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Stuart J
Stuart J, Property Solicitor
Category: Property Law
Satisfied Customers: 24621
Experience:  Senior Partner at Berkson Wallace
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I brought the house from the council I was living there for

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I brought the house from the council I was living there for 5 years and received a big discount of £80,000 so there is a big amount of equity. I brought the house from the council 17 months ago for £190,000 house is now worth £365,000. If I sold it within 5 years of the purchase I would have to pay some of the discount back. But I will not be selling until the 5 years is up. I am the only one on the mortgage. He is tied in just by the deceleration of trust.
the decleration of trust we have in place states this ' The mortgage in favour of Vida Loans and all other outgoings would be paid equally by both of
you, ie 50% by Nathaniel and 50% by Sharlene.'
so with that in mind if he does not continue to pay 50% of the mortgage will he void the deed of trust ?
also if i remortgage with a different company not with vida loans who are noted in the deed of trust will that make a difference to the deed of trust ?
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!

I have been asked to look at this for you.

The deed of trust says

Vida Loans, “and all other outgoings” and therefore any other loan would come under all other outgoings.

If he is obliged to pay the mortgage equally with you under the deed of trust and he doesn’t, it doesn’t void the deed of trust per se but it does decrease his interest.

Thank you for letting me assist you with your legal question.  I am glad that I was able to help.

I am not certain whether that answers the question for you or not, but I am happy to answer any specific points arising from this.

It will be my pleasure to help you again either further with this or any future questions you have

Kind regards

Customer: replied 12 days ago.
File attached (Z42QGVV)
Customer: replied 12 days ago.
I have attached the deed of trust could you confirm for me please.
Customer: replied 12 days ago.
I can not call

You said that it said “The mortgage in favour of Vida Loans and all other outgoings will be paid equally”

it doesn’t say that.  There is no reference to “all other outgoings”

Clause 3,

They shall bear the cost of all expenditure in respect of the Property and all monies under the Legal Charge (to Vida loans) in equal shares.

I think you could still argue that “the cost of all expenditure in respect of the Property” included any replacement mortgage.

Stuart J, Property Solicitor
Category: Property Law
Satisfied Customers: 24621
Experience: Senior Partner at Berkson Wallace
Stuart J and 2 other Property Law Specialists are ready to help you