joint tenants/tenants in common/deed of trust

MetalJack21

Hello,
Me and my partner are looking for advice as we are buying our first home and are unsure how to register as tenants on the land registry
My partner has put in £12k towards the deposit. I have also put in £12k. My parents have gifted me £50k. This would make my contribution towards the deposit £62k to her £12k
We would like to have something put in place to say that if the worst should happen and we separated that we would get back what we put in. 
We will pay the mortgage 50/50
I am unsure whether we could do joint tenancy with a deed of trust to say that i would get my portion back if we split or if we would need to be tennants in common with unequal shares with/without a deed of trust

Any advice is very much appreciated 
Thanks

Jack
 

xylophone

Ask your conveyancing solicitor to draw up a Deed of Trust to cover what you want to happen should you split up.  
https://www.co-oplegalservices.co.uk/media-centre/articles-jan-apr-2017/do-tenants-in-common-need-a-declaration-of-trust/

MetalJack21

Thank you for the reply, i have asked them regarding this and they have said that we must go via another soliciting firm as they are working on behalf of both of us. I didnt really understand this and any solicitor we go to will be working on behalf of both of us anyway

MetalJack21

I suppose what im asking is it possible to go in as joint tenants but have a deed of trust so that in the even of death the house is left to the surviving member

[Deleted User]

MetalJack21 said:

I suppose what im asking is it possible to go in as joint tenants but have a deed of trust so that in the even of death the house is left to the surviving member

If you are joint tenants then you wouldn't need a deed of trust to do that.  When a joint tenant dies ownership is automatically passed to the surviving joint tenant(s).

I suspect what the solicitor meant was that you each ought to seek your own legal advice before agreeing to a Deed of Trust.

getmore4less

You can do a deed on joint tenants or just have a will 

If you go down the route where you just get your extra  £50k back this is the same as you lending the OH £25k interets free.

You could set it up like that where you lend the £25k  and they pay you back a bit at a time and any outstanding balance  when the palce is sold.

Another option is  they pay more of the mortgage  to make things equal say the place is £224k  with extra £50k deposit and £150k mortgage, you could split the mortgage so you pay £50k and the OH pays £100k
then when you sell you pay off 1/3 of the mortgage thats left fron 1/2 the proceeds and the OH pauy 2/3
(adjusted for actual numbers.

you couldalso go equitable shares and not own 50:50. you by £62k worht OH 12k worth and you by 1/2 the rest each using the mortgage.

[Deleted User]

getmore4less said:

You can do a deed on joint tenants or just have a will 

If you go down the route where you just get your extra  £50k back this is the same as you lending the OH £25k interets free.

You could set it up like that where you lend the £25k  and they pay you back a bit at a time and any outstanding balance  when the palce is sold.

Another option is  they pay more of the mortgage  to make things equal say the place is £224k  with extra £50k deposit and £150k mortgage, you could split the mortgage so you pay £50k and the OH pays £100k
then when you sell you pay off 1/3 of the mortgage thats left fron 1/2 the proceeds and the OH pauy 2/3
(adjusted for actual numbers.

you couldalso go equitable shares and not own 50:50. you by £62k worht OH 12k worth and you by 1/2 the rest each using the mortgage.

I thought you could only have a Deed of Trust as tenants in common since joint tenants have equal rights to the whole property.

tacpot12

MetalJack21 said:

Thank you for the reply, i have asked them regarding this and they have said that we must go via another soliciting firm as they are working on behalf of both of us. I didnt really understand this and any solicitor we go to will be working on behalf of both of us anyway

When you sign a Deed of Trust, you both need independent legal advice. It is better if you each have your own solicitors looking at the agreement to make sure that it is fair from both parties points of view and covers all the likely eventualities.