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Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33310
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My daughter is in a stable relationship with her partner of

Customer Question

My daughter is in a stable relationship with her partner of nearly ten years. They are not married but have three children. They jointly own a property in London.
They now want to buy a second home in Devon which will require some temporary support from me for a period of up to three years. They propose joint ownership of this second property. The initial proportion of equity in the second property would be approximately as follows:
25% - My daughter
15% - Her partner
35% - Her parents
25% - Loan/mortgage from elsewhere.
I am 71 years old, my wife is 65 years old. So we are not exactly young!
What is the best way of setting up the ownership so that my daughter (and subsequently her children) inherits her own 25% plus our 35% if some sort of disaster were to occur?
By the way there is no reason that I can see for them not being married. Just that they don't want to. So this gives rise to some inheritance problems, does it not?
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year 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.
For clarity do you intend to be on the Title as well?
Clare
Customer: replied 1 year ago.

Hi Clare,

I would prefer not to be so long as all our interests can be protected.

Mark

Customer: replied 1 year ago.

Hi Claire,

My answer was delayed - sorry!

I don't want to be on the title as long as we all remain protected.

Thanks

Mark

Expert:  Clare replied 1 year ago.
Hi
With she and her partner be funding the mortgage jointly?
Clare
Customer: replied 1 year ago.

Hi Clare,

Probably not a mortgage, potentially loans taken out in unequal portions (more by daughter).

Thanks

Mark

Expert:  Clare replied 1 year ago.
The obvious way forward is for the property to be held by your daughter and her partner as Tenants In Common in unequal shares with her share including the monies form you.So long as they do not get married then the monies will be protected and her share will always belong to her and her estate.I hope that this is of assistance please ask if you need further detailsClare

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