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 Property Law
Satisfied Customers: 6647
Experience:  BA (Hons), PgDip, Practising Solicitor
28732269
Type Your UK Property Law Question Here...
Thomas is online now
A new question is answered every 9 seconds

I am about to buy a house with my husband and looking into

Resolved Question:

I am about to buy a house with my husband and looking into 'tenants in common' criteria. However, I am going to put a wealthy deposit of 1/4 of the property value plus paying the taxes and layers, whilst he has no money at all but a much better salary then mine. So we are going to have to take out a mortgage together. How do I stand in the percentage of such ownership? As I understand, by law his name is XXXXX XXXXX appear on the property's mortgage but I would imagine it will have to be also co-owner of the house? Or can he take the mortgage out and have no share in the house initially and then earn ownership step by step as he pays the mortgage?
Submitted: 2 years ago.
Category: UK Property Law
Expert:  Thomas replied 2 years ago.
Hi

Thanks for your question.

If he is named on the mortgage then he will also be named on the registered title for the property as registered proprietor in the same way you are.

If held as TIC you may have separate interests 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.

Most commonly, this could take account of your large deposit by either specifying that you should receive this amount first and dividing the remaining equity equally (or as a percentage proporation) or it could simply stated that you receive x% and your husbands receives y% as reflecting your differing interests in the property.

A complicated/details DOT could also allow for your husband to increase his percentage interest in the property as and when he makes capital payments from the mortgage. You could specify (if he is willing) that you own 99% and he 1% and then specify how this is to change over time.

Please note though that the Court has very wide powers to disregard all types of agreements/understandings (such as these) in order to achieve a fair financial settlement in divorce proceedings.



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

Kind regards,


Tom

Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6647
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 3 other UK Property Law Specialists are ready to help you
Customer: replied 2 years ago.
What is a TIC and a DOT?
Expert:  Thomas replied 2 years ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.

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:

 
 
 
  • Joshua

    Lawyer

    Satisfied Customers:

    4433
    LL.B (Hons), Higher Prof. Dip. Law & Practice
< Last | Next >
  • http://ww2.justanswer.com/uploads/JO/Josh2010/2012-4-29_19490_GettyImages80121770B.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    4433
    LL.B (Hons), Higher Prof. Dip. Law & Practice
  • http://ww2.justanswer.com/uploads/TO/touchwoodsden/JA.64x64.jpg Law Denning's Avatar

    Law Denning

    Solicitor

    Satisfied Customers:

    2289
    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:

    2244
    Over 5 years in practice.
  • http://ww2.justanswer.com/uploads/TG/TGraham12/2012-7-17_81212_bigstockBusinessHandshake508163.64x64.jpg Thomas's Avatar

    Thomas

    Lawyer

    Satisfied Customers:

    1198
    BA (Hons), PgDip, Practising Solicitor
  • http://ww2.justanswer.com/uploads/CH/chathamchamber/2011-4-24_191833_1.64x64.jpg INC's Avatar

    INC

    Solicitor-Advocate

    Satisfied Customers:

    809
    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/AJ/ajlaj01/2012-5-9_14051_Profile1.64x64.jpg Alex J.'s Avatar

    Alex J.

    Law

    Satisfied Customers:

    400
    LPC, 2 Years Conveyancing
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    212
    Barrister 17 years experience
 
 
 
Chat Now With A Solicitor
Thomas
Thomas
1291 Satisfied Customers
BA (Hons), PgDip, Practising Solicitor