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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10408
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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, I want to buy a house with my second husband incorporating

Resolved Question:

Hi,
I want to buy a house with my second husband incorporating a Deed of Covenant to protect my share as the deposit is coming from me. Is this done by the Conveyancing Solicitor and how much can I expect to pay please?
D
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

If you just want to protect the Deposit you put in, so that you get this amount back upon any Sale, a simple Declaration of Trust would be drwan up by the Solicitor who acts for you in your purchase. This is likely to cost between £150-£250 plus VAT,dependent on your Solicitor!

The alternative is that you both own a separate percentage share in the property, to reflect your larger entitlement.So, for example, if the Deposit equated to say 10% of the Purchase price, you could own 55% and your husband 45% of the property. This would then of course mean each party was entitled to their due percentage share upon any Sale. This would also mean no separate Declaration of Trust would be needed as your Solicitor will just insert the appropriate percentage shares in the Land Registry Transfer document you both sign.Doing it this way, you are protecting your "investment" rather than just receiving back the lump sum you pay in, and it would also save you having to pay for a separate Declaration of Trust.

I hope this helps you and answers your question.

Kind Regards

Al

Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10408
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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