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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31768
Experience:  Over 5 years in practice
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When I purchased my property a declaration of trust was drawn

Customer Question

When I purchased my property a declaration of trust was drawn up and a restriction is registered with the land registry. The declaration of trust was never signed and returned to the solicitors, does the restriction on the property have any legal status?
Submitted: 2 years ago.
Category: Law
Expert:  Nicola-mod replied 2 years ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Expert:  Clare replied 2 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.
Which part of the UK are you in?
How much us the house worth and how much is outstanding on the mortgage?
What does the Declaration of Trust say?
Clare
Customer: replied 2 years ago.
Hi,I'm based in Nottingham, England.The house is worth £130k and the outstanding mortgage is £113.5k.The Declaration of Trust stated that the outgoing party would get the first £20k from the house when it was sold, this was not signed or returned to the solicitor.The outgoing party has expressed that they want to buy another house and be removed from the mortgage and the land registry . To which we have agreed, At the time they did not want any form of compensation for this.My question is does the declaration of trust have any credence since they might now change their mind, I have been paying the mortgage as I had verbally agreed to take on the property.Dan
Expert:  Clare replied 2 years ago.
Hi
Was the recent agreement put in writing?
Clare
Customer: replied 2 years ago.
The agreement wasn't put in writing formally but I would have an email stating that this is what the outgoing party wanted to happen.