Declaration of Trust

Trebormint

i,

I have now finally found a copy of my declaration of trust for a property bought back in 2010

The main bulk of the wording that matters states;

1. The Legal Owner declares she holds the Property and its proceeds of sale and repaying the Improvement Monies to the Account) and the net rents and profits until sale UPON TRUST for herself and the Contributor as tenants in common in equal shares

Question - The rental income is £1350 per month but I am only getting £325 and have been ever since the property was first rented. This doesn't seem right to me as it states in equal shares. Should I have been getting £675 per month?

2. The Legal Owner and the Contributor declare that all outgoings in respect of the Property and the interest accruing on the Account attributable to the Improvement Monies shall be paid by them in equal shares

The interest against the account attributed to the I'm improvement monies is £325 ie the money being paid to me only.

Any comments would be most welcome.

chanz4

Whats declared to HMRC?

foxy-stoat

Its probably the nett amount after improvements/expenses/fees and taxes.

You also have to declare the nett income to you to the HMRC.

Are you the landlord also?

getmore4less

What other thread should people read to get context?

Tom99

You get 50% of the net rent so what deductions are there from the gross £1,350pm?

Trebormint

Hi, I am not getting 50% of the rent that is my point.

The rent is £1350 per month, but my ex is taking £1025 of this as she has stated this is interest she needs to pay on the mortgage and gives me £325 to cover interest on the refurb account.

My point is that according to the declaration of Trust, I think I should be getting half of there rent regardless, but am struggling to decipher the wording to gain a conclusive stance with this.

G_M

there is so much missing context that it is meaningless to try to comment.


A good starting point would be to answer the questions you've been asked, but even that would not provide sufficient context.

Tom99

Trebormint wrote: »

Hi, I am not getting 50% of the rent that is my point.

The rent is £1350 per month, but my ex is taking £1025 of this as she has stated this is interest she needs to pay on the mortgage and gives me £325 to cover interest on the refurb account.

My point is that according to the declaration of Trust, I think I should be getting half of there rent regardless, but am struggling to decipher the wording to gain a conclusive stance with this.

£1,350 is the gross rent. You get 50% of the net rent, but you post in not very clear about what the outgoings and repayments are and who pays for them.

Trebormint

Sorry - to start with the mortgage is interest only if this helps

I paid for all of the refurb costs and the interest against them was deemed to be £325 per month, so that is what she pays, and she keeps the rest as she took out the mortgage but seems to be keep anything else over and above those repayments but I don't know how much this is.

I guess I am still looking at the wording and think I should still get 50% of the net which I haven't to date, am I correct according to the DOT wording.?

Trebormint

I am the landlord on the tenancy agreement in name only.

She is the 'legal owner' and I am known as the contributor.

AnotherJoe

Why can't you sell and be done rather than be tied financially to your ex ?