Without wanting to go into too much detail..
If a house is co-owned, deposit and mortgage repayments are split between the two parties, and at some point for some reason, party B stops making mortgage repayments - should party B then wish to sell their half of the property to party A, is there any law or regulation that results in party B only being owed 30% of their portion of the initial deposit and nothing else (rest of their portion of the deposit, mortgage payments, share of increase in property value)?
I appreciate that are a million variables on the above, but is anyone aware of a law that mentions only 30% of the deposit being owed should the leaving party have not met all mortgage repayments?
Thanks.
IANAL But my experience is that the only way out of this is a deed of trust, signed at the beginning, try getting party B to sign that at this stage...
Other than that, I don't think so, its hard to prove that party B did not give party A the contribution in some other way.
https://www.homewardlegal.co.uk/deed-of-trust
Is this England & Wales, or Scotland, Or NI?
Are the co-owners married?
Was the proerty bought as 'joint tenants' or 'tenants in common'? And was a Deed of Trust signed on purchasing the property?
