Selling house & his ex wants deposit given by his parents

sparklystar | 13:42 Fri 13th Jun 2008 | Law

4 Answers

I have a friend who bought a property with their partner. They have now split but the partner wants more that half the profit they have made since buying. On top of that they also want at least half of the deposit that his parents paid. Unfortunately nothing was drawn up when they bought the house. Is it possible to get a chage on the property in regard to the initial deposit being given by the parents? Please help!

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redcrx

surely half of the profit includes half the deposit if they are sharing the equity of the property?

how is she working the profit out?

innocenti

On what basis is the partner claiming more than 50% of the profit. You cant just demand more, you have to prove that you are entitled to more.

If the lad whose parents gave the deposit can prove that they gave the money they may have a claim in getting back the deposit money.

sparklystar

Question Author

What I mean by the profit is the difference from what they bought it for and now whats its now worth. She has a figure that she wants, and after selling costs/redemption and so on it will be more or less of whats left over.
Shes claiming that as shes done decorating shes put a lot in which is fair enough but he has actually put a lot more into the property by doing work himself, and he has also paid tradesmen for other stuff as well.
She just wants as much as she can by claiming he'll be better off financialy in the long run then her. There are no kids involved so I would have thought an even split to be fair except for the deposit given by his parents.
Does anone have any idea where to go from here and how you can get their share of things sorted before it gets too nasty?

Ethel

As there was no prior agreement as to the share ratio it will 50/50 of the equity in the property.

Re the deposit - the parents will have to prove it was a loan to be repaid and not a gift. If they want it back they will have to prove they have a beneficial interest in the property - a lengthy and potentially expensive process.

Your friend and his parents should get proper legal advice.

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