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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34106
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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my wife and I are both named on the property deeds. My wife

Customer Question

my wife and I are both named on the property deeds.
My wife has arranged a mortgage in her name only.
Lloyds Bank state that the deed must be in the same name as the mortgage.
I'm happy with this, but how can I keep my rights to half the value of the property?
Submitted: 3 years ago.
Category: Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is XXXXX XXXXX I will do my best to help you but I need some further information first.
Is there any reason why you cannot be on the mortgage as well?
Clare
Customer: replied 3 years ago.

Hello Clare


 


Because of my age (58) and job the bank would only offer me a 7 year mortgage. My wife has obtained a 14 year mortgage for the £50000 to be borrowed.


The house is worth 550,000


 

Expert:  Clare replied 3 years ago.
Hi
If you do wish to go ahead with this you will need to protect your interest in the property with a Declaration Of Trust stating that your wife holds the property on Behalf of you both
This can be registered at the land registry.
Your rights in the property will not change
I hope that this is of assistance - please ask if you need further details
Clare
Clare and other Law Specialists are ready to help you
Customer: replied 3 years ago.

Thank you for the information


Do I need a solicitor to submit a declaration of trust to the land registry?

Expert:  Clare replied 3 years ago.
Hi
No - but it is sensible to get one drawn up by a solicitor and not just downloaded from the web - this is about protecting a substantial asset
Clare
Customer: replied 3 years ago.

Thank you for your help

Expert:  Clare replied 3 years ago.
Hi
You are most welcome - good luck
Clare