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Thomas
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7509
Experience:  BA (Hons), PgDip, Practising Solicitor
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if i have a declaration of trust in a property that i havent

Resolved Question:

if i have a declaration of trust in a property that i havent lived in with my ex for two years, he has stopped paying the mortgage, if the house gets re posessed....what happens with my £60,00 deposit i put in? I already own a buy to let mortgage on my own that i remortgaged for the deposit
Submitted: 6 years ago.
Category: UK Law
Expert:  Thomas replied 6 years ago.

Hi,


Thanks for your question.

 

Does the declaration of trust state that you are to receive a sum to take account of your deposit before the remaining proceeds of sale are distributed? If not please state the terms of the declaration.

 

Kind regards,

 

Tom

Customer: replied 6 years ago.

Yes when the house sells, which it is up for sale at the moment, i get my £60,000 back, ?

 

Expert:  Thomas replied 6 years ago.

Hi,

 

If by "yes" you mean that that DOT states you will receive your deposit back first then then once the lender has enforce the sale of the house any proceeds of sale following repayment of the mortgage and the lender's fees will be distributed in accordance with the terms of the declaration of trust. If there is £60, 000.00 of equity remaining then you will receive this.

 

You should advise you mortgage company of the declaration of trust to make them aware.

 

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Kind regards,


Tom

Customer: replied 6 years ago.

if i own another property if there is a short fall, can they come to me for the difference?

 

Expert:  Thomas replied 6 years ago.

If there was a shortfall and you owed some money then once they have obtained judegement on the debt then they could register a charging order against your other property.

 

If granted this would mean that upon sale of the property the proceeds of sale would first have to pay off the remaining amount before they are distributed to you and any other co-owners I'm afraid.

 

Kind regards,

 

Tom

 

 

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