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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34272
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I am buying a property with my daughter. I have gifted her

Resolved Question:

I am buying a property with my daughter.
I have gifted her the deposit, and although the mortgage is in her name we will be paying jointly.
The mortgage has been arranged by a financial advisor on the basis that I am a dependant relative and is a residential mortgage which the bank has sent us an acceptance of.
My daughters solicitor has drawn up 2 documents for me to sign but I am not sure whether I should as some of the declarations I would have to make are untrue and the other document gives me no protection at all should anything happen to my daughter.
What do I do?
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.

Thank you for your question

My name is Clare

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

What is it about the forms that worries you?

Customer: replied 1 year ago.
one asks me to declare I wont be living at the property when I will
the other says that should anything happen to my daughter I will be homeless as the property refers back to the bank
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 1 year ago.
my phone number is *****
Expert:  Clare replied 1 year ago.

The second document is less of a problem.

In fact all it is asking you to acknowledge is that any claim you may have on the property will come second to the mortgage - this is a normal requirement where someone else will be living and potentially contributing to a property.

Your position can be protected by your daughter signing a Declaration of Trust after the completion confirming the equity is held on behalf of you both

The other document is more complicated and is about them being certain that the gift is a gift.

I cannot say how important it is without knowing the terms of the mortgage offer, but it may well be essential - however it is not necessarily a barrier - after all you could have signed it meaning it and then a week later matters change!

Please be aware that the site charges more for a phone call - but do please ask if you need further details

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