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Thomas
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Experience:  BA (Hons), PgDip, Practising Solicitor
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My partner and I have joint ownership of a property. Is it

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My partner and I have joint ownership of a property. Is it possible to write a clause in which one of us has a larger share in the ownership, if both parties consent?
Submitted: 1 year ago.
Category: UK Property Law
Expert:  Thomas replied 1 year ago.
Hi

Thanks for your question.

Basically, yes, but you have to do it in a specific form in order to be binding

First of all, if presently hold the house jointly (as joint tenants) then you should sever the joint tenancy by using Form SEV from the Land Registry (you will have to send it to them and if you have any questions about completing the form you should call their customer service number - they are very helpful):-
http://www1.landregistry.gov.uk/publications/?pubtype=49

They will then hold their interests as tenants in common, meaning that you can hold you interests separately and in different amounts

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. This could take account of your interests by either specifying that one of you should receive an amount first and dividing the remaining equity equally (or as a percentage proportion) or it could simply stated that you receive x% and you co-owner receives y%.


A solicitor would be able to do this for both of you for £150+Vat or so. It is preferable to use a solicitor, if you attempt to execute a declaration of trust using an online template then you could make an error which would mean that the agreement is unenforceable/

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Kind regards,


Tom
Customer: replied 1 year ago.

Hi


Is it possible to do this without selling the property though? I wish the house to be in my partner's name only but we do not wish to move. Would we have to re- mortgage or is it possible to do put it into a solo name without going through the re- mortgage process?


Thanks

Expert:  Thomas replied 1 year ago.
Hi,

If there is a mortgage on the property then you can still execute a declaration of trust confirming the respective extents of your interest.

If you wish to transfer the legal title (ie. ownership) from the two of you to just one of you then you would need the lender's consent. This would mean that the person who is to be solely named would have to obtain a mortgage offer from them in order to do this, because they have a first legal charge which prevents transferring ownership without their consent.

Please remember to rate me answer.

Kind regards


Tom
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6298
Experience: BA (Hons), PgDip, Practising Solicitor
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