House sale proceeds.

[pat79]

If a property is sold and it's in joint names, after the mortgage has been paid who is the equity paid to? Will it be a cheque in joint names? If you have a trust deed in place stating one partner will benefit 100% as in my earlier question will the cheque be paid to that one partner. Thanks

[Didwot]

The solicitors acting on the sale will pay the cheque in accordance with the instructions they get from the people in whose name the house is. If the instructions are unusual they may ask for them to be in writing. You could have a cheque drawn to one or other of the owners, or both, or half each, or anything else you fancy. If there is a trust deed then the owners should ensure that payment is made in accordance with that deed. If the solicitors know of the trust deed they may insist on making payment to the 100% owner, unless they are given written instructions to the contrary.

[pat79]

Thanks very much.....I was getting a bit nervous about buying with someone who has a bit of a gambling problem.

[Didwot]

I am pleased to see that you mention a trust deed. If you are buting in joint names the most important thing is to agree who pays what, who does what, if and when the property is to be sold, and who gets what if it is sold, at the outset, and to haveit all set out in a trust deed. Then you know exactly where you stand if t hings go wrong in the future

[pat79]

Cheers Didwot....you're a star!!