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 propertylawyer Your Own Question
propertylawyer
propertylawyer, Solicitor
Category: Property Law
Satisfied Customers: 285
Experience:  Property solicitor with expertise in commercial and residential property transactions.
94563951
Type Your Property Law Question Here...
propertylawyer is online now

A the moment I have a joint mortgage with my Wife which I

Resolved Question:

A the moment I have a joint mortgage with my Wife which I pay. We are unfortunately splitting up. After a lot of discussion we agreed it would be the least stressful on the children if I moved out of the property. I have agreed to sign the house over to her as she has found herself a mortgage. She is giving me a small amount of money to start over however is not in a position to financially buy me out and could not get a mortgage to do this. She has agreed to pay me out the finical value I put into the house if it is ever re-sold in the future. However we have nothing in writing other than a written signed agreement, witnessed by an independent friend. There has been no animosity involved in our separation, so we have not involved solicitors.
Where do I stand legally in the future, in regards ***** ***** sale, if I go ahead with the above agreement?
Submitted: 1 year ago.
Category: Property Law
Expert:  propertylawyer replied 1 year ago.

Hi Michael

It would be advisable to get any arrangement written up into a formal declaration of trust. However, if you and your wife divorce and you have children and the court makes an award it can do so without regard to the declaration of trust.

Expert:  propertylawyer replied 1 year ago.

Hi Michael

Do you need any further help? I'm happy to assist further.

Please can I also ask you to take a moment to accept my answer otherwise I will not receive credit for helping you. Thanks.

propertylawyer and other Property Law Specialists are ready to help you