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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33953
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 property as tenants in common with my partner

Resolved Question:

Hi
I own a property as tenants in common with my partner but we never finalised a deed of declaration. We are unmarried and have a 2 yo son. I also own a buy to let. I work and pay the mortgage and bills on the property we own.
What would happen in the event of us splitting up and what rights would we have regarding the house we will live in.
Thanks
Submitted: 1 year ago.
Category: Family Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is***** shall do my best to help you but I need some further information firstHow much is the house worth and how much is outstanding on the mortgage?What capital investment did you each provide?
Customer: replied 1 year ago.
Hi. The house is worth £800,000 and the outstanding mortgage is £370000. I contributed £150000 and my partner £277000.
Expert:  Clare replied 1 year ago.
Hi
What was discussed with regard to a Declaration of Trust/
Clare
Customer: replied 1 year ago.
We did sign a deed of declaration which said that our contributions would be returned on a sale plus we would share any upside of profit. We agreed this on the basis that I am paying all the outgoings. However we have not yet sent this to my our lawyer as my partner has changed her mind and wants further advice if we split.
Expert:  Clare replied 1 year ago.
How much would a two bedroom property in the same school area cost to buy?
Customer: replied 1 year ago.
Hi. Probably between £650-£800k.
Expert:  Clare replied 1 year ago.
What about your buy to let?
Customer: replied 1 year ago.
About £675k
Expert:  Clare replied 1 year ago.
Hi
Is that all equity?
Clare
Customer: replied 1 year ago.
No. I have a £280k mortgage.
Expert:  Clare replied 1 year ago.
Hi
Since there is already a Declaration of Trust signed by you both you hold evidence of the agreement that was made about how the house proceeds would be dealt with - and if the matter came to court then you should be able to enforce it.
However under Schedule 1 of the Children Act you are under a duty to help your ex house the child until the child is 18 and that could conceivably mean that your ex could remain in the property until then providing she pays the mortgage and does not cohabit
This is of course only a rough guide
Please ask if you need further details
Clare
Customer: replied 1 year ago.
Thanks. So I would pay maintenance until my son is 18 and my partner would stay in the house ( assuming she can pay the mortgage ). Is there any reason why the deed would not be enforceable?
Expert:  Clare replied 1 year ago.
Hi
None that would be to her advantage!
Clare
Customer: replied 1 year ago.
Ok so assuming I left and went to live in my buy to let house she could stay in the house until my son is 18. She though would have to meet the mortgage payments. Surely though I would still pay maintenance?One more question. If there is no deed of declaration or the document we have is deemed unenforceable how would a court deal with the house sale in our case.Thank you.
Expert:  Clare replied 1 year ago.
Hi
You would certainly have to pay child maintenance - but the situation on the house is less clear cut - there s only a possibility that she could insist on remaining in the property.
If the Declaration of Trust does not stand then the default position is that you each own 50% of the equity
Clare
Customer: replied 1 year ago.
Thanks again. When you say the default position on the equity does that mean the profit on sale or 50% of the total equity returned I.e 50% of what both parties put in plus profit?
Expert:  Clare replied 1 year ago.
Hi
I mean that there property is owned 50/50 no matter what you each put in
Clare
Customer: replied 1 year ago.
So really as things stand if my partner does not approve the deed she could lose out as she has put in a greater share?
Expert:  Clare replied 1 year ago.
Hi
Potentially - yes!
Clare
Customer: replied 1 year ago.
Ok many thanks for your time.
Expert:  Clare replied 1 year ago.
Hi
You are most welcome _ i hope all goes well
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33953
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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