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Selling property as tenants in common - do fees come off before the split?

3 replies

Noordinarygirl · 30/04/2014 14:55

Me and my partner bought our property as tenants in common. I own 60.78% of the property as I put in proceeds from the sale from my old house. We are selling for £275K. We got a mortgage for £100K and I put in £155K as we bought for £255K. We had to get the mortgage in joint names due to his lack of sufficient income but he has paid all the repayments each month, effectively owning £100K of the initial purchase price.

When settlement is done do solicitors fees etc all come off before the split of the profit or do fees comes of proportionately (ie do I pay 60.78% of fees etc) after the profit is then split? Please help as I need to know how much I will be left with to move into new house.

OP posts:
louby44 · 01/05/2014 05:55

I'm sure the fees are paid and then the equity is split!

financialwizard · 01/05/2014 05:58

Yep, Estate Agent and Solicitor fee's paid and then your respective shares paid out to you. To put your mind at ease speak to your conveyance.

Noordinarygirl · 01/05/2014 08:58

Thanks ladies. Very helpful. I will obviously speak to my solicitor but was just trying to update a spreadsheet to see what I can expect and how much I'll have left for new stuff for new house ie. HUGE BIG TV (as I don't own a TV at the mo) to really piss off partner!!!!! Wink

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