Interest in Property and TOLATA
Chris was instructed by a client who had recently terminated a long term non-matrimonial relationship with their partner. During the course of the relationship the couple had purchased a property in joint names but held the beneficial interest as joint tenants.
Due to the breakdown of the relationship our client had to vacate the property.
Solicitors had been instructed previously for and on behalf of our client, though with limited success in bringing the matter to a conclusion. Whilst interparty correspondence had been undertaken and an offer had been made, it represented merely 10% of the equity remaining in the property.
Chris prepared a substantial letter before action setting out the history of the property and its use by the couple, arguments based on legal principles of co-ownership and occupational rent coupled with the threat of proceedings under the Trust Of Land and Appointment of Trustees Act 1996 (“TOLATA”).
By applying a forthright negotiation strategy Chris increased recoverability by 400% in respect of the initial settlement offer for the client without issuing proceedings. We also needed the secure client’s objectives but did so at limited costs to them. The agreement was confirmed in a settlement agreement drafted by Chris and payment was agreed to be made within 1 ½ months of the settlement agreement being finalised.
Should you have any questions regarding interest in property in general and TOLATA in particular please contact our dispute resolution team on 01622 698000.