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What document do I need
markyyyyyy
Posts: 99 Forumite
Hi, my wife and i are splitting up, however for the time being she's staying in the house. We have agreed that up to the current value of the house (and when signing document), I receive 65% of the equity and she will continue to pay the mortgage. This means that when we sell up in the future I will receive the amount we agree, which we will be getting on a legal document. She will then receive the remainder of the equity when we sell the house, as she is paying the mortgage on her own.
Please may someone let me know what the document is called? Do we need to get it done by a solicitor or will countersigning by both of us be suffice?
Please may someone let me know what the document is called? Do we need to get it done by a solicitor or will countersigning by both of us be suffice?
Savings aim for 2012: £5000 = £416.60 per month
Current Savings excluding M&G Investments (18/11/11):
Britannia: £5334
Total Aim for 31/12/12: £10,334
Current Savings excluding M&G Investments (18/11/11):
Britannia: £5334
Total Aim for 31/12/12: £10,334
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Comments
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She may be paying it, but you are equally responsible. Are you not buying elsewhere in the future? Do you have any children together? If not, I think it's a terrible idea to keep the (joint) house. Some time in the future, probably when new partners are involved, one of you is going to regret this.2024 wins: *must start comping again!*0
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You need to a solicitor to get this done properly.Eat vegetables and fear no creditors, rather than eat duck and hide.0
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You need a trust deed in place, stating you would receive x percent of the sale. You will likely have to ensure your joint ownership is changed to tenants in common, though.
A decent solicitor will charge in the region of £200 +VAT for this0 -
Do not attempt to do this informally between the two of you.
And do not come to an agreement that involves you being linked financially for years to come.
You need a clean break, you need it done as part of a proper divorce settlement.
Go and see a solicitor specialising in divorce and family law.
Yes - this is a moneysaving site, but the best way to save money in this situation in the long term is to pay in the short term to do it properly.0 -
Thanks for replies. Yes we have a 2 year old. It was only for the short term until she finds a house suitable. Thanks.Savings aim for 2012: £5000 = £416.60 per month
Current Savings excluding M&G Investments (18/11/11):
Britannia: £5334
Total Aim for 31/12/12: £10,3340 -
It seems people often start off with the best of intentions but then 15 years later its still ongoingmarkyyyyyy wrote: »Thanks for replies. Yes we have a 2 year old. It was only for the short term until she finds a house suitable. Thanks.An answer isn't spam just because you don't like it......0 -
(house suitable )
There is a lot of difference from a suitable house and one she might be able to afford with one income and a dependant 2 year old child.
Be very careful of moving out and speak to a solicitor0
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