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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34581
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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I have split with my wife; I have offered her the property

Resolved Question:

I have split with my wife; I have offered her the property for the remainder of the mortgage value on the condition that if the house is sold I then receive 50% of the profit from the property, how do I go about setting this up?
Submitted: 1 year ago.
Category: Property 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 information first

Are you planning an immediate divorce?

Customer: replied 1 year ago.
Not as yet
Expert:  Clare replied 1 year ago.

Ok

Just for clarity - are there any children involved and what exactly is your offer?

Customer: replied 1 year ago.
There is one 12 year old, My offer is to let her have the house for the remainder of the mortgage, as long as if the house is sold then I get 50% of the profit from the sale
Expert:  Clare replied 1 year ago.

How much is the house worth and how much is outstanding on the mortgage?

Has your wife had any legal advice?

Customer: replied 1 year ago.
The property is worth around £100,000 and there is £44,000 remaining, as far as I am aware no she has not, but she has obtained the mortgage and I need to go and sign the papers to be taken off the mortgage, but I will not do this until I have this agreement in place
Expert:  Clare replied 1 year ago.

Ah I see.

If there is not going to be an immediate divorce then there are two options.

You can get your wife to sign a Declaration of Trust which states that whilst the property is in her sole name she holds it on trust for you both.

The other option is to have a Separation Agreement drawn up setting out the financial agreement that has been reached.

When there is a divorce this can then be turned into a Consent Order and sealed by the court

Please ask if you need further details

Customer: replied 1 year ago.
Do I need to get a solicitor to draw up the Declaration of trust? If so would this come under family law or property law?
Expert:  Clare replied 1 year ago.

A solicitor experienced in property law should be able to draw one up

Customer: replied 1 year ago.
Clare, Thank you, ***** ***** been most helpful
Expert:  Clare replied 1 year ago.

You are most welcome I hope all goes well

Clare and other Property Law Specialists are ready to help you