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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10772
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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Me and my husband have applied to divide our property which

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Me and my husband have applied to divide our property which we have recently bought into 80:20 ownership. I need review of the deed sent by my solicitor and future implications of such a deed between us.

Hi. thanks for your enquiry. If you could confirm what exactly you would like guidance on, I will happily assist. Can you send me a copy of the Deed? I look forward to hearing from you. Al

Customer: replied 1 year ago.
DATED JUNE 2016------------
1. Declaration of trust 1
2. Registration/Endorsement 1
3. Additional provisions 1
THIS DEED is dated JUNE 2016
1. Mr Campbell (First Owner).
2. Mrs Campbell of(Second Owner).
(A) On 5 February 2016 the property known as*****registered at HM Land Registry under title number as comprised in a conveyance of that date made between (1) CL and (2) Mr Campbell and Mrs Campbell (the Property) was transferred to the First Owner and the Second Owner to hold on trust for themselves as joint tenants.
(B) The joint tenancy of the Property has been severed by agreement.
(C) The First Owner and the Second Owner wish to declare the extent of their respective beneficial interests in the Property.
The First Owner and the Second Owner declare that they hold the Property on trust for themselves as tenants in common in the following proportions:
(a) 20% shares as to the First Owner; and
(b) 80 % shares as to the Second Owner.
The First Owner and the Second Owner agree to apply to HM Land Registry for the entry of a standard form A restriction against the title to the Property endorse a memorandum of this declaration on the conveyance to themselves.
In the event of a sale the net sale proceeds shall be determined by deducting from the sale price the amount outstanding under the Mortgage legal fees agents’ commission and valuers’ fee (if any)This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.Executed as a Deed by the said
by the First Owner ………………………………………… the presence of:Witness Signature: ……………………………………………Witness NameWitness AddressWitness OccupationEecuted as a Deed by the said
by Second Owner …………………………………………………..
in the presence of:Witness Signature ……………………………………………………Witness NameWitness AddressWitness Occupation
Customer: replied 1 year ago.
Does this sound alright.
Basically we want to divide ownership between the two of us, in case of divorce May God forbid, we already have an agreement
Customer: replied 1 year ago.
Why does it say in Declaration of trust hold the Property as tenants in common when we are the owners and the property is freehold

Hi, thanks. Well, the Deed is pretty standard and has been drafted as I would expect. It confirms that you both are no longer Joint tenants, and now are to hold the property as Tenants in common, with you owning 80% and your Husband 20%. (Tenants in common has nothing to do with being a tenant in the renting scenario-it is the legal term used whereby each legal owner owns a separate percentage share in the property). There is nothing further in the Deed which needs amending and is fine, as drafted. Hope this helps. Kind Regards Al

Customer: replied 1 year ago.
In case of remortgage will there be a problem? we have 5 yr fixed rate mortgage

Hi, it won't affect you re-mortgaging in the future, as you are both still legal owners of the property, and the Banks/B Societies don't mind whether it is held as Joint tenants or tenants in common. Kind Regards Al

Customer: replied 1 year ago.
Thanks for your reply Al, what happens in case of sale, why does last paragraph of deed says outstanding legal fees, mortgage. We have paid him everything there is no outstanding, please can you clarify.

Hi, the last paragraph is just covering any future possibility that you may have a Mortgage, in that the division of the proceeds of any sale AFTER the payment of any Mortgage/legal fees in dealing with the Sale, will be divided 80%/20%. Kind Regards Al

Customer: replied 1 year ago.
Do you think its better to be joint tenants or tenants in common, which is safer?

Hi, I can't advise you which is the best for you, as I don't know your personal circumstances. What made you ask the Solicitor to change it to Tenants in common? Al

Customer: replied 1 year ago.
The reason I wanted to divide is y husband has another wife with children in India, divorce proceedings are still ongoing in India. I am going to pay all the mortgage, I was worried his 1st wife may claim something in future.
Customer: replied 1 year ago.
I am his second wife, we were legally married in India before coming to UK, 8 yrs ago under muslim personal law. Unfortunately his divorce is not yet finalised even after all these years.

Hi, well from the little I know concerning your circumstances, you are probably best to hold the property as Tenants in common. I hope you appreciate this site can only guide you on legal matters, and although I am a Solicitor, ultimately you need to rely on the advice of your own Solicitor. I hope I have assisted, and if so, I would be grateful if you could rate my answer. Best Wishes Al

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Customer: replied 1 year ago.
Thanks for your help.