Property News · June 23, 2016

I want to sell a flat I own with my brother, but don't know how to split the profit


He moved out after getting married and hasn’t paid a penny towards it for eight years. What would be a fair way of calculating his share?Q In 2005 I bought a flat with my brother. We had a small inheritance from our grandparents and we put this in equally. We both put time, effort and money into revamping it in the first two years. In 2010 my brother got married and he and his wife bought a family home. She had made money on the sale of her flat so my brother didn’t need to ask me to sell at that time. This was partially a kindness as I could stay in the home that really worked for me, and it remained as an investment for him. Our agreement was simple: I didn’t have to sell as long as he didn’t have to pay a penny towards it from the day he moved out. I have covered the mortgage, insurances, maintenance and service charge for the past eight years. We didn’t put anything in writing, which was stupid in hindsight but we didn’t plan for the future. Continue reading…

Source : theguardian.com
Read more…I want to sell a flat I own with my brother, but don’t know how to split the profit

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