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 Alex J. Your Own Question

Alex J.
Alex J., Solicitor
Category: Property Law
Satisfied Customers: 3613
Experience:  Two years conveyancing experience.
13113900
Type Your Property Law Question Here...
Alex J. is online now

I am wanting to help a friend buy a property. We will buy

Resolved Question:

I am wanting to help a friend buy a property. We will buy as co-owners, but he will live in the property and pay me rent for my share. We would set up a deed of trust to declare the shares owned. Can the deed of trust include a provision that he occupies and pays me rent? If he were to later fail to pay rent, could I take court action for an order to sell the house?
Submitted: 1 year ago.
Category: Property Law
Expert:  Alex J. replied 1 year ago.
Thank you for your question and welcome.
Will your friend live there alone?
Will your friend obtain a mortgage?
Kind regards
AJ
Customer: replied 1 year ago.
He will live there with his wife, who will also be a joint owner, and his two children. There will be no mortgage, he is putting in £100,000 and we will put in £200,000.
Expert:  Alex J. replied 1 year ago.
Hi
Thank you.
Everything you have described is possible. You can include a right to charge rent and an obligation for him to give up the property in the event that he goes into arrears.
The problem you have is if he refuses to leave you will need to go to court and get a possession order. A court is very unlikely to grant a possession of young children are living in the property.
You may be better served including a provision that allows you to charge interest in the event that he goes into arrears. He won't be able to register a charge against the property without your consent so at least your share will be protected.
As another alternative you could get him to pay you a deposit for any rent arrears?
Kind regards
AJ
Customer: replied 1 year ago.
Many thanks, ***** ***** very helpful. I think allowing an interest charge should be ok - at least in the worst case scenario I can force a sale once the children are 18. One further question - is it possible for us all to give consent in the deed of trust for the house to be sold in say 15 years time if any one of us wants it, or would this be overridden by the wishes of the parties concerned come that time?
Expert:  Alex J. replied 1 year ago.
Hi
Thank you.
Absolutely you can agree an exit strategy. What I would suggest though is you agree a mechanism for valuing the property to avoid future arguments. For example you agree to appoint a local estate agent to provide an independent valuation which you must be bound by?
Kind regards
AJ
Alex J., Solicitor
Category: Property Law
Satisfied Customers: 3613
Experience: Two years conveyancing experience.
Alex J. and other Property Law Specialists are ready to help you

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:

 
 
 
  • Remus2004

    Remus2004

    Barrister

    Satisfied Customers:

    2446
    Over 5 years in practice.
< Previous | Next >
  • http://ww2.justanswer.co.uk/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Remus2004's Avatar

    Remus2004

    Barrister

    Satisfied Customers:

    2446
    Over 5 years in practice.
  • http://ww2.justanswer.co.uk/uploads/TG/TGraham12/2012-7-17_81212_bigstockBusinessHandshake508163.64x64.jpg Thomas's Avatar

    Thomas

    Solicitor

    Satisfied Customers:

    453
    UK solicitor holding an England and Wales practising Certificate.
  • http://ww2.justanswer.co.uk/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    42
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law.
  • http://ww2.justanswer.co.uk/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    4708
    LL.B (Hons), Higher Prof. Dip. Law & Practice
  • http://ww2.justanswer.co.uk/uploads/AS/Aston Lawyer/2013-10-8_19517_JAPROFILEPICTURE.64x64.jpg Aston Lawyer's Avatar

    Aston Lawyer

    Solicitor

    Satisfied Customers:

    1907
    LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
  • http://ww2.justanswer.co.uk/uploads/CH/chathamchamber/2011-4-24_191833_1.64x64.jpg chatham-chamber's Avatar

    chatham-chamber

    Solicitor

    Satisfied Customers:

    846
    LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
  • http://ww2.justanswer.co.uk/uploads/CL/clairep80/2013-8-25_191218_dreamstimexs267279822nd.64x64.jpg Clare's Avatar

    Clare

    Solicitor

    Satisfied Customers:

    308
    I have been a solicitor in High Street Practise since 1985 with a wide general experience.
 
 
 

Related Property Law Questions