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Ask Clare Your Own Question
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34895
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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I am taking a mortgage on my property in order for my partner

Customer Question

I am taking a mortgage on my property in order for my partner to buy out the ORs share of his pension. THe pension fund is £78,000. THe OR needs 45% around £35000. I would be borrowing the same amount as I have equity of around £185000. THe Pension plan cannot be assigned at the same time. The idea is to move the pension fund to another provider then split the pension to pay back the mortgage. What legal arrangement (if any) can my partner and I have between us to protect my money . we are not married.

Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 years ago.
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Just to check - your are the sole owner of the property and this is by way of a Loan to your partner?
Customer: replied 3 years ago.

Yes Claire

this correct

Expert:  Clare replied 3 years ago.
Sorry - I should also have asked - when will his bankruptcy be discharged?
Customer: replied 3 years ago.

The bankruptcy was in 1995 so he has already been discharged. This pension fund formed part of the estate but not be realised until he reached 50 . He is now 67 so it has taken the OR a while to do anything! They can of course take the lot , but because of the timescale I guess we are benefiting from the fact they are offering us a chance to pay them the standard 45% as security against any creditors from back then admitting proof to claim now. Once we have repaid the OR he will notify the pension provider that he has not further interest in the pension

Expert:  Clare replied 3 years ago.
In that case there is nothing to stop you drawing up a simple written agreement confirming that he will repay the £35,000 by a certain date.
This will then be enforceable if there is a problem in the future
I hope that this is the information you require - if not please ask