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propertylawyer
propertylawyer, Solicitor
Category: Property Law
Satisfied Customers: 270
Experience:  Property solicitor with expertise in commercial and residential property transactions.
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A the moment I have a joint mortgage with my Wife which I

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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: 8 months ago.
Category: Property Law
Expert:  propertylawyer replied 8 months 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 8 months 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, Solicitor
Category: Property Law
Satisfied Customers: 270
Experience: Property solicitor with expertise in commercial and residential property transactions.
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