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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11567
Experience:  30 years as a practising solicitor.
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I would like to enquire how I go about setting up a contract

Customer Question

I would like to enquire how I go about setting up a contract on a property which is solely in my partner's name, without having to go through the Transfer of Equity route via mortgage company. The reason being, I am self employed and based on income alone, I would not be accepted on the mortgage as such. However, we are currently putting a lot of money into renovating the property which will increase the property value substantially. It is this I would like to safeguard since, if the property were to be sold, I would have no say in the money, as I am not on the mortgage nor the Property Deeds. Regards, Sophia
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
The best way to do this would be for you to take a second charge on the property so that it couldn't be sold without you getting your money. A written agreement detailing the shares you are each to be entitled to in the event of a sale would also be needed.
To do this, especially the charge, which is registered at the Land Registry, you should see your solicitor personally.
I hope this helps.
Please leave a positive response so that I am credited for my time.
JGM, Solicitor
Category: Law
Satisfied Customers: 11567
Experience: 30 years as a practising solicitor.
JGM and other Law Specialists are ready to help you
Customer: replied 2 years ago.
May I ask whether this would entail involving the mortgage company via an application? Or whether this is purely a legal matter which a solicitor can draw up?
Expert:  JGM replied 2 years ago.
This is a legal matter and can b dealt with by your solicitor. You don't need to make a mortgage application.
Customer: replied 2 years ago.

Great, thanks for your assistance

Expert:  Clare replied 2 years ago.
HiActually a cheaper and more appropriate alternative is to ask a Solicitor to draw up a Declaration of trust confirming that your partner holds the property on Trust for both of you in equal or unequal sharesClare