I had a business loan from Lloyds Bank secured on our home supported by a personal guarantee from me secured on our home.
When the business failed my wife loaned to me money from her inheritance from the sale of her parents home to clear the Lloyds loan.
The Lloyds security was removed as the loan had been satisfied.
There is now a possibility that I may be forced into bankruptcy and I need to ensure that the loan to me from my wife is recognised and is protected by giving her a charge over my share of our home.
We have all of the documentation available to support the above.
Please be assured that this is not a 'scam' of any sort and, believe it or not after costing my wife her inheritance, the course of action I am seeking is completely amicable.
I trust this assists and that you are able to answer my original questions.
In a tenancy in common where there are equal shares held, can this be changed to say 85% and 15%?
And if so how would this be achieved?
Thank you again.
Is there standard wording/template for a Declaration of Trust to vary the terms of the tenancy in common?
Do you then need to register the Declaration of Trust with the Land Registry or is there any other confirmation process that is needed to 'legalise' the document, so to speak
Thank you for your assistance again.
I note from my file of papers on the property that there is a Declaration of Trust on the file severing the joint tenancy, and I have extracted the pertinent paragraphs of the 1 page document as follows:
(B) The joint tenancy has been severed
(C)The first and second owner wish to declare the extent of their respective beneficial interests in the property
DECLARATION OF TRUST
'The First and Second Owner agree to sever their joint tenancy of the property with effect from 18 JULY 2013 and declare that they hold the property on trust for themselves as tenants in common in equal shares.'
REGISTRATION OR ENDORSEMENT
'The First Owner and the Second Owner agree to apply to HM Land Registry for the entry of a standard form A restriction against the title to the property'
Will a new Declaration of Trust supersede the first or is there some sort of 'variation' that needs to be filed to change the original Declaration?
You indicated that you were able to prepare a Variation document for me.
Have you been able to do this please?
Yes, I can see how to set out the Deed.
Is there an official form that needs to be completed for filing together with the Deed and how much is the filing charge?
Thank you for your continued help.