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Thomas
Thomas, Solicitor
Category: UK Family Law
Satisfied Customers: 6449
Experience:  BA (Hons), PgDip, Practising Solicitor
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Hi. My fiance has recently completed his divorce and financial

Resolved Question:

Hi. My fiance has recently completed his divorce and financial settlement with his ex wife. He now wants to move in with me. I currently have a house and mortgage. He wants to either use his lump sum (from his divorce) to pay against the mortgage, or start paying the monthly payment of the mortgage. In return he would like a share of the house, which I am happy with. Please can you give me advice on:

a) Whether its better to pay off the mortgage or pay monthly (obviously we save the interest if he pays a lump sum. I wondered if there were any other implications).
b) How do we go about getting him a share of my house. We need both shares to be safeguarded just in case things dont work out.
c) He has offered to pay me the monthly mortgage payment. The payment would then continue to come from my account, but will be re-imbursed by him. Do you know any reason why this should not be done (eg tax implications). Or is it better for him to pay the mortgage company directly, which would involve me informing the mortgage company and changing the account that the Direct Debit comes from.

Also, if you can think of any other issues that might arise, please let me know.

In case this is relevant, he has a child from his previous relationship, and we also have a baby together (who lives with me).

Many thanks in advance of your help.
Submitted: 2 years ago.
Category: UK Family Law
Expert:  Thomas replied 2 years ago.

Hi,

 

Thanks for your question.

 

Obviously, for security it is best that you are both named on the title to your property, this is the key. A person who is not named but who pays the mortgage is very poorly positioned. This can only be done if either there is no mortgage on the property OR you remortgage from your sole name in to your joint names (for which you would need the lender's consent).

 

So, he could either pay of the mortgage or you could both remortgage with perhaps him paying off some of it (or none of it)

 

If you are both to be named on the title to the property (ie. In either of the above ways) your conveyancer will likely recommend that you hold your interest in the property as tenants in common. This means that your respective interests pass according to your will (ie. not automatically passing to the surviving owner) and that you can own unequal shares in the property.

 

You may then make a declaration of trust, which is a deed sworn by you both in which you specify how the proceeds of sale of the property (ie. when it is eventually sold) are to be divided. This would define the percentage interests each party has in the proceeds of sale and thus reflect each party's contribution.

 

If this has been useful please kindly click accept so that I may be rewarded for my time. If you do not click accept your money stays with the site and I do not receive any credit for the time I have taken to answer your question.

 

I will answer your follow up questions you may have.


Kind regards,


Tom

Thomas, Solicitor
Category: UK Family Law
Satisfied Customers: 6449
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 4 other UK Family Law Specialists are ready to help you
Customer: replied 2 years ago.

Hi Tom,

 

Many thanks for your prompt and thorough reply. It was very useful.

 

How would I go about getting this documentation (Tenants in common agreement and declaration of trust)? Is this something I would need to see a solicitor for, or is there a quicker, easier and cheaper way of doing this?

 

Also, would I need to see a solictor about drafting a will? Or is that something I can do online, for example.

 

Thanks

Expert:  Thomas replied 2 years ago.

Hi,


Any local conveyancing solicitor would be able to draft a DOT for you for around £150.00 + VAT. You can get online templates but there is always the risk that you may not arrange the execution of it correctly and invalidate it.

 

You would be well advised to make a will if holding as TICs. Again, a simply will would be around £150+ Vat.

Tom

Thomas, Solicitor
Category: UK Family Law
Satisfied Customers: 6449
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 4 other UK Family Law Specialists are ready to help you

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