I really need help on the below question in regards to structure and what to include. I suffer from mental health (don't want sympathy, just help and guidance) I would really appreciate it.
So far I am thinking to introduce trusts, the ways of creation, go for implied trust, rule out resulting and go for constructive trust and then go on to talk about the size of his share. touch on trustee duties and fiduciary duties and then conclude.
Some years ago Roxanne met Oliver who had recently separated from his wife.
About six months later, they decided to buy a house for them to live in together.
Roxanne insisted that the house be bought in her name so that Oliver’s wife could make no claim against it. The house cost £250,000. Roxanne provided the deposit of £25,000 and took out a mortgage for the balance of £225,000. The property was purchased and registered at the Land Registry in Roxanne’s sole name. After they moved in, both Roxanne and Oliver worked. Oliver paid all the couples living expenses and for a number of improvements to the house thereby allowing Roxanne to pay the mortgage instalments. Oliver and Roxanne never married. Their relationship broke down and six months ago Oliver moved out of the house.
Recently, Roxanne sold the house for £400,000. After paying off the outstanding mortgage of £150,000, the net proceeds of sale, £250,000, was paid into Roxanne’s current account. At that time the account was overdrawn by £10,000. Roxanne has now bought a flat using £200,000 from the proceeds of sale. The flat has been registered at the Land Registry in her sole name. Roxanne has used a further £30,000 from the sale proceeds to renovate the flat and £5,000 on a painting that she has given to her parents as a golden wedding anniversary present. There is now £5,000 in her current account.
Roxanne wrote to Oliver and told him that she had sold the house but that he was not entitled to anything from the sale, as the house had been in her sole name.
Fully explain and the relevant law and advise Oliver if he is entitled to any of the proceeds of sale of the house. On the assumption that he is, explain how this amount will be quantified, how and from whom he can recover the money and what action, if any, he can take to bring about a sale of Roxanne’s flat.
Help please im crying watch
- Thread Starter
- 24-03-2016 17:13