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Ask Clare Your Own Question

Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33501
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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property to buy but still married

Customer Question

I am a French man married in UK with an English woman.We have 3 kids. I am living in UK,wife and kids too.I am separated now but still married. My dad wants to lend me some money to buy a property. I will be the only one to pay him back (my wife has no income) Can i buy a property on my name only? I don't want her to have half of it if one day we divorce. Many thanks Ben

Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Who will live in the property?
Clare
Customer: replied 2 years ago.

hello Clare,


 


I will be the only one to live in the property. I will have my kids sometimes to stay overnight or the week end.


Many thanks


Best Regards


Ben

Expert:  Clare replied 2 years ago.
Hi
Will you be taking out a mortgage as well?
Clare
Customer: replied 2 years ago.

No mortgage.


Ben

Expert:  Clare replied 2 years ago.
Hi
In that case the way forward is to purchase the Property but then arrange to sign a Declaration Of Trust stating that you hold the property on behalf of your father.
This would mean that in the Financial side of Divorce Proceedings the property will be safe
I hope that this is of assistance - please ask if you need further details
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33501
Experience: I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
Clare and 2 other Family Law Specialists are ready to help you
Customer: replied 2 years ago.

Hi,

 

Can you explain a bit more please? who need to sign? my father doesn't want to be the owner of the property,only me.

Thank you

Ben

Expert:  Clare replied 2 years ago.
Hi
You will be the owner of the property.
However YOU will sign a Document confirming that since the money came from your father then if the property is sold the money belongs to him
Clare
Customer: replied 2 years ago.

Hi,


 


thank you for the reply. If i understand my wife could not force me to sell the property if we divorce or get half of it?


you said if the property is sold the money belongs to him,what do you mean? would he get the money back from the sale?


thank you


Ben

Expert:  Clare replied 2 years ago.
Hi
provided you have signed a Declaration of Trust at the time of the purchase it will be safe in the event of a Divorce
Yes he would get the money back from a sale
Clare
Customer: replied 2 years ago.

Hi,


 


ok thank you,last question:)


If i want to sell the property and buy another one, do i still need to give his money back? To be honest my dad doesn't really need me to pay him back, he just want me to have my own property.


Thank you Ben

Expert:  Clare replied 2 years ago.
Hi
This is a device to protect the money in the event of a Divorce so yes it needs to be done this way.
the other option is to deal with the divorce before you buy the new property
Clare
Customer: replied 2 years ago.

Hi,


 


ok but i don't need to sell anyway, can keep the same property and my property would be safe even if i divorce,isn't it?


Thank you


Ben

Expert:  Clare replied 2 years ago.
Hi
Provided you sign a Declaration of Trust at the time of purchase yes
Clare
Customer: replied 2 years ago.

Hi,


 


Many thanks for your help,much appreciated.


 


Ben

Expert:  Clare replied 2 years ago.
Hi
You are most welcome I hope all goes well
Clare

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