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: 34264
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 currently live with my partner (I divorced some time ago),

Resolved Question:

I currently live with my partner (I divorced some time ago), in her property which is mortgaged. I am proposing to ‘invest’ in this property, the main effect of which will be to reduce her mortgage. As a result of this I would want to own a share of the property by a transfer of an appropriate proportion to me, based on the level of my investment. The property has been valued recently.
Are there any issues of which I should be aware? The proposal seems reasonably straightforward on the face of it, the major points being how we deal with any future sale and on the death of either of us, ensuring that his is catered for in our wills.
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.
Just to check - have you at least considered what could happen if you did separate?
Clare
Customer: replied 3 years ago.

Yes, sorry, that's part of what I meant about future sale. I feel that I need to secure my 'investment' in some way, most likely by 'tenants in common'?

Expert:  Clare replied 3 years ago.
Hi
You are correct holding the property as Tenants in Common with Wills is certainly the best option in the event of death - and you can either have a Declaration for Trust which deals with the process to be followed if you no longer wish to live together - or a a Cohabitation Agreement which does the same thing
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.

Clare

Thanks for you reply. Would a legal charge on the property serve a similar purpose, and if so would it be usual to require the permission/agreement of the mortgagor to go ahead with this?

Expert:  Clare replied 3 years ago.
Hi
Ah.
Do you intend to go on the mortgage?
Clare
Customer: replied 3 years ago.

No, my intention is to provide funds that will reduce the outstanding mortgage, I want to secure part of the property against the value that I put in.

Expert:  Clare replied 3 years ago.
Hi
A charge would not give you the right to live in the property and could limit your ability to insist on an immediate sale in the case of separation.
It would be better instead to have a Declaration of Trust drawn up stating that the property is held by your partner on trust for the pair of you in whatever shares are agreed - and which also confirms the basis on which the trust can be determined.
Clare
Clare and other Law Specialists are ready to help you