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Declaration of Trust If Married?
katyb1982
Posts: 5 Forumite
Hi, wondered if anyone could shed some light on my situation. I currently live in my flat (which I brought as a young free and single 22 year old) with my husband. After 2 years on unsucesfully trying to sell we are in the process of buying a new place just on his salary (with his deposit). We want to keep the mortgage etc in his name to avoid paying stamp duty as he is a first time buyer.
I thought It would be ok now we are married to do this and then to put both names on the mortgage when we re-mortage in a few years time and I was thinking of doing the same with the flat but today when we rang the solicitor to begin instructing them they said that we needed to pay £125 for a declaration of trust.
I have researched this online and the only advice I can find is for unmarried couples. Anyone enlighten me? Also could we get both properties put on the same declaration of trust or would we need 2?
Cheers,
Katy
I thought It would be ok now we are married to do this and then to put both names on the mortgage when we re-mortage in a few years time and I was thinking of doing the same with the flat but today when we rang the solicitor to begin instructing them they said that we needed to pay £125 for a declaration of trust.
I have researched this online and the only advice I can find is for unmarried couples. Anyone enlighten me? Also could we get both properties put on the same declaration of trust or would we need 2?
Cheers,
Katy
0
Comments
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You don't need the declaration of trust when you are married. It's for cohabiting couples to protect their interest in the property.
As you are already married, in case of a split you'd split the resources anyway. You can later add yourself on the mortgage deeds, the bank will most definitely charge you for it. The declaration of trust has nothing to do with it, and your solicitor wants to make a quick buck.0 -
That's ridiculous about the solicitor making a quick buck, but the main point devotee made is valid. If you divorce, the judge will decide how to split the assets anyway. If you want the security of having a share of the house now, then £125 for drawing up the document is a perfectly reasonable charge.No reliance should be placed on the above! Absolutely none, do you hear?0
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I'm not saying it's a lot of money, I'm just saying that it's unnecessary expense for the OP. The bank will charge them approximately £150 to add the name on the mortgage and they were planning to do that anyway. So why spend another £125?0
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Thanks for the advice everyone. I don't mind paying for things that are necessary but I don't want to shell out for anything I don't need!0
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