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do you have any kind of prenuptial postnuptial agreement between you and your husband please?
Your conveyancer is not correct in what he tells you but he's also not exactly wrong.
I will explain... Would you like to continue?
thanks. There is nothing preventing you both entering into a trust arrangement irrespective of who is named on the mortgage. However, because the conveyancer is acting for both you and the lender he could not draw up such a trust document for you without informing the lender that he is doing so and the lender would likely refuse permission as they would say was a breach of their lending terms
this is a common scenario and the solution is for you to instruct a separate solicitor who is not acting for the lender to draw up such a trust deed. That solicitor owes no obligations to the lender and therefore does not need to tell of it. The trust deed is perfectly valid between you and your husband though it has no effect against the lender
It wouldn't be him drawing up the trust document - they are an online conveyance - I would be using my family solicitor to draw this up after completion of the sale. What happens then?
that is to say, if the lender repossess the property, you would not be able to use the trust deed to prevent this of course you would be able to use it as a means to claim your share of the property as evidenced by the trust deed against your husband
As I typed, you answered what I was writing!!!
that would be absolutely fine
Your solicitor would have no difficulties with the lender in those circumstances
Perfect. Issue solved. Continue with the conveyance then get a deed of trust drawn up after?
There is one other aspect before you go...
You will need to consider that whilst the deed of trust will be effective in evidencing your respective shares you will need to consider that if you have no post nup or pre nup that your husband will still be able to make potential financial claims against you and vice versa of course were you to divorce.
The DoT would be the starting point for evidencing your respect ownership in such cases but a divorce court does have the power to vary the terms in a settlement potentially.
Does the above answer all your questions or is there anything I can clarify or help you with any further?
Yes it does, thanks Josh. I think at some point in the future my Mum will make us all draw up legal docs stating what are husbands are or are not entitled to! But for now I am happy to get a deed of trust in place after we move in!
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No probs. All done.