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Do I need Declaration of Trust?
SteveKJD
Posts: 1 Newbie
My son is buying a property for the first time and in order for him to get the mortgage funds he needed, I have had to go on the mortgage as joint borrower (my original plan was to be guarantor, but this was not possible). I am not paying any of the mortgage and as soon as he earns enough to have been able to borrow the full funds himself I want to come off of the mortgage. As far as I'm concerned it's his property and not mine.
I would like the shares in the property to be 100% to him and 0% to me (failing that 99% / 1%). Do I need to get a declaration of trust pepared at £150 (quote from solicitor) or will simply stating this unequal sharing on the paperwork from the solicitor suffice.
Bearing in mind that all I am doing is helping my son buy a property, I don't want to incur any additional expense unnecessarily. My son intends to keep the property for only 3 years and is about to get a significant pay rise which had this happened 2 months ago would have meant that he could have borrowed the full £98000.
Any advice?
I would like the shares in the property to be 100% to him and 0% to me (failing that 99% / 1%). Do I need to get a declaration of trust pepared at £150 (quote from solicitor) or will simply stating this unequal sharing on the paperwork from the solicitor suffice.
Bearing in mind that all I am doing is helping my son buy a property, I don't want to incur any additional expense unnecessarily. My son intends to keep the property for only 3 years and is about to get a significant pay rise which had this happened 2 months ago would have meant that he could have borrowed the full £98000.
Any advice?
0
Comments
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Write each other letters setting out the agreed position. Bear in mind that you will both appear as owners on the land registry, so make sure insurance is in place. No need for 99%/1%, if it is actually 100% his, but you are of course liable for the mortgage if your son cannot pay.No reliance should be placed on the above! Absolutely none, do you hear?0
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