Disputes can arise very often concerning how properties which are owned by more than one person should be dealt with. This can be because of family members falling out, or because one person’s circumstances have changed, and they need cash.
If you and your co-owner cannot agree how to deal with the property, you can make an application to the court under The Trusts of Land and Appointment of Trustees Act 1996 (TOLATA), so that the court decides and makes appropriate orders.
Examples of the types of disputes that can arise are:
- how a matrimonial home should be owned;
- whether property that has been inherited by more than one beneficiary should be sold; and
- when you have made financial contributions towards the upkeep of a property and been promised that you will own a share of it one day, only to be disappointed.
In some cases, the court will be asked to decide how much of the property you are entitled to. In other cases, you may wish to seek an order for the property to be sold so that you can receive your share of the value in property in cash.
These can be complex claims and it is important to seek legal advice at the outset. Professional valuations of the property will also be required.
Where you have a TOLATA claim with good prospects of success, we may agree to defer payments of our fees until you have realised your financial share in the property. In other cases, we may agree to act for you under the terms of a conditional (no win no fee) agreement.
If you require any advice relating to a property that you own a share of, or that you think you are entitled to a share of, you should not hesitate to contact one of our expert team to find out how we can help.