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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33281
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 am buying a property for my parents and I want to protect

Customer Question

I am buying a property for my parents and I want to protect it if my wife and I ever separate or divorce so that she has no claim to that property.
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.
How long have you been living together and where are the purchase funds coming from?
Clare
Customer: replied 2 years ago.

We have been living together for 9 years and we have been married for 2 years of that.

The deposit is coming form the sale of my parents current house it is just that they are too old to get a mortgage so I am doing this for them.

Expert:  Clare replied 2 years ago.
Hi
Who will make the Mortgage payments?
May I ask if you are an only child?
Clare
Customer: replied 2 years ago.

both my father and myself will make the payments. No I have a brother and my parents intention was for the house when they died to be sold and what is left to be divided up between both my brother and myself plus our children. The intention now is that the house will be in my name and I will keep the house will then keep it as an investment to be shared with my brother and our children.

Expert:  Clare replied 2 years ago.
Hi
Will your wife agree to sign paperwork to ensure the property is safe from any future claim form her?
Clare
Customer: replied 2 years ago.

We have discussed this and she is in agreement yes. It sounds like you going to tell me the best option is a Pre-Nuptial agreement is put in place, but I was looking for something more legally binding..

Expert:  Clare replied 2 years ago.
Hi
NOT necessarily - but working with her agreement will simply make things safer.
Just for clarity.
The property will be in your name; your parents will live there for so long as they live/wish to do so and eventually the equity will be shared between you and your brother
Is that correct?
Clare
Customer: replied 2 years ago.

yes you are correct apart from the eventual equity will be shared between myself and my brother plus our children, so 8 children in total.

Expert:  Clare replied 2 years ago.
HI
In that case the best option would be a Declaration of Trust stating that you hold the property upon Trust for your parents and in the event of their death for the persons nominated in their Will.
It would be sensible for your Wife to Counter sign it acknowledging that she accepts that you have no actual beneficial interest in the property as it stands
My only concern is that you have indicated that you will be paying part of the mortgage which does rather contradict the position of the property being your parents in reality.
The alternative will be a Post Nuptial agreement (they are legally binding) confirming that your wife does not have any claim on the property.
Again the fact that you will be paying towards the mortgage does muddy the water somewhat - but not to the point of making it unworkable.
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 2 years ago.

thank you I will look into the Pre-Nup agreement as we can cover some other areas in the same document.

Expert:  Clare replied 2 years ago.
Hi
You need a POST - nuptial agreement - not a Pre-nuptial one
Clare
Customer: replied 2 years ago.

yes thank you

Expert:  Clare replied 2 years ago.
HI
You are most welcome
Clare

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