Deed of trust changes - please help

mmmmcupcake

My partner and I spilt 8 years ago. We originally had a 190k mortgage in both names. I put 72k deposit down and paid all the fees. I had a deed of trust drawn up to reflect this on the sale I got 28% or 72k whichever was higher.

As I say he has been gone for 8 years and I have managed to pay the mortgage for this time, him not making any contribution to the mortgage, but payments for out two children. He has since remarried and had another child.

I am now wanting to sell (as I cannot afford to keep it up) and he has said verbally that he does not want any equity. Is there a cheap way I can get a new deed of trust drawn up? I have been quoted £300 for a new one but I cannot afford this.

I really need to move forward and my debt and the house mortgage payments are getting to be a real struggle.

I need some help please.... thank you in advance

BitterAndTwisted

I don't understand why you think you need a new Deed of Trust drawn up. As long as your ex gets proper advice I reckon you could come to a formal agreement about him not wanting any equity from the sale but that doesn't need to mean expensive legal assistance.

mmmmcupcake

Is it possible to draw up an informal written agreement. Would this suffice in proving to a mortgage company that I have all the equity so I can buy a new place?

Also how would I stand if I went to purchase a property with his informal agreement in place then at the last minute he changed his mind?

I would have thought that a formal agreement would be legally binding ? and the informal one just that... informal and only enforceable in a court ?

TBagpuss

No, an informal agreement is not likely to be enough for the mortgage company, nor would it protect you if your ex changed his mind.


If you sell, then you and he can both provide written instructions to the selling solicitor that the money is all to be paid to you, but your ex could change his instructions at the last minute.

Do you live anywhere near a university which offers Law Degrees? Many run law centres where you can access low cost of free advice from students. You might be able to draw up a new declaration using your existing one as a template, and get it checked.

As your ex is giving up an interest in the property which he is legally entitled to it would be desirable for him to take advice before signing, too.

getmore4less

Sell, get the money in your bank, then buy.

getmore4less

Did your previous trust just say 28% or was there more in it.

Even the 28% or £72k whichever was greater was a bad way to do that one.
For fare equity it should have JUST been 28%.

xylophone

Is your ex husband in a position to pay for the legal agreement to be drawn up? Would he lend you this money?

mmmmcupcake

The solicitor when I purchased the house drew up the agreement. I put down 72k as a deposit for the house and then paid the 14k stamp duty and fees as well (which was not reflected in the agreement).

They put 28% or my 72k which ever was higher on the sale of property? why is this not the right way of doing things? I let the solicitor draw it up, to be honest they didnt include what I paid out in fees and stamp duty so did it completely wrong. I only realised this after we signed (things were hectic no excuses but thats how it was).

To be honest I did not know anything about them... I just wanted to protect my deposit for my children should we ever split... which we did..

My ex won't lend me any money. I can't sell as my work is home based childcare so I would need to buy somewhere straight away as I am not allowed to work in rented.

I will look in to the Univeristy idea,...