Value of estate?

getmore4less

Would the surviving joint tenant (holding title absolute)be within his rights to negotiate an alternative division of proceeds, than the one proposed by the mother?

They(joint tenant) could deal with the property how they wish, BUT they will potentially have the beneficial claim from the estate to deal with

I suspect that is what they have been told, don't do it our way and we will see you in court.

It is up to the joint tenant to take the legal advice on the likely success of any claim by the estate.

similarly if you feel you have a beneficial interest you would need to take legal advice on your position. Would you have enough evidence to show that you have any significant beneficial interest,

What is not clear(other than a DOV) and I don't intend trying to understand is how they are resolving the situation as there are some potentially complex issues with the tax situation(CGT and IHT) and retrospective severance of the joint tenancy.
This is not a straight forward beneficiary DOV.

In your position I think you have to decide.
do you want to pursue a claim(or try to get the joint tenant to change their position) if not do you want to understand what they are trying to do re the property and the DOV or just sit back and get you 15% + £20k

As long as you are happy that they deal with any tax issues and you get the 15% free of any liabilities then that may be the time to draw a line.


What is surprising is that the property was joint tenants in the first place as typically in arrangements of convenience(to get a mortgage) you would do tenants in common and document the beneficial interest to be clear of ownership, not good to have a non resident owner having a beneficial interest they don't need/want as that exposes a CGT liability.

Jimpoplay

The starting point is that equity follows the law and the parties will be joint tenants in law and equity.
This presumption will be rebutted by evidence that the parties had a different common intention when the home was purchased, or they later formed a common intention that their shares would change.

How do I prove beneficial interest , is imputed and inferred intentions enough?
The fact the loan I made was purely a consideration of our relationship
It was inferred the home was "ours"
He had said previously said he would remove joint tenants name and replace with mine
This same intention would be mother's solicitors basis of relieving the joint tenant of any beneficial interest
Would these intentions alone , without actual financial proof such as payments to mortgage etc be a basis of any claim I could make

Jimpoplay

do you want to understand what they are trying to do re the property and the DOV or just sit back and get you 15% + £20k


Is the mother's solicitor under any obligation to explain this to me?
Would I have to sign anything to say I accept their offer of 15%. I read she doesn't have to sign an actual deed, a written statement of variation is enough.

getmore4less

Jimpoplay wrote: »

do you want to understand what they are trying to do re the property and the DOV or just sit back and get you 15% + £20k


Is the mother's solicitor under any obligation to explain this to me?
Would I have to sign anything to say I accept their offer of 15%. I read she doesn't have to sign an actual deed, a written statement of variation is enough.

I think it will be the joint owner that is making a variation not the mother. As I said this is not your simple beneficiary variation.

Jimpoplay

Is this thread still open?
Can I reopen it?

Jimpoplay

The property has now been sold, and the joint owner has I fear been misinformed there's no CGT to be paid because it's below £500,000
He's sitting on the procedes of sale,and the families solicitors refuse to repay my loan ,while we wait to see if he will share