We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Deeds of trust and restrictions
woodtop
Posts: 26 Forumite
My partner and I are buying a house and he is taking out a mortgage for his share,I cannot be on the deeds or mortgage because I have a CCJ,
my half share is to be cash into this property.
I am taking out a deed of trust and restrictions on the property to register my interest stating what monies I have put into the property and if sold will receive half along with any equity when it is sold,is there anything else I need to include to safeguard my share .
Our mortgage advisor has mentioned a equity share which the building society will recognise .
my half share is to be cash into this property.
I am taking out a deed of trust and restrictions on the property to register my interest stating what monies I have put into the property and if sold will receive half along with any equity when it is sold,is there anything else I need to include to safeguard my share .
Our mortgage advisor has mentioned a equity share which the building society will recognise .
0
Comments
-
Our mortgage advisor has mentioned a equity share which the building society will recognise .
They won't. Don't know what he is on about - get him to explain in more detail what he means.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Are you married to your partner? If not, it might be worth writing wills. If your partner died and your name isn't on the deeds then the house would pass to his next of kin unless it's left to you in his will. It also might be worth getting written into the deed of trust what would happen if you were to split up, together with a time restriction. eg if one person gives written notice to the other that they wish to sell the house, then the house must be put on the market within 30 days. Could also include a back up plan incase you can't agree on what price to sell the house at, eg if a price cannot be agreed upon, then a surveyor will be consulted for a valuation. Your solicitor will be able to advise you and your partners solicitor will also check the deed and between them they should cover all situations hopefully!
Good luck! 0 -
It will be important to ensure that this is registered on the title to the property held by the Land Registry. You might not be included on the mortgage, but the Land Registry must be informed of your share in the property. It will then add a restriction to the title stating that the property cannot be sold without your consent.0
-
How does a ccj stop you having your name on the deeds????Be Alert..........Britain needs lerts.0
-
paddedjohn wrote: »How does a ccj stop you having your name on the deeds????
if you are not on the mortgage then you cannot be on the deeds as otherwise his partner cannot mortgage all the house.My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0 -
COULD HE NOT BE ON THE DEEDS AS THE SECOND CHARGE ON THE PROPERTY? I ASSUME HE IS PAYING 50% CASH UP FRONT.
My partner and I are buying a house and he is taking out a mortgage for his share,I cannot be on the deeds or mortgage because I have a CCJ,
my half share is to be cash into this propertyBe Alert..........Britain needs lerts.0 -
if you are not on the mortgage then you cannot be on the deeds as otherwise his partner cannot mortgage all the house.
I understand that having a CCJ will most likely prevent you from taking out a mortgage. I can't, however, see why this should affect the declaration of trust that you and your partner draw up.
No matter who is contributing what in terms of mortgage, you can divide ownership of the property however you wish in the trust. Whether your partner will agree to a 50-50 split if they are the sole name on the mortgage is another matter.0 -
I understand that having a CCJ will most likely prevent you from taking out a mortgage. I can't, however, see why this should affect the declaration of trust that you and your partner draw up.
No matter who is contributing what in terms of mortgage, you can divide ownership of the property however you wish in the trust. Whether your partner will agree to a 50-50 split if they are the sole name on the mortgage is another matter.
The mortgage lender needs to be satisfied that they have security for the loan. They won't be happy lending 100% of a half share.
It may be better paying off the CCj so that it is marked as satisfied and getting a joint mortgage.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Just to clarifier the situation., i am putting in cash to this property has my half share,my partner we are not married has been offered a mortgage on this property for his half share.
I cannot go on the mortgage because
1-no regular income
2-ccj (which is a charge on my own house,will be paid when my own house is sold,
so we are going to go to a solicitor to draw up a trust and restrictions stating what money I have put in and so on.
I think it is the only way we can do this ?0 -
People with no income can still go on a mortgage and deeds. Many non earning stay at home mothers do.
Why can't you explain to your mortgage lender the background to the charge?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards