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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3696
Experience:  Solicitors 2 years plus PQE
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I am buying a house with my husband - however I am the only

Customer Question

I am buying a house with my husband - however I am the only person putting in the deposit ( this is money given to me by my father and he wants it protected if anything happens). I want a contract to say that once the house is sold ( and any outstanding mortgage is paid off) then the deposit I put down will come to me first and then we split everythign else in half ( I do shared ownership with my husband but as I have put down the deposit 50% of the house - i would like to say that belongs to me) how do i go about this? and is this possible?
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome.

My name is XXXXX XXXXX I will assist you.

What you are saying is possible. What you need to do is make sure your shared ownership is registered as a "Tenant in Common" this means that you own property in distinctly divisible shares. You will then need what is know as a "declaration of trust" to show how you choose to split the property. These are both points that are easily dealt with by the conveyancer that will act for you in the purchase.

I would also suggest you prepare a will if you do not want the deposit to go to your husband in the event of anything happening to you.

Would you like to discuss this further?

Kind regards

AJ
Customer: replied 3 years ago.

Dear AJ,


 


Thank you for your reply,


I am not sure if what you suggest is what I want. I just want to have a contract saying that the deposit belongs to me. I would like joint ownership wtih my husband - and also split everything down the middle after I get my deposit back - This will include the profit we make on our property- i would want that 50/50


 


We will both create a will,


 


I have been ask to draw this contract as I recieved money from my family for a deposit - and also I have remortaged my own flat ( brought to me by my father) for more deposit - this puts my investment at risk and my husband does not have any risk - so this was requested by my father.


 


is that possible?


 


Many thanks


Maya

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

To be honest with you the safest way to protect the money your family has put in is for them to provide to you as a lone and then you grant them a legal charge over the property.

What I have suggest is a document that specifically divides up ownership of your property and carves out the deposit interest as your own. Other than putting a financial charge on the property there is no other to address the issue.

You could consider having your family "lend" the money to both of you, that way if your husband ever tried to stake a claim to it, they could sue him as a debtor.

I look forward to hearing from you.

Kind regards

AJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3696
Experience: Solicitors 2 years plus PQE
Alex J. and other Law Specialists are ready to help you
Expert:  Clare replied 3 years ago.
Hi Please be aware that a Declaration of Trust is of little help in the event of a divorce as the family court has the power to distribute the matrimonial assets in any way that it considers fairThe option of a clear loan from your father to you both secured on the property is the only safe suggestion - with a Post Nuptial Agreement as the only viable alternativeClare