Can someone offer some advice please.
A family friend is in the situation where he has lived in a property for 18 years and has been paying the mortgage and all expenses (rates, maintenance, renovations) on the understanding that this would be a 'family' home, however his son put up the initial deposit and has the title in his name. As the property has now increased significantly in value the son is now indicating that it is his property and wants to sell. Where does my friend stand legally?
I understand that my friend will need to seek proper legal advice, does anyone know a solicitor that would deal with this kind of case in the Newcastle area (NSW).
Thankyou in advance for any advice that you could offer.
Your friend needs to review the above page to obtain details of a lawyer in Newcastle – possibly one accredited in commercial litigation.Whilst the son has the 'legal interest' in the property, the father would have an equitable interest (constructive trust) in the property – which if it is due to be sold – could be protected by a Caveat over the property which would only be released on settlement upon an agreed amount which represents the expenses paid and an appropriate percentage of the increase in the property. Your friend should have all of that amount particularised to give to the solicitor and should be ready go give instructions to lodge a Caveat to protect his interest. Your friend should also be aware that by lodging a Caveat – he could end up in the Supreme Court because you do have to substantiate lodging such documents on title.Is there a possibility your friend could negotiate with the son – perhaps borrow funds and buy out the son's interest? – it might be an option if the son doesn't want to end up in the Supreme Court?thanksThanks for your rapid response Raddles – yes there is a possibility of borrowing the funds to buy out the son's interest.
Thank you again for the information it has been very useful. Very much appreciated
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