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Ask Clare Your Own Question

Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33325
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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I own a share of an investment property which I am happy to

Customer Question

I own a share of an investment property which I am happy to declare in proceedings. My business partner who owns 90 per cent does not want the address revealed. Can the information be made available confidentially to the court
Submitted: 2 years ago.
Category: Family Law
Expert:  Ash replied 2 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Why does it need to be disclosed, is it the subject of a dispute please?

JACUSTOMER-2kqmvhec- : It is an asset in divorce proceedings. Form e requires the full detail of the property. My business partner is happy to get a valuation but does not wish the address to be made known to my wife. There is no intention to conceal value only the address. Is there a way that an independent 3rd party cd certify the value.
Alex Watts : It's bad news.
Alex Watts : If its jointly owned then it is on the land registry and is a matter of public record anyway.
Alex Watts : If the court orders that this is disclosed then you must.
Alex Watts : I really don't see why it is an issue your ex knows the address of the property?
Alex Watts : But it will be a matter or public record anyway.
Alex Watts : Can I clarify anything for you about this today please?
JACUSTOMER-2kqmvhec- : At present my ownership is secured in a declaration of trust - which indicates the 90/10 position. Cd I get the declaration amended to simply show a financial value thus removing my security and ownership. If this were possible form. E. We'd show an 'other' asset not a property
Alex Watts : If you are asking divorce specific questions that is not my area and I will have to opt out
Alex Watts : Sadly divorce wasn't mentioned in the original question otherwise I would not have replied.
Alex Watts : Someone will be along shortly to pick this up, so no need to reply.
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.
What is your partners concern about the matter?
Clare
Customer: replied 2 years ago.
My business partner and I had a relationship 10 years ago. She does not wish my wife to know the address for fear it might jeopardise her current relationship. Her partner is unaware of my investment in the property.

I want to emphasise that I am more than happy to declare the value of the investment on form e. .

An alternative I have contemplated we'd be to remove myself from ownership of the property and substitute it with a different legal arrangement .
Expert:  Clare replied 2 years ago.
Hi
Is this a residential property?
Clare
Customer: replied 2 years ago.
Yes
Expert:  Clare replied 2 years ago.
Hi
For clarity are you actually named on the title deeds?
Clare
Customer: replied 2 years ago.
Yes. But I am prepared to have my name removed . As a substitute my business partner is prepared to have a different arrangement to recognise the value of my investment in the property.
Expert:  Clare replied 2 years ago.
Hi
is your wife aware of your interest in this property?
Could your friend pay you back at this stage?
Clare
Customer: replied 2 years ago.
Yes she is aware of it and this is the problem. My friend is not in a position to repay me. In any case I wanted the investment to benefit my children when they retire in 30 years time.
Expert:  Clare replied 2 years ago.
Hi
At this stage removing your name from the deeds will not assist as your ex is aware of the asset and can demand details
You can certainly negotiate with your wife to agree a method of valuation that does not disclose the address
Asking her to nominate the Estate Agent and asking the Estate Agent to confirm in his report that he has seen the title deeds would assist
However if she will not agree you will have to ask the court to rule on the matter - and unless your wife has been physically violent to your ex in the past it is unlikely that the Judge will see the need - but it would be worth a try.
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 2 years ago.
I need clarification on the form e position. If I declare that my investment is by way of a loan ie not secured on the property and if this position can be arranged legally to my satisfaction for security then for me shows the asset. There is no intention on my part to hide any value so why then would the address have to be disclosed? In that circumstance the ownership of the property would not even feature on form e.
Expert:  Clare replied 2 years ago.
Hi
I thought you said that your wife was aware that you were a joint owner?
Clare
Customer: replied 2 years ago.
My wife is aware of the property ownership. If I remain a joint owner of the property it must be disclosed at part 2.2 of form E. An address would be required here. If I am not the joint owner but have merely loaned money to my business partner the disclosure is at part 2.14 of form E . As a simple loan there appears to be no requirement to disclose the address. The purpose of the form is to establish the value of assets. If i remove myself from ownership the property address is not relevant. The form still shows an asset of the same value and so the assessment of shares would be the same.
Expert:  Clare replied 2 years ago.
Hi
If your wife is aware of the the fact that you owned the property then saying that it is just a loan is likely to raise more questions and she is likely to ask you to explain further.
Clare
Customer: replied 2 years ago.
My suggestion is this

I remove my name from ownership with my partner's permission. This would involve changing the current declaration of trust. For the purpose of form. E. I would not then have an ownership to declare.

Secondly a new declaration of trust is drawn up acknowledging that I contributed a sum of money by way of a loan to my partner. The loan would then be declared on form. E without the need to disclose an address because I would not have an interest in the property.

The value of the loan would be the same as the property share.

The financial effect on form. E would be identical.
Expert:  Clare replied 2 years ago.
Hi
Yes but as I said your wife couldl query this and may insist on asking for further details
Clare

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