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Declaration of Trust
marmalade555
Posts: 36 Forumite
Hi
I am writing on behalf a friend who is in a bit of a dilemma. She bought a house a couple of years back with her boyfriend. At the time she put in £25k deposit and he put in nothing so they had a declaration of trust drawn up that stated that she would receive the £25K back when the house is sold and the rest is split 50/50. At the time the house was purchased for £150k and now is worth about £135k. How will the money be split now. Will my friend still get the 25k even if they are selling at a loss.
they are comman in law tennants if this help.
All advice welcome. Many thanks
I am writing on behalf a friend who is in a bit of a dilemma. She bought a house a couple of years back with her boyfriend. At the time she put in £25k deposit and he put in nothing so they had a declaration of trust drawn up that stated that she would receive the £25K back when the house is sold and the rest is split 50/50. At the time the house was purchased for £150k and now is worth about £135k. How will the money be split now. Will my friend still get the 25k even if they are selling at a loss.
they are comman in law tennants if this help.
All advice welcome. Many thanks
0
Comments
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on those figures it sounds like there won't be sufficient cash left over after the mortgage is repaid to pay her the £25k out of the sale proceeds.....she needs to speak to her solicitor (I am presuming they are no longer "an item" of course!)Happily an ex mortgage broker!0
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