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Clare
Clare, Solicitor
Category: UK Law
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Experience:  family solictor with 25 years experience
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I was due to buy a house with my girlfriend, however we got

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I was due to buy a house with my girlfriend, however we got provisionally accepted for a mortgage but her crdit score was not quite good enough. I can buy the house with a mortgage in my own name as the multiple of income still works and i have been accepted on this basis. her father was going to put her half of the deposit in and I still need this put 20% deposit down. the plan is to buy the the house in my name using my half of my deposit and half of her dads. her credit will be fine in two years time, so i will remortgage and put her on the deeds. However to protect her fathers money incase we split up or somethign simliar before we remortgae in two years time, can a solicitors letter be written up stating that if the porperty is sold when it is in my name only then he is entitled to his half of the deposit (25k) back ????
Submitted: 11 months ago.
Category: UK Law
Expert:  Clare replied 11 months ago.
Hi
Thank you for your question.
My name is XXXXX XXXXX I will do my best to help you
The document that you need is a Declaration of Trust setting out that you are holding the property on behalf of you both. Your conveyancer should be able to draft this for you
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 11 months ago.

do you mean we will both be on the deeds from the start but only me on the mortgage as I know mortgage companies will not allow this ? how much will the decleration of trust cost to set up roughly ??


 


thanks

Expert:  Clare replied 11 months ago.
Hi
No this is a totally separate document that does not effect the mortgage at all
It simply confirms that whilst you own the property outright you have agreed to share the proceeds of sale with someone else
Clare
Customer: replied 11 months ago.


ok thanks, XXXXX XXXXX What is rough cost of this ??

Expert:  Clare replied 11 months ago.
Hi XXXXX £150 or so, maybe less
Clare
Clare, Solicitor
Category: UK Law
Satisfied Customers: 28613
Experience: family solictor with 25 years experience
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