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Matt Jones
Matt Jones, Solicitor
Category: Law
Satisfied Customers: 671
Experience:  I am a qualified and practising Solicitor with over 7 years post qualification experience
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My husband had a house valued at 300000 in 2009 with 165000

Resolved Question:

My husband had a house valued at 300000 in 2009 with 165000 outstanding on the morgage i sold my house and pay 85,000 of the mortgage then i paid 40000 for loft extension and 10000 on home inprovements.
The exsxisting mortgage is 90000 which we pay 760.00 amonth split between us. My husband said that this is a 50 50 share is this right as I disagree please help 10 years left on the mortgage to run
Submitted: 2 years ago.
Category: Law
Expert:  Matt Jones replied 2 years ago.
Matt Jones :

Hi I will try and help

Matt Jones :

a couple of questions: -

Matt Jones :

1) What if the propprty worth now (approx)

Matt Jones :

2) why is the mortgage £90k now when you paid £80k off 165k? Should it not be £85k?

Matt Jones :

3) what do you believe the property split is?

Customer:

1.The property is worth approx 475000.

Customer:

2.We re mortgaged to have a kitchen extension

Customer:

3.i Think it should be 60 to me and 40 to my husband

Customer:

see above

Matt Jones :

thanks

Matt Jones :

Do you know how you hold the property - i.e. as Joint tenant or tenants in common?

Customer:

tenants in common

Matt Jones :

in what shares? 50/50?

Customer:

think so .The reas0n i am querying it as I have two daughters from a previous marriage and he has a son and he says that when we die His son will get 50 percent and my girls get 25 percent each,

Matt Jones :

If you hold the property in 50% share in equity then this is exactly how the property will be divided up I am afraid. the better solution (with 20/20 hindsight obviously) would have been to adjust the declaration of trust before you made the large contribution to the loft and renovation.

Customer:

so it would go 50 50 then that seems so unfair as in theory I already paid my half of 300000 when i moved in more or less and im still payingnhalf the mortgage now still. he has agreed that when we die the first 50000 goes to my two girls then it gets split 50 50 does this sound fair to yiu

Customer:

is there anything i can do to change this x

Matt Jones :

Not sure I understand how he is justifying the first 50K to his girls. what is the reason behind this?

Customer:

the first 59 to my two daughters for the loft and home inprovements then split 50 to his son and 25 to each of my girls

Matt Jones :

sorry I see I misunderstood, I though i read the first 50K to his girls. If I have this right then the £50,000 you have put in will be given before the equity is distributed, this seems about right given what you have said. In fact it is over what is prescribed in the tenants in common declaration (i.e if should just be 50/50 as a straight split). Is there something over and above this I am missing?

Customer:

no its just that we are sorting our wills out and want to make sure that what i worked so hard foor my two daughters was actually going to them after i die

Matt Jones :

what you need do need to ensure is that that £50k is written into your will, as currently if the worse happened tomorrow, the way things happened that would not necessarily go to them in the way that I am reading matters. Ultimately it would be better to have the Declaration of trust changed so that it incorporated a proviso that the property was split 50/50 after the £50k is paid. This is relativelt easilly done via a new declaration of trust

Matt Jones :

alternatively

Matt Jones :

there is another way

Customer:

is the declaration of trust done in our wills or what is the other way

Matt Jones :

yes, either in your wills or against the property now (you will need a solicitor to do this). the other alternative is to put a legal charge against your property in either your personal name or (if they are old enough) your daughter names for the £50k payable on death or sale of the property

Customer:

how much will that cost to pput a leagl charge and is that with a solicitor

Matt Jones :

depends on the firm you use, but yes best with a solicitor to ensure this is done correctly

Customer:

ok thank you for your help

Matt Jones :

you are welcome. I hope all works out for you. If you are happy then please click positive feedback, the question wont close and if you think of follow up question in the next few days you can ask them.

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