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RaraAvis
Posts: 8 Forumite
Hi,
I need your advice urgently regarding the ownership of my property. I feel v insecure as I have kids and relationship between me and my husband is not too good.
Two years back I purchased a Buy To Let flat with all my savings (from my previous jobs). The flat in currently owned by me and my husband. I wanted to be the sole legal owner of the flat as I have fully paid for it but bank approved the mortgage for both of us on the basis of my husband's job. Hence I was under this impression that I can not buy a property solely on my name. My husband however gave me a declaration of trust which specifies property will be held on trust for themselves as tenants in common in a ratio of 1% to my husband's name and 99% to mine. The registration section of DoT says applicant agrees to apply to land registry for entry of standard form A restriction against title of property; which perhaps indicate that its not registered in LR yet. Is it important/required to register declaration of trust to be registered in LR. Can this DoT document be revoked in future in any way? In case I die, will my kids inherit my property (99%) or it will be transferred fully to my husband?
I need your advice urgently regarding the ownership of my property. I feel v insecure as I have kids and relationship between me and my husband is not too good.
Two years back I purchased a Buy To Let flat with all my savings (from my previous jobs). The flat in currently owned by me and my husband. I wanted to be the sole legal owner of the flat as I have fully paid for it but bank approved the mortgage for both of us on the basis of my husband's job. Hence I was under this impression that I can not buy a property solely on my name. My husband however gave me a declaration of trust which specifies property will be held on trust for themselves as tenants in common in a ratio of 1% to my husband's name and 99% to mine. The registration section of DoT says applicant agrees to apply to land registry for entry of standard form A restriction against title of property; which perhaps indicate that its not registered in LR yet. Is it important/required to register declaration of trust to be registered in LR. Can this DoT document be revoked in future in any way? In case I die, will my kids inherit my property (99%) or it will be transferred fully to my husband?
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Comments
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As tenants in common you can leave your share to whomever you like.Hi,
I need your advice urgently regarding the ownership of my property. I feel v insecure as I have kids and relationship between me and my husband is not too good.
Two years back I purchased a Buy To Let flat with all my savings (from my previous jobs). The flat in currently owned by me and my husband. I wanted to be the sole legal owner of the flat as I have fully paid for it but bank approved the mortgage for both of us on the basis of my husband's job. Hence I was under this impression that I can not buy a property solely on my name. My husband however gave me a declaration of trust which specifies property will be held on trust for themselves as tenants in common in a ratio of 1% to my husband's name and 99% to mine. The registration section of DoT says applicant agrees to apply to land registry for entry of standard form A restriction against title of property; which perhaps indicate that its not registered in LR yet. Is it important/required to register declaration of trust to be registered in LR. Can this DoT document be revoked in future in any way? In case I die, will my kids inherit my property (99%) or it will be transferred fully to my husband?
But as a married couple, you both own everything jointly - there is no my or yours, just ours.
Your DOT may be meaningless, a court can choose to disregard it.0 -
Have you checked the Land Registry entry? https://www.gov.uk/get-information-about-property-and-land/copies-of-deeds
https://www.co-oplegalservices.co.uk/media-centre/articles-jan-apr-2017/do-tenants-in-common-need-a-declaration-of-trust/
You are currently letting out the property?0 -
Thank you for your response. Being married couple automatically implies that property is held jointly?
Where, like in which document, does it specify that property is purchased as tenants in common? I have seen this only in my DOT. Land registry document doesn't specify the 'joint' or 'tenant in common' status. Any idea about Form A restriction against title ?? what is it?
Considering my current situation, based on DOT, can I leave my 99% share to my kids if I write a will?0 -
It depends, assuming you're headed to a split a judge would decide how assets are separated.Thank you for your response. Being married couple automatically implies that property is held jointly?
Where, like in which document, does it specify that property is purchased as tenants in common? I have seen this only in my DOT. Land registry document doesn't specify the 'joint' or 'tenant in common' status. Any idea about Form A restriction against title ?? what is it?
Considering my current situation, based on DOT, can I leave my 99% share to my kids if I write a will?
Yes being married means you share all assets - I thought that was obvious?0 -
I am sorry My knowledge about systems in UK is quite basic :-( hence I am asking things ....0
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So as I understand, being a married person, I can not own anything alone and I can not only transfer anything to my kids unless I purchased as Tenants in Common (which currently I am not sure about). Also the DOT seems to only specifies proportion of beneficial interest (like income and right to sell etc) but not the legal ownership status...?
applying for form A restriction in LR, does it protect me in any ways? or getting another type of document?
Is there any way I can change my legal ownership in land registry in future may be or no way out for me?0 -
So as I understand, being a married person, I can not own anything alone and I can not only transfer anything to my kids unless I purchased as Tenants in Common (which currently I am not sure about). Also the DOT seems to only specifies proportion of beneficial interest (like income and right to sell etc) but not the legal ownership status...?
applying for form A restriction in LR, does it protect me in any ways? or getting another type of document?
Is there any way I can change my legal ownership in land registry in future may be or no way out for me?
You can own things. Ofcourse.
In theory everything is owned jointly. In practice personal items are exempt. This is a significant asset and if you are going to divorce you need to be careful.
You don't want to be hiding assets (not suggesting you are, but it's entering that territory)0 -
thank you. these links are very helpful. I have LR title deed with me, which simply mentions our names and nothing about 'joint' or 'tenant in common' status. Where is the transfer deed, is it kept by solicitors or should I have a copy?0
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I just found this from a website named rocketlawyer which is v different to what you told me:
What does a declaration of trust do?
A declaration of trust confirms the true ownership of a property in the proportions contributed by each party regardless of the title entries at the land registry. It can allow an owner not protected by being a registered owner of a property at the land registry to actually be an owner and be protected as such. The declaration of trust can be noted at the land registry, alerting future purchasers that the registered owner is not alone in owning the property.0 -
Does it mention marriage in that article?....I just found this from a website named rocketlawyer which is v different to what you told me:
What does a declaration of trust do?
A declaration of trust confirms the true ownership of a property in the proportions contributed by each party regardless of the title entries at the land registry. It can allow an owner not protected by being a registered owner of a property at the land registry to actually be an owner and be protected as such. The declaration of trust can be noted at the land registry, alerting future purchasers that the registered owner is not alone in owning the property.0
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