Trust deed for mortgage-unequal shares

Sandie11

I dont know if anyone can help however it is with regards to the wording on a trust deed so that my husband & I will hold the property as tenants in common as 99% and 1% shares.

My solicitor has shown who the building society is and has said that everytime i change BS this deed will also have to be changed. (more expense)

I have asked them to look into this and await a reply, however can anyone advise if they have to show who the property is charged to in terms of the BS.

holly_hobby

Forget the trust deed.

Simple way is to amend the property deeds to tenants in common, in whatever % division as is reqd. You can then change lenders as many times as you wish, but the basis of legal ownership (after the redemption of any charges) is as denoted in the deed.

Hope this helps

Holly

Senior_Paper_Monitor

In order for a trust deed to be applicable the ownership must be 'tenants in common' anyway. I recently had a long debate with our legal advisors on this as I thought I had come up with a smart way around this - but I was wrong.

The trust deed can cover much more than the simple split (rules of forced sale, protection of deposit, valuation etc).

holly_hobby

Senior_Paper_Monitor wrote: »

In order for a trust deed to be applicable the ownership must be 'tenants in common' anyway. I recently had a long debate with our legal advisors on this as I thought I had come up with a smart way around this - but I was wrong.

The trust deed can cover much more than the simple split (rules of forced sale, protection of deposit, valuation etc).

Ah if there are other reasons, rather than just generally splitting the equity (not clear from OPs post) then a good and valid point raised ... a trust doc is definately reqd.

Thanks SPM ....

Holly