Is solicitor correct? Confused

Jackdaw75

When i bought wifes ex out of their house we made arrangement (her and I) as tennants in common as 65% hers and 35% me. 

Now porting mortgage and topping up to buy new house.

Chose tenants in common again same split, but solicitor is saying this can't be done unless we contribute to the mortgage and bills in same manner. We can only claim deposit in that way:


This is only appropriate where you intend to contribute to all outgoings, including the mortgage, in these proportions also.  If you are contributing to the deposit in these proportions but the outgoings equally, then I would recommend a Trust deed which protects the additional lump sum invested by wife at the outset, but divides all surplus equity equally


I earn substantially more than my wife's salary so in event of a split i could get another mortgage easily but she would need most of house sale proceeds to even be lucky to get a tiny home. 

So, why can't we have the split like this not just for the deposit but the total ownership?

Thanks if you can explain it to me.

anselld

It is a recommendation not a rule.  ( A recommendation which will cost you money in the form of a trust deed).

There is no legal reason you cannot continue with a 65% 35% split so long as you are happy to own in those proportions going forward.  In the event of divorce all assets are in the melting pot anyway (unless it is a very short time of marriage) so the percentage split would be irrelevant.

doodling

Comments:

1. It looks like a comment rather than an insistence at this stage?
2. If the solicitor is acting for both of you then they may be unwilling to agree a split which they see as unfair without the party coming off worse having their own legal representation.  They can't act for both of you at once if you have differing interests.
3. There is nothing stopping you ignoring the contents of the deed with respect to mortgage contribution and bills.
4. How long have you been married?  The trust deed might already be irrelevant if its been a long time.

Jackdaw75

Thanks for replies.

Together 5 years, married 1 year.
Current house is her previous marital home, she had a very messy divorce had to pay ex a lot despite her being main carer to their kids and she paid mortgage and bills fully when he moved out.

New house we wish to purchase she couldn't afford by herself if worst happened, so she is understandably concerned and wants to protect hers and her kids interests after being bitten before.

So I could request solicitor follows our wishes?

anselld

Jackdaw75 said:

Thanks for replies.


So I could request solicitor follows our wishes?

Yes.  Or instruct if you need to.