Hello. What would happen if a family home's deeds were to be divided in a 90-10 fashion?
Would the majority holder have the rights to who stays at the property? If not, is there a method of putting in writing that will have the same affect? Thank you.
Just realised I posted in a Scottish forum. I'm all up for independence!
We live in England. Many thanks again.
Hi creatures
Irrespective of share, the higher share does not have any rights as to who stays in the property.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Thought so. Nothing is ever that simple.
Then would there be a way of wording the deeds or by drafting a letter signed by all the deed holders (my father and I) to exclude all other family members/other persons etc from the property unless permission is given by all the deed holders.
The situation is this that I buy out a certain person from the family home but worried they may have entitlement or claim further down the line or be given compassionate stay by my elderly father who has the 10%.
I'm sure this problem is not uncommon. Thank you for your swift attention and reply.
Hi creatures
Definitely one for the lawyers. However if you were to buy out a 90% interest, at value, then I'm not sure the transcation could be challenged. If there was just a split of entitlement and you gained the majority share then there could be a challenge, however I suspect if you paid full value, then there could be no such challenge. If that makes sense.
Best speak to the legal guys.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Hi creatures.
I'm sure you're aware now, but this website refers to "trust deeds" as they relate to personal insolvency in Scotland rather than property matters.
As Mark says, take legal advice on this to make sure your bases are covered.