will see that in the third paragraph, I said "If there is no trust, or other
agreement to the contrary,
when you bought the property, then regardless of what you each put in , either
at the beginning or in respect of the mortgage, it is split 50-50 when it is
means that without a deed of trust, your £20,000 disappears into the pot and
you would lose 50% of it in effect. In fact, if the property ended up in
negative equity, you could actually lose it all!
you have a deed of trust or a legal agreement makes no difference whatsoever.
Because, quite simply, a deed of trust is a legal agreement. It is simply words.
is pure the construction of a deed which makes it a deed. Just a legal
agreement not drafted as a deed is of the same effect, but there is no point
not to do it completely properly to be sure.
deed of trust or legal agreement or whatever you do, would need covenants from
both parties to pay the mortgage to ensure the in the event of the other party
not paying their half (which would leave you totally liable for the whole
mortgage), then your payment of their half of the mortgage is preserved in the
afraid that we are unable to draft or supply documents on here. Including
attending on you drafting the document and making sure it does everything that
you want it to do and suggesting that the other party takes independent legal
advice, you are into couple of hours work so expect to pay £300 or so. Plus VAT
view of the amount of money involved and the potential risk, it is better to
get it drafted properly now rather than have tens of thousands of pounds worth
of problems later . A stitch in time as the proverb says.
part is really important for me:
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The thread remains open. Thanks