Bankruptcy - Unregisted Deed/Declaration of Trust

Hi, and thank you for your time reading this.

Our situation:
We own a mortgaged home with some equity. This was orinally purchased in 2008 on an assumed 50/50 Tenants In Common basis. In May 2016 my partner gave me £32,000 to pay off some debts and we drew up a Deed of Trust, changing the percentage share to a 75/25 split in his favour. We filed this with our Wills etc. There is an audit trail of monies exchanged.

Being faced with bankruptcy, my question is, should we have filed it with the Land Registry for it to be recognised by the OR? And if so, is it too late to do it now?

The reason we didn’t is that we were advised at the time that we didn’t have to and that, as I was hoping to pay my partner back, we would have then destroyed the Deed, reverting back to a 50/50 split.

Also, we have recently discovered that our home has suffered where the damp course has failed at the back of the house, affecting 2 bedrooms, the main bathroom, and hallway. The front lounge roof leaks and the windows have failed and frames are rotten.

Can the cost of these repairs be included in my partner’s 25% beneficial interest negotiations, or even the fact that we would be unlikely to get a buyer with so much wrong with the house be used to his benefit?

Many thanks in advance for any advise.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.9K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards