Tenants in Common but no Deed of Trust

anselld

Mathshead wrote: »

No, and I am not sure its relevant here. I don't recall such a document as part of purchase process, and isn't it related to land transfer?

It is relevant because it is the only place percentage shares may be recorded if you don't have a separate deed.

The fact that you don't recall it means you should look and see what is on it because it definately exists and you both signed it - otherwise the transfer could not have happened at Land Registry.

Mathshead

I do recall the TR1 form, and I do recall having it set up so that there is a restriction on the title deeds that confirm tenancy arrangement, but I am pretty certain that there was no mention of the difference in shares and researching the form now, I don't see a provision for that detail. That's why I think I should have set up Deed of Trust at the time to notate that agreement. I will though research this some more, so thank you.

getmore4less

Why not run the numbers anyway and see where you end up.

you should only consider contributions to the debts, maintenance, improvements. not the running costs like bills and council tax.

First desition is were the deposits buying equity or on a get your mney back basis(loan).

If you serviced the mortgage on a constant % basis it will be relativley easy to do the numbers if on a more add hock basis with overpayments it may need a more complec calculation.

maintenance improvements can get a bit more complictaed.

what you end up with is a range of what each of you gets based on various assumptions.

It might end up that the range is within the legal fees that would be incured so a comprimise is sensible or you both ens up with less.

if you need some ideas of how to do the calcs throw some real numbers up.(deposit shares includes contribution to all purchase costs)

Mathshead

That's really comprehensive guidance, which at least gives me a guide on how to structure the discussion objectively. Thank you.

Mathshead

Long shot - do you know if I can get a copy of the TR1 from Land Registry? I can see that a copy of the Title Register is available for £3, but I don't think that's the same document?


Thanks

anselld

Mathshead wrote: »

I do recall the TR1 form, and I do recall having it set up so that there is a restriction on the title deeds that confirm tenancy arrangement, but I am pretty certain that there was no mention of the difference in shares and researching the form now, I don't see a provision for that detail. That's why I think I should have set up Deed of Trust at the time to notate that agreement. I will though research this some more, so thank you.

As I mentioned earlier, the provision is under Section 10 ...

"Declaration of trust. The transferee is more than one person and they are to hold the property on trust:" after which the shares would be explicitly stated.

That is the facility. You will only know if it was used by seeing the form, however I would suggest if you had informed the conveyancer that it was TIC in unequal shares then the other tick box options are not applicable so they should have been inclined to record the shares.

AFAIK Land Reg do not keep the TR1 after registration, you will need to get it from the conveyancer.

Mathshead

Thanks. I have now mailed solicitor for all docs relating to purchase, so hopefully the copy TR1will be in the pack.


Until then I am working with sure knowledge that there's a form A restriction on the title register, so indicates that intention was to hold in unequal share as tenants in common. Hopefully the exact detail is in section 10 Tr1, so we have legal confirmation.

littlegreenfrog_2

As people have said, there are two things you need to do (concurrently). On your own, try and work out what your legal position is. For now, just get hold of copies of all the relevant documents. Then sit down with a calculator and try to work out how much you have paid towards the property (both in terms of your original deposit, your contributions towards the mortgage and any improvements you have made) and how much your ex has paid. What sort of proportions are you looking at? Then try and have a calm, adult conversation with your ex to talk about what you're going to do, and see what her point of view is. If the property is worth a lot/you have a lot of equity in it, then it probably is worth taking formal legal advice if you think you and your ex will be unable to reach agreement on how to divide the proceeds when you come to sell. If the property is not worth much or you don't have much equity, and the split isn't very uneven, think about how much you would stand to gain if you split it 50:50 or if you push for a bigger share. If it's only a few thousand, you might be better off just reaching a compromise rather than getting lawyers involved. The more you have to gain/lose financially, the more sensible it would be to take legal advice. As a general point, I don't know what the situation is between you or why you have split up, but if you try to remain on as friendly terms as possible, it will make sorting all this out a lot easier.

littlegreenfrog_2

PS - I assume you have no children?

Mathshead

No kids - that's a blessing in the circumstances. Thanks for the advice, I think we can do this nicely