tennants in common

peppapig14

-my mum and her partner held tennants in common on a property ( she put in 175000, he put in 50,000 ) where it stated upon selling property they would receive their monies back and any other profit would be split 50/50
-it stated if they sold whilst alive an agreement would need to he reached on the property sale price
-her partner died a few years ago and his share went to his son.
My question is:
if she sells the property now does she need his son's permission, and does he get a say in what the sale price would be ( I.e could he refuse the sale coz she wants to sell it for 200,000 to avoid him receiving an additional 50% share )
Thanks for reading

Yorkshireman99

peppapig14 wrote: »

-my mum and her partner held tennants in common on a property ( she put in 175000, he put in 50,000 ) where it stated upon selling property they would receive their monies back and any other profit would be split 50/50
-it stated if they sold whilst alive an agreement would need to he reached on the property sale price
-her partner died a few years ago and his share went to his son.
My question is:
if she sells the property now does she need his son's permission, and does he get a say in what the sale price would be ( I.e could he refuse the sale coz she wants to sell it for 200,000 to avoid him receiving an additional 50% share )
Thanks for reading

She can only sell her share and needs permission from the son. Is there proof about the agreement? The default is that TIC split is 50/50 unless their is other proof. The price has to be a fair one.

Keep_pedalling

I would think he would be more than willing to agree to a sale as at the moment he receives no benefit from his ownership, but there is no way he would agree to a cheap sale (I am assuming you are talking about a sale to you here) it will have to be sold at the market rate.

Presumably there was a deed trust drawn up when the house was purchased showing what the split was to be.

Tom99

You need to download the property title from the land reg for £3 here:

https://eservices.landregistry.gov.uk/eservices/FindAProperty/view/QuickEnquiryInit.do

Who are the registered owners? Just your Mum or Mum and deceased partner or Mum and partner's son?
Now look at Part B Proprietorship Register,is the following restriction there:

RESTRICTION: No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court.

Unless partner's son is listed as an owner that means your Mum is the sole legal owner but holds the property on trust for herself and partners son.

If the restriction is present she cannot sell the property alone, she needs to appoint another trustee to sell the property with her and the proceeds will be paid to the two trustees. This other person can be any adult but usually it would be the other beneficial owner ie partners son.

Is the sharing basis set out in a signed & witnessed deed of trust? If the property has increased in value then the partner's son has had a good investment getting 50% of the growth.

Your mother's actions as trustee are covered buy trust law, she (and the 2nd trustee) must act in the best interests of the beneficiaries and sell the property at full open market value. Any action on her part to try and reduce the amount available to the partner's son could see her in the dock.

peppapig14

the paper work from the solicitors only states that once the original monies ( 175k to my mum and £25k to her late partner ) is repaid all other funds are to be split 50/50.
there is no mention in the paper work what would happen when 1 person dies, only that the remaining partner can stay in the house for as long as deemed fit to
it does state that bith partners are to contribute to the upkeep of the property , and I'm not sure how that stands as she could be paying bills for 10 years and the son would not be paying anything yet he will still be entitled to a 50% share
I am waiting to see if she is on the deeds alone as you previously mentioned

Keep_pedalling

peppapig14 wrote: »

the paper work from the solicitors only states that once the original monies ( 175k to my mum and £25k to her late partner ) is repaid all other funds are to be split 50/50.
there is no mention in the paper work what would happen when 1 person dies, only that the remaining partner can stay in the house for as long as deemed fit to
it does state that bith partners are to contribute to the upkeep of the property , and I'm not sure how that stands as she could be paying bills for 10 years and the son would not be paying anything yet he will still be entitled to a 50% share
I am waiting to see if she is on the deeds alone as you previously mentioned

That sounds like a deed of trust.

Did her partner have a will?

Keep_pedalling

Normally in this situation your mothers partner would have left his share to his son with your mother given a lifetime interest to live in the house. As she would be the only one benifitting then she should be the one paying for the upkeep. If this was the other way round would you think it fair to have to pay the bills while someone lives in your property rent free?

cherry76

Interested to know whether partner's son will be counted as first time buyer to benefit for stamp duty discount since he hold a share in the property. If mother decides to downside she will have to pay full stamp duty? Thanks