Trf of title/Trust Deed

lindabea

Hi everyone, I'd like some advise please. I am currently living in a property with my partner which is in his sole name. However, when I sold my own property I paid off his mortgage and invested a large sum of money in renovation work. Consequently, my current share in the property is about 60% and I have nothing documented with land registry or otherwise to protect my interest. Naturally, I want to remedy this - my options as I understand is to either transfer the title in joint names or to do a trust deed. I would appreciate if someone can explain this in more detail and perhaps give me some idea of costs.

lindabea

Sorry, I forgot to ask - would we have to pay stamp duty?

whysitallsocomplicated

Hi

Bit hazy on detail but might help. A few years ago when my Dad died and my mother wanted to move before we had sold her house I helped out by getting a mortgage in my name for the new house she wanted. The plan was as soon as I had got the PP for knocking her old house down and had sold the property we would use some of the money to pay of the mortgage on the new house. the plan worked out ok but to protect everyones interest we needed to get a deed of trust organised. we used my mothers old solicitor which wasnt the cheapest and I believe it cost about £300.00, this is about 5 years ago. The title deed was marked at the registery stating that no transfer could be done on the title without refering to the deed. I believe the deed just said that I couldnt sell the property without the consent of my mother and that the title would be transfered to her once the mortgage I had taken out was paid. I think it stated something about my mother not being able to refuse transfer if the lender required it through default and that she would give vacant possesion in that instance.

I think with yourself it would need to state that the title could only be transfered with your consent. the solicitor you use should be able to tell you how it gets attached to the title register.

hope that helps