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deed of trust...
brooklyn07
Posts: 170 Forumite
Hi all
I dont know if this is in the right section but i need some advice before going to see a solicitor...
2 years ago i bought a house with my partner - we are not married and we have no children.
As my partner put down half of the deposit (the other half was gifted vendor) he insisted we have a deed of trust set up which is fair enough.
So we are tenants in common and i own 47% and him the rest.
It was also noted down how much deposit he put down which was in the region of 7k with the understanding that if the house is sold he gets his 7k back first, and then 53% of whatever is left as profit.
The way things are looking with the housing market i would be surprised if we managed to sell it for what is left outstanding on the mortgage - if we do manage to cover the mortgage then there would be no profit left to share.
My question is - what would happen in this instance - would he be entitled to claim half of 7k he put down from me?
If we decided not to sell with him remaining living there, and i got the house valued - if the house is in negative equity would i then have to give him the difference to whatever the mortgage is left plus half of his deposit or would i just be able to walk away? What if the house is actually worth more than the mortgage would i be able to ask that he gives me my share less half of the deposit??
Sorry for all the questions - last one i promise! the solicitor that originally drew up the deed of trust - could i go back and see them for advice or would they technically have represented him and thefefore i would have to find another? I dont think they are "his" solicitors i think this was just a solicitor that was recommended to us when buying the house...
Thanks
I dont know if this is in the right section but i need some advice before going to see a solicitor...
2 years ago i bought a house with my partner - we are not married and we have no children.
As my partner put down half of the deposit (the other half was gifted vendor) he insisted we have a deed of trust set up which is fair enough.
So we are tenants in common and i own 47% and him the rest.
It was also noted down how much deposit he put down which was in the region of 7k with the understanding that if the house is sold he gets his 7k back first, and then 53% of whatever is left as profit.
The way things are looking with the housing market i would be surprised if we managed to sell it for what is left outstanding on the mortgage - if we do manage to cover the mortgage then there would be no profit left to share.
My question is - what would happen in this instance - would he be entitled to claim half of 7k he put down from me?
If we decided not to sell with him remaining living there, and i got the house valued - if the house is in negative equity would i then have to give him the difference to whatever the mortgage is left plus half of his deposit or would i just be able to walk away? What if the house is actually worth more than the mortgage would i be able to ask that he gives me my share less half of the deposit??
Sorry for all the questions - last one i promise! the solicitor that originally drew up the deed of trust - could i go back and see them for advice or would they technically have represented him and thefefore i would have to find another? I dont think they are "his" solicitors i think this was just a solicitor that was recommended to us when buying the house...
Thanks
0
Comments
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ASIAW he wouldn't be able to claim any of the 7k back from you directly - it wasn't 'lent' to you it was invested in the property. I would suggest posting on the Housing board as well though - they tend to be very knowledgable on the legal side of things.0
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I'm not sure why your partner should get the 7k back first then a bigger share of the property too? Did you receive independent legal advice at the time?
Definitely post or get this post moved to the Housing board, you should get lots of help over there 0 -
Indeed, more help and good answers on Housing Board. Goodluck.0
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