Is value added to property through renovation considered by the law in dispute of profit split on sale?
My story is a bit like divorce but involves myself and my younger sister.
The short version is that I bought a run down flat with my sister and we have a joint mortgage. The plan was to do it up and split the profit 50/50. What happened was I ended up having to do the large majority of the renovation work and pay for most of the materials, while she made excuses and eventually refused to acknowledge that she wasn’t contributing to anything but the mortgage.
Now the work is finished (and we hate each other) we want to sell, but she is refusing to accept less than 50%. My parents are not helping and say that the work I’ve done doesn’t make any difference to how the profit should be split.
So, my question is does the work done to improve the value of a property come into consideration at all legally? And what is the likely hood of my being granted a higher share if it were to go to court?
Passive Income
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Tagged with: Divorce • Mortgage • Renovation Work • Value Added
Filed under: property renovation
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zeer waarschijnlijk als u uw ontvangstbewijzen hebt en documenten hebt op hoeveel de waarde wegens uw rentovation verhoogde.
Selbstverst
You should consider consulting an attorney and be willing to go to court. The very least you should do is take the cost of renovations and repairs out of the total selling price and then split everything 50/50 as agreed. That is usually the way it works out.