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Declaration of Trust
Comments
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The co-owner does not know what their beneficial interest is so until they do they cannot consider their position. When the property was originally bought the co-owner had very little involvement in the purchase which is why it is all a bit vague. The whole purchase mortgage etc. was driven by the other party. The property is not the main residence of either party and is no longer subject to any charge.
I am sorry if this sounds vague but I cannot make this identifiable.
Nolite te bast--des carborundorum.0 -
When was the property purchased?0
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About 20 years ago
Nolite te bast--des carborundorum.0 -
do you know the firm of lawyers that acted. They may have the file0
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Snakes_Belly wrote: »The co-owner does not know what their beneficial interest is so until they do they cannot consider their position. When the property was originally bought the co-owner had very little involvement in the purchase which is why it is all a bit vague. The whole purchase mortgage etc. was driven by the other party. The property is not the main residence of either party and is no longer subject to any charge.
If the co-owner doesn't remember having discussions about the ownership and signing paperwork confirming a particular split, the ownership is probably joint.
Work on that basis - if the other owner wants to challenge it, let them produce the relevant paperwork.0 -
It does look as if it's joint ownership. I am without doubt that it will be challenged. Thank you all anyway.
Nolite te bast--des carborundorum.0 -
If it is joint, it can be severed at any time to become 50/50
If you die and its joint, the other person gets all
It you die and its 50/50 - your 50% goes to your estate
That can be useful0 -
This has all come to light because the other party wants to sell. This is not my property but the co-owner is a close friend of mine and I want to see them treated fairly.
Nolite te bast--des carborundorum.0 -
'If it is joint, it can be severed at any time to become 50/50
If you die and its joint, the other person gets all
It you die and its 50/50 - your 50% goes to your estate
That can be useful'
That is interesting. If the tenancy is left as joint (assuming it is) upon sale how would the solicitor send the funds? Could it be to either party or would they have to split the proceeds and send an equal amount to each party? If there is any danger of the whole proceeds going to the other party it may be an idea to sever the joint tenancy. I am assuming that upon severing a joint tenancy the TIC will become 50/50. The actions of the other party have not exactly inspired confidence that the co-owner will come out of this fairly.
Nolite te bast--des carborundorum.0 -
Have they ever contributed or received money relating to the property..
Did they do a trust deed but can't remember what it said.
Do they remember what they thought they were buying into.
Why do they think they have a beneficial interest0
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