Second charge v declaration of trust

michelefauk

Thank you for the replies.
As far as my solicitor has advised me, the declaration of trust is valid. As my daughter is 12, she can't inherit anything until she is 18. The only way we can stay in our home is for me to take on a mortgage on it, to do so the house has to be in my name. I have no other means of paying off the existing mortgage which is being insisted on, other than to sell the house which we don't want, my daughter has had enough trauma in dealing with the sudden loss of her father and is adamant she does not want to move.

GDB2222

unforeseen wrote: »

Have i missed something?

You weren't married to your partner and he died intestate. The estate i.e. the house, should then be going to the daughter as next in line.

Would the declaration of trust be null and void as one party is now deceased?

You may have a beneficial interest but no right to put the house in your name and raise money against it.

The daughter owns 80/315ths of the house. She has inherited that from her father.

The mother wants to document that with a declaration of trust.

"My daughter is being represented in her interests by a Litigation Friend and a separate solicitor. " So, the daughter's interests are being looked after.

The mother is stymied because she needs to raise a new mortgage to pay off the old mortgage, which was in the dad's name, but the chosen lender doesn't like the declaration of trust.

getmore4less

The equity in the house(after mortgage) house sits in the estate trust(as legal owner) with two beneficial owners.

The issue is getting to a point where a lender will accept the legal/beneficial ownership setup where one of the beneficiaries(a minor) has their share in a trust(they cant be a legal owner).

michelefauk

Thank you everyone who has commented, I guess there is no easy answer and I'll have to wait until my solicitor is back next week to see what he suggests.
Thank you