just your clock reading 5:05 "
    • getmore4less
    • By getmore4less 19th Apr 17, 4:44 PM
    • 29,171 Posts
    • 17,453 Thanks
    getmore4less
    What were the purchase numbers deposit and mortgage.

    Did you pay the mortgage 50:50?
    • Number75
    • By Number75 19th Apr 17, 4:57 PM
    • 166 Posts
    • 182 Thanks
    Number75
    If you were 18 and she brought in a big deposit, then I'm guessing she covered the majority of mortgage / other bills at least in the early years of your relationship - so you're potentially going to do rather well from the opportunity to have been 'on the ladder' and get 50/50 on a proportion of the equity.

    Do not ask an estate agent - they are not solicitors.

    As suggested, you could try to ask CAB. But given the money involved I personally would save or borrow to see a solicitor.

    What is your ex saying? 50/50 on the equity after her initial deposit driven 54% is taken off seems very fair if you just split all costs. If she was paying more, lucky you!
    • makemesumdosh
    • By makemesumdosh 19th Apr 17, 5:17 PM
    • 282 Posts
    • 83 Thanks
    makemesumdosh
    Are you a member of a trade union /
    Most give members a free 30 minute phone call with a solicitor.
    All should offer some sort of help.
    • getmore4less
    • By getmore4less 19th Apr 17, 5:17 PM
    • 29,171 Posts
    • 17,453 Thanks
    getmore4less
    You need the initial numbers to reverse engineering the thinking/intent behind the split as it was badly written.
    • Number75
    • By Number75 19th Apr 17, 5:41 PM
    • 166 Posts
    • 182 Thanks
    Number75
    It's not necessarily badly written.
    To me it is quite clear that 54.8% of the equity goes to the poster's ex, then the remaining equity is split 50/50.
    This is consistent with what the poster has said - that the ex put in a sizeable deposit and he didn't.

    She protected her large deposit, and everything after that % is split equally.

    The devil is in the detail and if she then paid more of the mortgage she has put herself in a bad position. But in principle, protect the deposit as a % then equal splits sounds perfectly reasonable and clear from the wording too.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

119Posts Today

2,056Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See https://t.co/IQ8f0Vyetu RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin