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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33821
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I have separated from my partner. We bought a property 5 months

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I have separated from my partner. We bought a property 5 months ago. All of the deposit and legal fees, fixtures and fittings have been paid for by me from the sale of my previous property. We have signed a declaration of trust which quotes that within the first 3 years of ownership, he is only entitled to 10% of the equity, should we decide to split and sell the property, which would be around £4-6k. I would not be able to re-mortgage my property on my income alone, but don't want to sell the house as I have 2 children and don't want to up-root. My father has offered to make a contribution to my income to help support me. He says he is willing to pay directly to my ex whatever his share is, but we still need to do the legalities as I don't want my ex's name on the mortgage anymore and obviously he now wants his share of the equity to which he's entitled in order to set up a new home. Our mortgage is split into 2 loans, as I was tied into a fixed deal, so kept with the same lender and borrowed the extra which was needed to purchase the property.The first part of the mortgage comes to the end of its fixed term in around 3-4 months time (need to check exact dates) and the plan was to re-fix for another 2 years so that both parts of the mortgage come to the end of their fixed terms around the same time; at which point they could be amalgamated into one loan for the remainder of the term. My dad has a property which has accumulated a lot of equity, although at the moment he still has a small mortgage on it which is interest only. His mortgage ends in around 18 months time, at which point he plans to sell the property to pay off the loan and use the rest of the equity to downsize and buy something outright. His long term plan is to leave the property to me in his will. Would the best solution to my problem be for him to release some of his equity to buy out my partner and so he becomes part owner of my property instead?...
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
Hi Thank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstis there any reason why your father does not wish to simply lend you the money?
Customer: replied 1 year ago.
Well it would be a lot to lend. As I say, I cannot re-mortgage the property in my name alone as I do not earn enough. If I buy my partner out, when it comes to re-fixing the mortgage I will not be able to because my income will not be enough, I'd be around £45k short! My income will only allow me a mortgage of £165k but my house was bought for £202k and possibly worth more now since renovating...
Expert:  Clare replied 1 year ago.
Will the mortgage company allow your father to replace your ex on the mortgage?
Customer: replied 1 year ago.
I don't know that I haven't contacted my mortgage company. I was hoping you would be able to advise before I contact them.
Customer: replied 1 year ago.
What would you do in this situation? How would you resolve my issue?... I am sure I can afford my outgoings on my income with a little extra monthly contribution from my father, however, lenders have strict rules and guidelines and do not like taking big risks. Obviously, if my father was to buy into my property by releasing his own equity my mortgage would reduce, as would the monthly re-payments and if I did decide to sell up in a couple of years then I could pay him back what I owe but it would mean being able to stay here for the time being which is better for the children. What is your view from a legal perspective to this arrangement. The only fly in the ointment is that my father is almost 69 years old...
Expert:  Clare replied 1 year ago.
Are the children also you partner's children?Are you an only child (add question but relevant to the options)
Customer: replied 1 year ago.
Only one of the two children is his and yes I am an only child.
Customer: replied 1 year ago.
What a waste of time and money, thanks for nothing. Complete con!
Expert:  Clare replied 1 year ago.
Hi
I am sorry for the delay - i have been at a funeral today.
Given your father's age it is highly unlikely that the Mortgage Company will agree to your father being added to the mortgage, which means that he cannot be added to the Title deeds.
Indeed it is also doubtful that the mortgage company will be willing to release your ex from the mortgage - however since your ex is the father of one of the children then if he receives his share of the monies he will find it hard to force a sale to get his name released from the mortgage since he is under a duty to help you house the child until the child is 18.
Accordingly the best way forward would be for your father to lend you the money to pay off your ex - and you obtain his release if you can.
You then sign a Declaration of Trust stating that you hold the property on trust for yourself and your father
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 1 year ago.
Thank you that is helpful and the advice I was looking for. Hope your day of mourning wasn't too melancholy.
Expert:  Clare replied 1 year ago.
Hi
You are most welcome - and thank you it was a remoter relative which makes it a much easier day!
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33821
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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