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House on Separation
m1tch
Posts: 10 Forumite
Thanks for answers below. Found what I needed. Original post removed as contained personal information.
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Comments
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There is no negative equity as the property is worth a lot more than the mortgage.
When they purchased the property, did she have some kind of agreement drawn up to protect the large deposit she paid?
If not I think she needs legal advice, fast.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I agree. Unmarried parties buying jointly without use of a Trust Deed is always a recipe for problems.kingstreet wrote: »There is no negative equity as the property is worth a lot more than the mortgage.
When they purchased the property, did she have some kind of agreement drawn up to protect the large deposit she paid?
If not I think she needs legal advice, fast.0 -
Thank you for the replies. I'm not sure there was anything specifically drawn up to protect her deposit. I wonder what would be the normal outcome in these situations. They were only together a year or so before they bought the house, so it's not like she saved the deposit while they were a couple either.0
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The normal situation depends on
is this tenants in common? if so what portions were agreed?
or joint tenants, in which case 50 percent is assumed.
Is there a trust deed? If so that will specify the situation.If you've have not made a mistake, you've made nothing0 -
Ok great. This gives me a good starting point. After doing some reading about types of tenancy my guess is that they are joint tenants. My friend made reference to a document showing her deposit of £100,000. I will ask her to find this, and hope that it is a trust deed. If it isn't, then I see this being rather complicated.0
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NB: A Trust Deed itself cannot be registered at HMLR.
But an appropriate Restriction based on the Trust Deed is essential.0
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