Not sure if this is a property law question or not, but basically I am trying to find a way of providing my partner a share in a property that is solely in my name.Sounds complicated, but basically my partner (we are unmarried but been together for years) has given me 40k to invest in a business. She is nothing to do with the business btw apart from helping me purchase. The business is a partnership with another. In return I want to offer her a share in the property that I rent out which is solely in my name both on deeds and mortgage. I want her to know that whenever the house is sold, she will get her 40k back. Currently there is around 110k equity so altho nothing is guaranteed there should always be the equity to pay her back.Alternatively and other solutions would be appreciated! I'm merely wanting to offer her some kind of security for her money and something back. It has been suggested that we should just get married! I'm guessing that if we did that she'd automatically receive half of the property anyway?Thanks in advance
Province/Country relating to question : UK
HiOne easy solution is to ask a Solicitor to prepare a Declaration Of trust saying that you hold the property on trust to share with her in either equal or unequal sharesThis will ensure that if the house is ever sold she will receive her share of the propertyClaire
Thanks Claire. So I don't need to do anything with regards XXXXX XXXXX mortgage or the property deeds, a single Declaration of Trust will be enough?
HiYou can certainly look at adding her to the mortgage and the title deeds if you wish so that you become legal joint owners of the property as opposed to her simply having an interest in the proceeds of sale.This is a simpler option - but does give her fewer rights in so far as she has no right to enter the propertyClaire
25 years exeperience
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