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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34274
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'm buying a house with my wife she is financially

Customer Question

Hi , I'm buying a house with my wife she is financially contributing 50% on the deposit and mortgage but the house and the mortgage are registered in my name, how can I help my wife protect her 50% contribution without having to add her to the mortgage ?
Submitted: 1 year ago.
Category: Family Law
Expert:  Alex J. replied 1 year ago.

Thank you for your question and welcome. Your wife can own a share in the home without being legally responsible for the mortgage. However the mortgage company will only lend if they can charge the property as a whole as security, so this would potentially mean that they charging your wife's shares. Your wife's share would then only be at risk if the mortgage was worth substantially more than the property. Therefore in theory if you defaulted on the loan, the bank would force a sale of the property and after they have been repaid return any proceeds to your wife.

Customer: replied 1 year ago.
what is the legal way that guarantees my wife financial contribution ? Can I gift her half the house or can I set up a deed of trust
Expert:  Alex J. replied 1 year ago.

Hi, Thank you. If you are buying the property with a mortgage then there is always a risk that if the mortgage exceeds the value of the house your wife will lose her share. A mortgage charges the whole property, you cannot escape this fact and your wife will have to consent to it for you to get the mortgage. As long as the property does not go into negative equity, your wife's share should always be protected from your debts. Kind regards AJ

Expert:  Clare replied 1 year ago.

Thank you for your question

My name is ***** ***** I have been a solicitor for more than 30 years.

The document that you need is a Declaration of Trust stating that you hold the property for yourself and your wife.

This should be registered at the Land Registry

The is will need to be signed AFTER completion - and should be prepared by a separate Solicitor - since your conveyancer also acts for the building Society

Please ask if you need further details

Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34274
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 1 year ago.
Thank you Claire , that's very helpful , now would you be able to do this for us after completion ? What would your charge be for something like this ?
Expert:  Clare replied 1 year ago.

It would be best to see a solicitor face to face - but I will send you a service request if you wish