• TR1 Percentages Proceed Split On Net Equity.

    By Guest on 07th Dec 2019

    I purchased a property for 385K with a girlfriend with a 63.4K deposit from myself and a 32.9k from her with a 50/50 mortgage of 288.7K or 144.3K each. We worked out that adding each parties share of mortgage lability to our contributions equated to are percentage share in the overall property value ie (£144.3K+£32.9K=£177.2)=46% and (£144.3K+£63.4K=£207.7K)=54%. These percentage were added to the TRI with a entry of the percentage against each name and a x next to ‘they are to hold the property on trust’ in box 10 by the conveyancer. My girlfriend instructed this by email with an explanation of the calculation. Now we have separated and selling the house, she is claiming via a solicitor that under TOLATA the percentages on TR1 are applied to net equity (Sale value less outstanding mortgage) not overall property value. If the house sold for the same as we paid for it, setting aside mortgage contributions, my share would be reduced to (54% of £96.3K=52K). Cand anyone help on the matter, I can’t find any reference to the TOALATA legislation specifying how the percentages on TR1 are dealt with??








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