How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

I have a property that I bought with a partner in 2005. We

Resolved Question:

I have a property that I bought with a partner in 2005. We split up in 2010 and had to decide how to split the property up as I did not want to sell it. We came to a mutually acceptable agreement and I payed him the share of what we have decided on. When I wanted to change the deed and the mortgage I was told by the bank to keep it the same as I would not get a mortgage again as I am self employed. We then decided that we should draw up a contract that explains that even though his name is XXXXX XXXXX the deed and mortgage he has been bought out of the property. We are still very good friends, but I am worried about what may happen in the future. What should I do?
Submitted: 3 years ago.
Category: Law
Expert:  Clare replied 3 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.
Did you actually draw up such a contract?
Clare
Customer: replied 3 years ago.

We have not drawn up the contract yet.

Expert:  Clare replied 3 years ago.
Hi
The document that you need is a Declaration of Trust stating that whilst the property is held in joint names it is held for your benefit alone and you alone are responsible for the mortgage.
It should also make provision for a long stop date for your ex's release from the mortgage as otherwise he will not be able to obtain a further mortgage
This can then be Registered at the Land Registry
I hope that this is of assistance - please ask if you need further details
Clare
Clare and 3 other Law Specialists are ready to help you
Customer: replied 3 years ago.


How can I do a Declaration of trust, or where can I have this done? Any suggestions? Will this stand up in court if he sometime in the future wants to dispute this?


Johann

Related Law Questions