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.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Thomas Your Own Question

Thomas
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6509
Experience:  BA (Hons), PgDip, Practising Solicitor
28732269
Type Your UK Law Question Here...
Thomas is online now
A new question is answered every 9 seconds

Hi, I currently shared joint ownership (we own 50% each) of

Resolved Question:

Hi,
I currently shared joint ownership (we own 50% each) of a house with my partner as Joint tenants (cohabiting for 5 years, not married).
He wants to split up and I do not want to loose the house and can afford to take
on the mortgage.
However at this current time i do not have enough money to pay him his share of the
collateral.
My question is can we still transfer the house into my name and then draw up a legal
agreement that i will repay him at a set monthly rate over a period of time.
I roughly owe him £15K....so is this possible?
I have suggested this to him, but he seemed to have been advised that such a legal agreement "is not worth the paper its written on" ......could you advise me on this
thankyou
Dr J Mosley
Submitted: 3 years ago.
Category: UK Law
Expert:  Thomas replied 3 years ago.

Hi Dr Mosley,

 

If there is a mortgage on the property then the lender has a first legal charge which prevents the transfer of the property without their consent. This means that you should approach the lender about receiving a mortgage in your sole name (your quesiton reads "...can afford to take on the mortgage".

 

Once you have a mortgage offer you can arrange the transfer in to your sole name.

 

If you do not have enough money to pay him his share now then upon transfer to your name you coudl execute a declaration of trust stating that although you are the owner of the property he has an interest to the value of £15, 000.00 in the equity in the property. Alternatively he would take a second legal charge against the property in the same sum.


At the same time you could execute a separation agreement (with a solicitor in the same firm) stating what is happening above and that you plan to repay him. The charge or declaration would also contain provision regarding repayments of the amounts owed and that upon full repayment he will consent to the declaration or charge being redeemed (ie. repaid).

 

I'm not sure what he was advised.

 

If this is useful please kindly click accept so that I may be rewarded for my time. You will be free to ask follow up questions.


Kind regards,

Tom

Customer: replied 3 years ago.

His main concern is either

1. What if i decide not to repay him (even though i can afford it)

 

or

 

2. If my circumstances change and can not afford to do so immediately

 

Does the "The charge or declaration" protect him against loosing his equity in the property

 

 

Expert:  Thomas replied 3 years ago.

The declaration of trust/charge would govern his right to enforce the non-repayment of monies owed.

 

In view of his concerns, a second charge would seem more appropriate in that it can be registered against the title to the property so that any potential conveyancer would know of the charge and repay the sum following complettion.

 

If you cannot afford to repay the monies under the charge then he could apply for an order for sale. The charge may state under what circumstances (ie. how many missed payments) he can make such an application. If there is insufficient equity in the property to repay him upon sale then he can obtain judgement agianst you for the debt in a county court.


This is a bit of a disadvantage to him in that it is better to have money in hand than a county court judgement but if you are to have the property in your sole name but cannot repay him this is all you can offer.

 

Trust this clarfies, if so please click accept.


Kind regards,



Tom

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6509
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 2 other UK Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
< Last | Next >
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
  • I did not know a French Law service existed and I was very impressed with the speed of reply --- very professional. Many thanks! Ms. Baker Alfafar, Spain
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie USA
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
 
 
 

Meet The Experts:

 
 
 
  • Ben Jones

    Solicitor

    Satisfied Customers:

    8364
    Specialist in UK Law with expertise in UK Employment Law
< Last | Next >
  • http://ww2.justanswer.com/uploads/venkoj/2010-02-20_133027_ben_pic.jpg Ben Jones's Avatar

    Ben Jones

    Solicitor

    Satisfied Customers:

    8364
    Specialist in UK Law with expertise in UK Employment Law
  • http://ww2.justanswer.com/uploads/CH/chathamchamber/2011-4-24_191833_1.64x64.jpg INC's Avatar

    INC

    Solicitor-Advocate

    Satisfied Customers:

    3850
    LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
  • http://ww2.justanswer.com/uploads/taratill/2010-03-09_111600_phpsik04M_c2AM.jpg Jenny Mackenzie's Avatar

    Jenny Mackenzie

    Satisfied Customers:

    2612
    Over 10 years experience in general legal matters
  • http://ww2.justanswer.com/uploads/matthewjones/2009-9-7_20342_picture_007.jpg Matthew J's Avatar

    Matthew J

    Solicitor

    Satisfied Customers:

    323
    4 y PQE (Partner) - Commercial / Residential Property & Property and Civil litigation experience
  • http://ww2.justanswer.com/uploads/TO/touchwoodsden/2013-12-6_91518_MeforJA.64x64.jpg Stuart J's Avatar

    Stuart J

    Solicitor

    Satisfied Customers:

    5198
    PGD Law. 20 years legal profession, 6 as partner in High Street practice
  • http://ww2.justanswer.com/uploads/RE/Remus2004/2012-4-22_93111_2bigstockPortraitOfConfidentFemaleL6943985.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    24742
    Over 5 years in practice.
  • http://ww2.justanswer.com/uploads/JO/Josh2010/2012-4-29_19490_GettyImages80121770B.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    6561
    LL.B (Hons), Higher Prof. Dip. Law & Practice