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Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33281
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I bought my house 7 years ago and put £65,000 equity into

Customer Question

Hi
I bought my house 7 years ago and put £65,000 equity into the property. Recently I have put my partner on to the mortgage but we do not have a declaration of trust set up. Our relationship could possibly be ending so the house would need to be sold as I wouldn't be able to afford it alone. What are my rights in terms of the equity I put in to the property? Would I be able to get the money I put back or is there a possibility that he could get some of it? I want to protect it if possible. I don't mind sharing any profit with him of course and any equity he put in on top of that.
Many thanks
Claire
Submitted: 6 months ago.
Category: Law
Expert:  Clare replied 6 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further informtaion first

How much is the house worth now and how much is outstanding on the mortgage?

Why did you agree to the property being placed in joint names?

Customer: replied 6 months ago.
The house is work approximately £180,000 and the outstanding amount is roughly 98,000. We put him on to the mortgage as I previously bought it with a partner and that relationship did not work out.
Expert:  Clare replied 6 months ago.

Do you mean he had to be added to the mortgage in order for you to remain there?

Did he actually bring any capital to the property?

Customer: replied 6 months ago.
he did have to be added so that we could stay there. The only equity he has put in is the mortgage while he has been living there on a monthly basis. He did not put any other equity in to it. My previous partner I did have a declaration of trust written up but with my current partner I did not. We remortgaged and it completed April 2015
Expert:  Clare replied 6 months ago.

May I ask why you did not have a Declaration of Trust drawn up this time?

Customer: replied 6 months ago.
In honesty I did not think this relationship would break down.
Expert:  Clare replied 6 months ago.

Did you discuss it at all?

Customer: replied 6 months ago.
No we didn't.
Expert:  Clare replied 6 months ago.

Would he sign one now?

Customer: replied 6 months ago.
He would probably would yes. Hopefully he would understand why I would want to protect it.
Expert:  Clare replied 6 months ago.

Your best bet would be to get one signed now as otherwise there is a risk that he could indeed claim 50% of the full equity.

You could certainly argue that you did not mean to give him half of the property - and it is likely that you would succeed - but only after an expensive court battle

Please ask if you need further details

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