Declaration of trust

laughingboy

Can I/we get one after buying a house?

(i.e. to say I put in £X deposit that I will get back, the rest will be split 50:50)

Thanks

amnblog

a question for your solicitor.

kingstreet

Did you purchase the property as tenants in common in the first place?

If not, you'll have to have the joint tenancy severed first, then do a deed of trust.

Are you sure the other owner will agree to this? Who would you want to inherit your share of the property on death, as this is also impacted by a change to tenants in common and will make writing a will essential?

jorgelopez

In some cases that is turned over when you somehow completed your equity and other financial obligations within the developer.

kingstreet

Spam ahoy, jorge!

laughingboy

kingstreet wrote: »

Did you purchase the property as tenants in common in the first place?

If not, you'll have to have the joint tenancy severed first, then do a deed of trust.

Are you sure the other owner will agree to this? Who would you want to inherit your share of the property on death, as this is also impacted by a change to tenants in common and will make writing a will essential?

Yes.

All I would like is to get my deposit back then 50:50 everything after - I assume something like this is not out of the ordinary?

I think she will, I'll just have to see.

If I were to ask the solicitor, could I ask them not to tell 'her' until I have spoken to her?

getmore4less

You need to document all exit senarioes and what happens with each.

deaths, one wants to leave, can't pay, won't pay etc.


if you pay the mortgage 50:50 and plan to split equity 50:50 then the you get you deposit back is the equivilent of an interest free loan to the other person for 1/2 the deposit.

Thrugelmir

laughingboy wrote: »

Can I/we get one after buying a house?

(i.e. to say I put in £X deposit that I will get back, the rest will be split 50:50)

Thanks

Of course very sensible.

You'll need to obtain independent advice as a solicitor cannot advise both of you.