Renovation dispute

tonyt2

foxy-stoat said:

Ask to see all the paperwork and invoices from start to finish, make sure the numbers work out.  Then transfer £7,500....and dont do it again !

Why didn't you tell me that a few years ago!!!! Thanks for the sound advice.
And you don't think the fact that the project was only half completed and some of the debt is credit card interest holds any value when arguing against the 50/50 split. There was no agreement on loss and we were misled- holds no weight when it comes to invoices and paperwork I guess?

Doozergirl

How was the property ownership split on the deeds?  

tonyt2

Doozergirl said:

How was the property ownership split on the deeds?  

My partner and her sister (who contributed nothing but was due 25% of any profit....confusing I know)

Doozergirl

tonyt2 said:

Doozergirl said:

How was the property ownership split on the deeds?  

My partner and her sister (who contributed nothing but was due 25% of any profit....confusing I know)

In what percentages is it owned? 

If it's owned by your partner and her sister, then those are the bank accounts that the sale proceeds should be going, so your partner potentially has some control here. Let your partner distribute the proceeds.  

25% of the loss is fair, despite the mis-management of the project.  That's something that should have been addressed earlier.   

So the 'others' have no legal ownership of the property at all?  If they're taking advantage, I suggest you take it back.  The solicitor should not be sending money anywhere other than the bank accounts of the owners.  

The other consideration is the relationship and how valuable it is. If that was your only £30k versus the others having £270k to 'invest'. then I can see why it's so painful.    

It sounds like the perfect case for Judge Rinder.  (I'm not joking either, I believe the production company pays the debt, which is helpful in a family situation).  

Smodlet

Doozergirl said:

tonyt2 said:

Doozergirl said:

How was the property ownership split on the deeds?  

My partner and her sister (who contributed nothing but was due 25% of any profit....confusing I know)

In what percentages is it owned? 

If it's owned by your partner and her sister, then those are the bank accounts that the sale proceeds should be going, so your partner potentially has some control here. Let your partner distribute the proceeds.  

25% of the loss is fair, despite the mis-management of the project.  That's something that should have been addressed earlier.   

So the 'others' have no legal ownership of the property at all?  If they're taking advantage, I suggest you take it back.  The solicitor should not be sending money anywhere other than the bank accounts of the owners.  

The other consideration is the relationship and how valuable it is. If that was your only £30k versus the others having £270k to 'invest'. then I can see why it's so painful.    

It sounds like the perfect case for Judge Rinder.  (I'm not joking either, I believe the production company pays the debt, which is helpful in a family situation).  

Gosh darn it!  I have suggested Judge Rinder a few times in the past, in a kind of seriously-but-tongue-in-cheek way, if you see what I mean but that was my first thought when I read your initial post, OP.  I think he would have a field day and you might, just might get justice... Having said which, I suppose you realise now how naive you have been?  As foxystoat (I believe) said, don't do it again.  

We all live, we all learn and learning anything worth knowing is often painful.  Were I you, I would take legal advice:  There are ways to get some free such as via insurance policies or free half-hours; ring around to find out and use a bit of charm.  OH once got a free 55 minutes for the price of a free half hour...  And, at the risk of nagging, please don't do it again.

tonyt2

Doozergirl said:

tonyt2 said:

Doozergirl said:

How was the property ownership split on the deeds?  

My partner and her sister (who contributed nothing but was due 25% of any profit....confusing I know)

In what percentages is it owned? 

If it's owned by your partner and her sister, then those are the bank accounts that the sale proceeds should be going, so your partner potentially has some control here. Let your partner distribute the proceeds.  

25% of the loss is fair, despite the mis-management of the project.  That's something that should have been addressed earlier.   

So the 'others' have no legal ownership of the property at all?  If they're taking advantage, I suggest you take it back.  The solicitor should not be sending money anywhere other than the bank accounts of the owners.  

The other consideration is the relationship and how valuable it is. If that was your only £30k versus the others having £270k to 'invest'. then I can see why it's so painful.    

It sounds like the perfect case for Judge Rinder.  (I'm not joking either, I believe the production company pays the debt, which is helpful in a family situation).  

Owned 50/50 between my partner and her sister.  Nope the 'others' (parents) have no ownership at all and the X amount in dispute will apparently ruin their retirement abroad if we 'steal' it. 

Yeah it's painful. Before we went into this we were looking at purchasing our own place- probably something that won't happen now! Ah well

tonyt2

Smodlet said:

Doozergirl said:

tonyt2 said:

Doozergirl said:

How was the property ownership split on the deeds?  

My partner and her sister (who contributed nothing but was due 25% of any profit....confusing I know)

In what percentages is it owned? 

If it's owned by your partner and her sister, then those are the bank accounts that the sale proceeds should be going, so your partner potentially has some control here. Let your partner distribute the proceeds.  

25% of the loss is fair, despite the mis-management of the project.  That's something that should have been addressed earlier.   

So the 'others' have no legal ownership of the property at all?  If they're taking advantage, I suggest you take it back.  The solicitor should not be sending money anywhere other than the bank accounts of the owners.  

The other consideration is the relationship and how valuable it is. If that was your only £30k versus the others having £270k to 'invest'. then I can see why it's so painful.    

It sounds like the perfect case for Judge Rinder.  (I'm not joking either, I believe the production company pays the debt, which is helpful in a family situation).  

Gosh darn it!  I have suggested Judge Rinder a few times in the past, in a kind of seriously-but-tongue-in-cheek way, if you see what I mean but that was my first thought when I read your initial post, OP.  I think he would have a field day and you might, just might get justice... Having said which, I suppose you realise now how naive you have been?  As foxystoat (I believe) said, don't do it again.  

We all live, we all learn and learning anything worth knowing is often painful.  Were I you, I would take legal advice:  There are ways to get some free such as via insurance policies or free half-hours; ring around to find out and use a bit of charm.  OH once got a free 55 minutes for the price of a free half hour...  And, at the risk of nagging, please don't do it again.

Yeah I'd be happy to take this to court but apparently it would destroy a valuable relationship- so that's a TV judge out of the question too! 

rach_k

I wouldn't expect to be paying towards credit card interest.  How they funded their share is nothing to do with you.  So take off the 10K interest and then pay 25% of what is left, as that is the share of profit you were expecting.  

mwarby

one one aspect I don’t see mentioned is this, who was providing or proportions to provide the renovation expertise. If one party had a bigger share in deciding what property, what renovations to do, when to sell and how much to accept - that party should arguably bear more of the loss 

tonyt2

mwarby said:

one one aspect I don’t see mentioned is this, who was providing or proportions to provide the renovation expertise. If one party had a bigger share in deciding what property, what renovations to do, when to sell and how much to accept - that party should arguably bear more of the loss 

Good point. Every decision was made by the 'other' investors and we were cut out from the start- the intail plan being it wa a joint project managed by us all.
 For the final hurdle I actually found contractors for a job we were unable to do (the garden) and offered to cover half of the costs myself. This was flat out rejected. 

 We were working full time jobs, so did renovation work when we could around this, they were retired. We basically paid off the mortgage and had no say in decisions.