How to split proceeds of sale

Opalescent

ValHaller wrote: »

Purchase of First House:
Bought for £60k
Mother puts in £30k cash
OP puts in £30k from mortgage and pays mortgage in full

Shares - Mother 50%, OP 50%

Sale of First House:
Sold for £90k
Mortgage of £30k cleared
Ownership of Equity - Mother £45k, OP £15k

Purchase of Second House:
Bought for £90k
Mother puts in £45k cash
OP puts in £45k made up of £15k cash plus £30k from mortgage and pays mortgage in full

Shares - Mother 50%, OP 50%

Sale of Second House:
Sold for £170k
Mortgage of £30k cleared
Ownership of Equity - Mother £85k, OP £55k
She is being greedy.

In your position, I might let her have the use of £110k, but after this, I would have a charge on her house for the £25k of that which is yours.

Thanks for laying it out so clearly and I like your suggestion of a future charge if I give her extra to top her up to £110k.

cte1111

zzzLazyDaisy wrote: »

The mortgage is always paid off before the net proceeds of sale are calculated/distributed (unless there is a deed of trust saying otherwise, which isn't the case here)

I'm aware of that, there's no need to be pedantic. What I was saying (if it's OK with you for anyone else to comment on a vaguely legal thread) is that the proceeds should be split 50 / 50 taking into account that the mortgage is the responsibility of the OP only. I think that was quite clear really.