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 Aston Lawyer Your Own Question

Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10343
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
16368554
Type Your Law Question Here...
Aston Lawyer is online now

I would like to share the ownership of my house with my

Customer Question

Hi I would like to share the ownership of my house with my partner who I have lived with for the past 6 years. The current mortgage is in my sole name with £120K outstanding. The property is worth around £250K. We cannot remortgage due to me having an IVA previously which has since been settled but still goes against me. My partners credit rating is also affected by her husband. They are currently going through divorce proceedings. My partner wishes to give to me £30K for a 33.3% share in the house and we as we have three children between us then we propose that our wills would be written to leave 33.3% each to my two children and 33.3% to my partners daughter. It would also be written into the will that should either one of us die then the insurance cover we both have would be used to pay off the mortgage and the surviving partner will live in the house until death and then the children would receive their 33.3% share. How easy is this to do? Very unromantic I know but would it just be easier to get married?
Please advise
Kind Regards
Gary
Submitted: 6 months ago.
Category: Law
Expert:  Aston Lawyer replied 6 months ago.

Hi,

I am afraid you may stumble at the first huddle, in so far as you will need to obtain your Mortgage Lender's consent before the Deeds can be transferred into your joint names (your Mortgage Lender will also require your partner to be added on to the Mortgage). You are best therefore to speak to your Lender first of all.

Subject to the above, it is pretty easy doing the rest of what you want to achieve. Upon adding your partner's name to the Deeds, you can agree that you own 2/3 and our partner 1/3. You both should then make a Will, leaving your respective shares to your children, but adding a proviso that the remaining party is entitled to remain living in the property for however long they want/until they die. This is pretty standard stuff for a Wills Solicitor to do.

I hope this assists and sets out the legal position.

Kind Regards

Al

Customer: replied 6 months ago.
Hi Just spoken to my Lender Santander and they tell me it would be up to me to get a solicitors to draw up the necessary paper work?? They are not overly concerned that she goes on the mortgage.
Kind Regards
Gary
Customer: replied 6 months ago.
They have just come back to me to say that they would insist on her going onto the mortgage and that this would show as 50/50 as far as they are concerned???
Expert:  Aston Lawyer replied 6 months ago.

Hi Gary,

That's good news.

You still have to officially apply and ask Santander for what is called a "Transfer of equity form". Once Santander have approved the application, you would then need to instruct a local Conveyancing Solicitor to prepare the Land Registry Transfer document, which will transfer the Deeds into your joint names. As far as Santander are concerned, both of you will own the property jointly and both of you are jointly liable on the Mortgage, however your Solicitor will make sure that the Transfer shows that you own a 2/3 share and your partner a 1/3 share (Santander will NOT be concerned/need to be notified on how you both hold the property). The Solicitors you use will normally also have a Wills department, and you can ask their specialist to deal with your Wills also.

Hope this helps.

Kind Regards

Al

Customer: replied 6 months ago.
Perfect thank you :)
Do you have an estimate as to how much that might all cost to do?
Kind Regards
Gary
Expert:  Aston Lawyer replied 6 months ago.

Hi Gary,

Your Conveyancing Solicitor is likely to charge around £350 plus VAT, and there will also be a Land Registry fee of approx. £40.

As regards ***** ***** these are likely to cost approx. £350-400 plus VAT.

If I have helped, I would be grateful if you could rate my answer, so I can get credited for my time.

Good luck!

Al

Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10343
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
Aston Lawyer and other Law Specialists are ready to help you
Customer: replied 6 months ago.
Hi Santander have refused to give us a joint mortgage based upon the fact that I have a flag on my account. I have a settled IVA but unfortunately it doesn't clear my credit file until March 2017. Any other suggestions greatly appreciated.
Kind Regards
Gary
Expert:  Aston Lawyer replied 6 months ago.

Hi Gary,

Sorry to hear that.

You could get a local Solicitor to draw up a Trust Deed to say that although you are the sole legal owner, that you hold a third of the property upon trust for your Partner. This would give your partner some comfort, but as you would still be the sole legal owner, you would have to make sure that you also prepare a Will leaving the one third share to her. From your partner's point of view, as her name would not be on the Deeds, she can't "leave this one third to her children" so it would be best for your Will to say that you leave the one third to her, but if she has died before you, then this share should pass to her daughter.

You can of course review matters in the future once your IVA is no longer an issue for Santander.

Kind Regards

Al

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice