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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Joshua Your Own Question
Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 30009
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
35043042
Type Your Law Question Here...
Joshua is online now

Age of 4 years with my partner and he bought me out but is

Customer Question

age of 4 years with my partner and he bought me out but is now saying I need a solicitor cause the deed of trust says we should split the equity
JA: Where are you? It matters because laws vary by location.
Customer: warrington uk
JA: What steps have you taken so far?
Customer: i haven’t taken any, he bought me out and as far as I knew that would be the end of it as that was what our mortgage advisor sugested
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: Nope nothing thank you
Submitted: 15 days ago.
Category: Law
Expert:  Joshua replied 15 days ago.

Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.

are you able to kindly clarify what occurred here please? From what you say, your partner has brought you out of a particular property but do I understand correctly that there is trust documentation which perhaps was not dealt with at the time were bought out?

Customer: replied 15 days ago.
that’s correct, our mortgage advisor didn’t go through any of this with us and to my understanding all I had to do was say I was happy with the money I received which was the case. He has taken out a new mortgage on this house with Halifax and they’re the ones saying I need a solicitor cause of what the deed says
Customer: replied 15 days ago.
I was just wondering what actions to take next as I have never done this before
Expert:  Joshua replied 15 days ago.
  1. Thank you. for the avoidance of doubt, may I confirm whether you have yet received any payment?
  2. do I infer from the above that you are content for your name to be removed from the title and so on?
Customer: replied 15 days ago.
I have received and accepted the buy out money, and I am wanting my name to be removed from the house
Expert:  Joshua replied 15 days ago.

thank you. Without having seen the relevant documents in question, I am forced to make certain I hope educated suppositions as regards ***** ***** involved here. What I would assume is the case, is that either you are jointly named on the title or you are not but there is a restriction on the title in your favour as a result of a form of declaration of trust that you entered into with your partner perhaps at the time of the purchase or subsequently.

If you are joint legal owner of the property which I suspect is the more likely of the two scenarios, then you would need to execute a transfer deed transferring the property into your partner's sole name including a declaration of the amount that you have been paid in respect of the transfer of your share. You will also need to provide identification so that you can be identified to the land registry so that the transfer deed can be registered.

If by contrast, you are not a legal owner but any beneficial owner protected by a restriction, then you would need to complete a form RX3 to release your interest in the property and provide some form of acknowledgement or receipt in respect of the honey that you have received.

Whilst it is not a concern for you, your partner will need to consider whether SDLT ( stamp duty) will be payable upon the transaction. if when added together, the sum that your partner has paid to you together with half the amount of the outstanding mortgage exceeds £125,000, then SDLT may be payable on the transaction

Customer: replied 15 days ago.
I’ve attached the copy of the deed for you below
Expert:  Joshua replied 15 days ago.

Many thanks. So the position is as I suspected, being the first of the two above scenarios (you are both legal owners)

Customer: replied 15 days ago.
that is the case! How would I go about getting a transfer deed in place?
Expert:  Joshua replied 15 days ago.

This would be dealt with by your partners solicitor as part of the mortgage. It is known as a transfer of equity and remortgage and is very common.

Customer: replied 15 days ago.
Thank you so much! Would it just be a case of him contacting his solicitor then to sort this?
Expert:  Joshua replied 15 days ago.

exactly so. He simply to explain to his solicitor that he needs to carry out a transfer of equity and remortgage. His solicitor is all but certain to be familiar with precisely what he refers to in this respect. one point would be that if the solicitor has been allocated to him by the mortgage company under a "free legal work" offer, the solicitors may not be willing to carry out work in relation to a transfer of equity or they may but will advise that he will have to pay an additional fee. If the former is the case, then he would need to appoint a different solicitor to the one appointed by the mortgage company

Customer: replied 15 days ago.
He doesn’t have a solicitor would it be wise to get one in this case?
Expert:  Joshua replied 15 days ago.

a solicitor will have to be appointed as part of the remortgage even if the issue of transfer of equity was not required. For now, it seems to me or your partner should need to consider is telling the mortgage broker that the remortgage will also involve the transfer of equity and accordingly, it is unlikely to be suitable for any offer of free legal service by a lender so that the mortgage broker can select the most appropriate offer for your partner's needs

Expert:  Joshua replied 15 days ago.

I hope the above is of some assistance but if you have any further questions, please revert to me.

Customer: replied 15 days ago.
If I was to get a solicitor to challenge this what would happen as I have already accepted money but I haven’t signed anything?
Expert:  Joshua replied 15 days ago.
  1. may I clarify do you mean if you were to seek to continue to claim equity in the property having already accepted monies?
  2. if this is what you mean, was nothing documented as regards ***** ***** of those monies? e.g. that you accepted them in full settlement of your interest in the property?
Customer: replied 15 days ago.
I sent across an email saying I accept the money that I received, would I be able to go down the route of retracting this to claim equity in the property?
Customer: replied 15 days ago.
This is what I accepted, I also can’t see anywhere in any documents about an exit fee does this usually apply?
Expert:  Joshua replied 14 days ago.

this document appears to have been written by a mortgage broker if I'm interpreting it correctly. The answer to your question really depends upon the contents of any correspondence the money was sent with and your reply. Do you have a copy of any such correspondence if there was any?

Customer: replied 14 days ago.
that was sent by our mortgage advisor. What I’ve sent is the only correspondence I sent in regards ***** ***** equity and that’s to me ex partner
Expert:  Joshua replied 14 days ago.

Thank you. That email looks pretty unequivocal in terms of evidencing your acceptance of monies as payment of your interest. I think it would be difficult at this point for you to consider stepping back from that position as your partner would no doubt argue that that email operates as an acceptance of full and final settlement from him. I do not suggest you should not take advice on the point but that email is likely to be at best of extreme and helpfulness to any such attempt on your part.

Customer: replied 14 days ago.
I thought as much really! I do accept the money, I just thought with being told I need to get a solicitor then there would be a way of splitting the equity when the house got revalued. Thank you very much for your help, I’m going to have a think about what my next steps will be
Expert:  Joshua replied 14 days ago.

I'm glad the above answers all your questions for now. If you have any follow up questions please revert to me.

Expert:  Joshua replied 13 days ago.

Thank you again for visiting JustAnswer and see you again in the future I hope.