Shaun Williams is the sole director/shareholder in a company called SW Success Ltd, that is the owner of storefront in central Lincoln. The details of the property is as follows: City-centre storefront, leasehold title registered with the Land Registry in the name of SW Success Ltd as entry LN985321, at 42 Lindonium Dri

Shaun Williams is the sole director/shareholder in a company called SW Success Ltd, that is the owner of storefront in central Lincoln. The details of the property is as follows: City-centre storefront, leasehold title registered with the Land Registry in the name of SW Success Ltd as entry LN985321, at 42 Lindonium Drive, Lincoln, LN2 9XA.

Shaun established SW Success Ltd in 2016. It has been a successful business, generating a turnover of around £60,000 per year. In 2017, the company bought the lease (for 50 years) to 42 Lindonium Drive for £150,000. The company paid £30,000 and took a mortgage with Lincolnshire Building Society for the balance, paying £420 per month. Shaun pays himself dividends of around £10,000 per year.

In 2015, Shaun began a romantic relationship with Paula Fitzpatrick. She is a physiotherapist, who earns around £27,500 per year.

Paula helped out a lot in setting up the business and, in 2019, even reduced her working hours at the hospital to 80% in order to spend more time working in the shop. Shaun was very grateful for her work and gave her around £300 per month as a thank you gift. In 2019, Shaun spent the dividend he had paid himself on an extravagant trip with his friends. Paula was upset about this, as a lot of the company’s success was down to her work. In response, Shaun did say it was “our” business, that it wouldn’t work without her, and did give her an extra £2,000.

Advise Shaun and Paula to their rights to the property with respects to equity and trusts

Reference no: EM132069492

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