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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34278
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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I have a question about a property that is being purchased

Resolved Question:

I have a question about a property that is being purchased between me and my boyfriend. My boyfriend will have the mortgage in his name due to my adverse credit. I will nevertheless fund half the deposit and half all the fees. I need to preserve what I am putting in to the property and will arrange a declaration of trust document to be drawn up. When i mentioned this to my boyfriends conveyance solicitor they advised the Lender should be informed if I were to contribute to the any money which is used to help purchase the property. The Lender he will be going with will not provide a mortgage on this bases so I am wondering what is the best way forward? Is it absolutely necessary for the Lender to know where the deposit is coming from? If so, if my boyfriend put up all of the deposit, could I give him half of the money after the property has been purchased and then draw up a declaration of trust? Any advice would be helpful. Thank you
Submitted: 1 year ago.
Category: Property Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is***** shall do my best to help you The best way forward is for your boyfriend to tell his solicitor that he will be paying it all - and for you to get a separate Solicitor to prepare the Declaration Of TrustI hope that this is of assistance - please ask if you need further detailsClare
Customer: replied 1 year ago.

Thank you - this mean I can still give him the money for the deposit and get a separate solicitor to draw up the declaration of trust to say that I have paid a certain amount towards the house?

Expert:  Clare replied 1 year ago.
Yes that is what is usually done!
Customer: replied 1 year ago.

Thank you, ***** ***** mean the Declaration can say I have paid this money and will continue to pay half of the mortgage and that anything I pay will be reimbursed if the house is sold? Ultimately we want it so that I own the property 50:50 can the declaration say this?. We have agreed my name will be put on to the house at the end of the 2nd year but if anything happens before I need to get out what I have paid in. Thanks

Customer: replied 1 year ago.
Relist: Incomplete answer.
Expert:  Clare replied 1 year ago.
The Declaration can say that he holds the property on trust for you both in equal shares - which I think is what you want
Clare and 2 other Property Law Specialists are ready to help you