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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10631
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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, My partner and I own a property as beneficial joint

Customer Question

HI,
My partner and I own a property as beneficial joint tenants. We purchased the property apx. 16 months ago. We are in the process of seperating and I am looking to keep the property rather than sell. My ex partner and I are still on very good terms. I have spoken to my existing mortgage lender and an additional lender to see if I could transfer the equity in my name. Although I was close to being accpeted I did not quite meet their lending criteria. In order to keep the property my ex partner and I have discussed the option of converting this from beneficial joint tenants to tenants in common with unequal shares (99:1). I would offer her a cash sum and she would move out and I would continue to pay the mortgage on my own. As soon as I am then able to buy her outright completely (probably within a year) I would do so and then she would get a further 1%. Although this sounds a little unusual it would mean that I could continue to live in the property and not sell this However does this sound like a resonable approach or is there anything else I would need to consider?
Thanks
Andy
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.

Provided you are both in agreement to this, and you are trusting of her, there is no real issue in you doing this.

You will, however, need to get a Deed drawn up by a Solicitor to show the change in percentage ownership and the Deed should also confirm the amount you are paying to her in consideration of you receiving 99% in the property.

The only thing you need to be made aware of is that as she would remain a legal owner, she would be entitled to occupy the property at any time in the future. I am sure she would not want to do this on a practical level, but legally, she would be entitled to!

Free advice- The only downside from her point of view is that she would of course remain on the Mortgage, meaning she is as legally responsible for the payments as you, and while the Mortgage remains in your joint names, it will mean she will find it hard to secure any other Mortgage in her sole name.

I hope this assists you and sets out the legal position.

Kind Regards

Al