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 JGM Your Own Question
JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11557
Experience:  30 years as a practising solicitor.
31090051
Type Your Scots Law Question Here...
JGM is online now

My husband and I are looking to buy a property as an investment

Resolved Question:

My husband and I are looking to buy a property as an investment for our daughter. The deposit of £30.000 will come from her £ 10.000 savings and £20.000 secured loan on our house. This will increase our joint mortgage which we both contribute to. My husband does not want to put my name on the mortgage for this second property and this is really an investment for my daughter so what is stopping him from claiming this investment for himself?
Submitted: 1 year ago.
Category: Scots Law
Expert:  JGM replied 1 year ago.
Thank you for your question.As regards ***** ***** property, who is intended to be the owner?
Customer: replied 1 year ago.
Although this is supposed to be an investment for my daughter who is 4 the owner will be my husband. The sim is to rent this property and the rent will cover the mortgage.
Expert:  JGM replied 1 year ago.
Are you concerned about this arrangement in the event of a marital breakup or do you have other concerns?
Customer: replied 1 year ago.
Yes but the idea was for the investment to pay university fees when my daughter is older.
Expert:  JGM replied 1 year ago.
If your concern is that you are disadvantaged in the event of a marital breakup, that is not the case as any property acquired by either of you during the marriage is deemed to be matrimonial property.
However, what you may want to do is execute a deed of trust to state in writing that notwithstanding that the property is in the name of your husband the intention is that the property is to provide for your daughter's education or training.
There are various ways of dealing with this, including setting up a discretionary trust. Your solicitor should be able to advise of the best way of dealing with this for your specific circumstances.
JGM and other Scots Law Specialists are ready to help you