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Transfer of equity / declaration if trust - moving in with partner
VanB2021
Posts: 8 Forumite
Hi, i am really confused !!
Sold my house and moved in with partner. Mortgage now due for renewal so in process if remortgaging and adding me. All approved so far and its been sent by Mortgage provider to their nominated solicitor.
The confusions arises as partner will have more equity in house and from doing my research we need a declaration of trust. I.e for example he’s got 50k more than me in but thereafter equity split.
The solicitor has send me a form entitled ‘Information for transfer of equity’ however we are not just splitting a % of the equity its more complicated but the form only just gives a % for each borrower. I’ve gone back and said my understanding would be a declaration of trust is needed and explained what we are tying to achieve and asked would this supercede this form. She has responded to say she can’t advice and I would need independent advice and that this form needs returning.
I’m therefore confused as to what this form is for and how to comete given its not a straightforward split.
Sold my house and moved in with partner. Mortgage now due for renewal so in process if remortgaging and adding me. All approved so far and its been sent by Mortgage provider to their nominated solicitor.
The confusions arises as partner will have more equity in house and from doing my research we need a declaration of trust. I.e for example he’s got 50k more than me in but thereafter equity split.
The solicitor has send me a form entitled ‘Information for transfer of equity’ however we are not just splitting a % of the equity its more complicated but the form only just gives a % for each borrower. I’ve gone back and said my understanding would be a declaration of trust is needed and explained what we are tying to achieve and asked would this supercede this form. She has responded to say she can’t advice and I would need independent advice and that this form needs returning.
I’m therefore confused as to what this form is for and how to comete given its not a straightforward split.
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Comments
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Are you also registering your interest in the property at the land registry? And if it goes pear shaped is your partner in a position to be able buy you out?
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Thats my intention I assumed that would be part of what the solicitor is doing
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As far as the form goes. Delete what's not applicable.
Wth regards to a Decalaration of Trust the solicitor cannot be impartial in advising both parties . In Court a DOT will potentially fail legally if independent advice hasn't been sought. What starts as being a simple request needs to be thought through to cover all eventualites.0
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