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Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33953
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I have recently purchased a property with my partner however

Resolved Question:

Hi, I have recently purchased a property with my partner however we have found out that due to me having a poor credit history we are unable to get a mortgage as my name are on the deeds. If I sell my portion of the deeds what will happen to my portion of the house? Am I allowed to put my know back on the deeds at a later date? How do I go about selling them and how long will it take?
Kind regards
Vicky
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstFor clarity - has the purchase actually completed and where did the purchase money come from?
Customer: replied 1 year ago.
Hi Clare,We completed 29th Feb 2016 and as the property was a repossession was completed within 23 days. My partners parents lent us the money as we need to move very quickly.
Expert:  Clare replied 1 year ago.
Have you made any capital contribution to the process?
Customer: replied 1 year ago.
yes, we are a 30/70 split
Expert:  Clare replied 1 year ago.
Excellent.What you can do is Transfer the property into the Sole name of your partner, and then have a Declaration of Trust which confirms that he holds the property upon Trust for BOTH of you in whatever percentage division you have agreed.The solicitor who deals with the mortgage shoudl be able to deal with the Transfer at the same time, but you will need to instruct a different solicitor to deal with the Declaration of Trust as the Mortgage company will be anxious about that of they are made aware of itI hope that this is of assistance - please ask if you need further detailsClare
Customer: replied 1 year ago.
Thank you Clare,We already have a declaration of trust for the cost of the property, so will this need to be re-written? Would I be able to put my name back on the deeds at a later stage?
Expert:  Clare replied 1 year ago.
Ye sit will have to be re-written to reflect the fact that he owns the house and holds it for both of you in unequal shares.You will be able to have your name back on the deeds when the mortgage company are willing to add you to the mortgage.
Clare, Solicitor
Category: Law
Satisfied Customers: 33953
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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