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 Aston Lawyer Your Own Question
Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10780
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
Type Your Law Question Here...
Aston Lawyer is online now

I took out a declaration of trust with my son deposit a

This answer was rated:

I took out a declaration of trust with my son for the deposit a house he bought in 2009.Since then he has moved property and then married and now has a joint mortgage with his wife.The deeds of the house is still in his name.Should i have made a new declaration of trust on the new address? Does this mean that i have no claim on this sum of money anymore.

Hi, a Declaration of Trust is nearly always personal to an individual property. I am not sure what happened when he sold his last house, but it would have been normal for your financial interest to have been protected by way of a Land Registry Restriction. Was this done? Kind Regards Al

Customer: replied 1 year ago.
I don't believe any land registry restriction was enforced in 2005 when the trust was written up. My son sold this house in 2010,carrying his existing mortgage over to purchase his house he now lives in. I assumed my deposit amount was still a debt to my son until I authorised otherwise. Should he now sell his house, have I no claim on my deposit to be repaid. My son is willing to sign a revised declaration of trust with his new address but his wife may not be.

Hi, thanks for your reply, and apologies for the delay in replying. I am afraid that the existing Declaration won't be binding on the new property and you do really need to get a new Declation drawn up. If the new property is in your on's sole name, you won't need to obtain his wife's consent but if it is in joint names, you will need her consent. To give you security, you should also make sure that a Restriction is placed at the Land Registry which will prevent your sonselling the property without your written consent that the Declaration of Trust has been complied with. Otherwise, he would be free to sell without you at that time deciding whether or not to enforce the terms of the Declaration. I hope this assists you and sets out the legal position. If I have helped, I would be grateful if you could rate my answer. Kind Regards Al

Customer: replied 1 year ago.
Thank you for reply. The deeds of the house is in my son name. The mortgage is now a joint mortgage with his wife. Could you clarify that the house is still therefore in my sons name!?

Hi, if the Mortgage is in joint names, I'm afraid the Deeds will also be in joint names (unless they have a unique HSBC Bank mortgage which allows 2 parties to be on the Mortgage but only one party on the Deeds). Sorry Al

Customer: replied 1 year ago.
Thanyou for this information. Does that mean that my son cannot declare the money owed to me as a debt of his at a divorce settlement. My last question thanks.

Hi, provided you keep hold of the Declaration of Trust, that is evidence of any possible future divorce dispute. Ideally, if his wife won't agree to sign a new Declaration, your son should sign a simple letter, witnessed by a non family member, that he acknowledges that the provisions of the original Declaration of Trust have not been fulfilled and that therefore he still owes you £x. I hope this helps. Kind Regards Al

Aston Lawyer and other Law Specialists are ready to help you