How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Harris Your Own Question
Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2849
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
90234221
Type Your Law Question Here...
Harris is online now

I have split with my partner and there is a property we purchased

Customer Question

I have split with my partner and there is a property we purchased together. We have agreed a "buy out" . What can I do to ensure that there can't be any problems at a later date? Thank you.
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.
Hi, thanks for your question.
Are you married to your partner? What are the terms of the buy-out, and what were the contributions to the property? Was there a previous agreement regarding the property in the event of the relationship ending?
Customer: replied 1 year ago.
Not married and the settlement is a straight cash in return for all contributions. No previous agreement.
Expert:  Harris replied 1 year ago.
How is the property held? For example is it joint names between both of you in equal shares, and is there a mortgage - if so is this also in joint names?
Customer: replied 1 year ago.
Mortgage in both names. Property in both names. Equal share that the cash buy out negates.
Expert:  Harris replied 1 year ago.
Thanks - do you have any children together?
Customer: replied 1 year ago.
No. All things have been divided equally and both parties are happy with that. I wish to remain in the property and want to buy out the other side. A fee as been agreed but I want to ensure no demands can be made in the future. We understand names will have to remain on the mortgage untill the amount loaned is reduced to a level.
Expert:  Harris replied 1 year ago.
Thank you for confirming. As long as the property is transferred into your sole name, she can not make any demands later on.
It may also be wise to have in place a formal agreement regarding the mortgage. Given that there is still that liability that is in joint names, she may seek that she be reimbursed in the event that the mortgage provider pursues repossession and she is made a party to the repossession.
If the land registry is unable to transfer the property into your sole name you would need need to ensure that there is a deed of trust in place for the shares to be 100% in your name and 0% in hers and that she no longer has any claim against it.
Harris and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Can the transfer to sole name and the deed of trust be completed by the solicitors that dealt with the original purchase?
Expert:  Harris replied 1 year ago.
Yes, that should be fine - but you would need to check directly with them in case they think there may be a conflict, but it should be fine