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Finding a solicitor for a Deed of Trust
browneyedbazzi
Posts: 3,405 Forumite
The latest headache in my house-buying drama is that the solicitor we have instructed to handle the conveyancing has just informed me that she isn't able to draw up the Deed of Trust as we want it...apparently she's only capable of doing 'simple' deeds of trust which just state one party gets x% and the other y% and this really isn't suitable for our situation.
We'd found a really good guidance note online from Richard Webster &co about working out proportions for deeds of trust - including a scenario very similar to what we want. I've called them to ask about a quote only to find that the person who wrote the notes has now retired and they don't have anyone who can do what we want now
So can anyone recommend a good solicitor in the South East who could manage a Deed of Trust that is a bit more complex?
We'd found a really good guidance note online from Richard Webster &co about working out proportions for deeds of trust - including a scenario very similar to what we want. I've called them to ask about a quote only to find that the person who wrote the notes has now retired and they don't have anyone who can do what we want now
So can anyone recommend a good solicitor in the South East who could manage a Deed of Trust that is a bit more complex?
Common sense?...There's nothing common about sense!
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Comments
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Pop in to several firms in your high street and ask
a) can they do it
b) how much
Frankly if your current 'solicitor' can't do it they must be pretty c**p! Is it an online conveyancing outfit or a proper firm of solicitors?0 -
We had similar problems the firm we were using only had one solicitor that could do them, They had to phone him on holiday to sort ours out.0
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Pop in to several firms in your high street and ask
a) can they do it
b) how much
Frankly if your current 'solicitor' can't do it they must be pretty c**p! Is it an online conveyancing outfit or a proper firm of solicitors?
It's a proper firm of solicitors that came very highly recommended by a colleague and friend and the person handling our conveyancing is one of the partners. She's been very good about everything else so I was a bit shocked that she can't do this!Common sense?...There's nothing common about sense!0 -
browneyedbazzi wrote: »She's been very good about everything else so I was a bit shocked that she can't do this!You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0
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All options break down to basic ways or a combination of the two.
The trick is to separate in your head the debt/deposits which do not change value and the asset which does.
True equitable shares is where you buy a share with a deposit and your share of debt.( you can adjust the debt share to make the ownership 50:50 if required)
When you dispose you split the proceeds then pay off your share of the debt.
This works for all values up/down.
Payments/overpayment of the mortgage should be done at the debt%,
Capital Investments and repairs in the equity%
This avoids any need to do any recalculations, if you want to do unequal overpayments is gets a tiny bit more complicated as you need to know the outstanding balance at that point and you adjust the debt %(NOT the equity).
The other way that is used a lot(get deposits back) is the equivalent to a loan to each other of 1/2 a deposit and does not work out equitable. for any change in value.0 -
browneyedbazzi wrote: »So can anyone recommend a good solicitor in the South East who could manage a Deed of Trust that is a bit more complex?
Why make it unnecessarily complex?0 -
Notwithstanding the first post here, there was an unfortunate mistake and I can still do such deeds of trust.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
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