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: 6290
Experience:  BA (Hons), PgDip, Practising Solicitor
Type Your UK Property Law Question Here...
Thomas is online now
A new question is answered every 9 seconds

Hi My partner and I are looking to get a home together. My

Customer Question

Hi
My partner and I are looking to get a home together. My house is being rented whilst we are currently living in his apartment. He will buy the house outright, ie no mortgage involved but I want it to be in joint names with a written agreement that the equity he puts into the property is his and everything we make going forward is split 50/50.
He says "yes" to the written agreement as above but wants the property in his name only as he says I can claim half of all of the value if the relationship doesn't work out.
Emotion aside, my concern is that I wouldn't have any legal rights to anything if it is in his name only.
Could you please advise.
Regards
Submitted: 1 year ago.
Category: UK Property Law
Expert:  Thomas replied 1 year ago.
Hi,

Are you married?

Tom
Customer: replied 1 year ago.

No.


 

Expert:  Thomas replied 1 year ago.
Ok.

Who is funding the purchase please? Him alone, or both of you?

Tom
Customer: replied 1 year ago.


He is.

Expert:  Thomas replied 1 year ago.
Right.

Can you provide a bit more detail on what you mean when you say "everything we make going forward is split 50/50. " please?

Tom
Customer: replied 1 year ago.

I'm referring to any profit made on the property when we come to sell it, minus the initial purchase price, is split between us equally as we will both have been investing in the property together whilst we live there.


 


He has a daughter from his previous marriage and I have 2 daughters from my previous marriage, both of which were dissolved 20 and 13 years ago, respectively.


 

Expert:  Thomas replied 1 year ago.
Thanks Drafting you answer now, ten minutes or so. Please be patience.

Tom
Customer: replied 1 year ago.


Many thanks Tom.


 

Expert:  Thomas replied 1 year ago.
Hi

Thanks for your patience.

Unmarried partners do not have any rights to their partner’s assets in general.

Thus, if the property were in your partners sole name and you split up then you would not be entitled to any financial settlement from him. So, yes you are right in one sense.

If you both wish to give you some security (although obviously he is under no obligation – save his sense of fairness – to advance you this) then you have two options:-

1) Purchase the property in joint names but with a declaration of trust. If you purchase the property in joint names as “Tenants in common” then execute a declaration of trust stating that either you have specified percentages of the equity, or that your partner should receive X amount from the proceeds of any sale and then you should thereafter receive percentage amounts from the balance.

If you own in this way then you can apply for an order for sale if the relationship breaks down. If you specify your interests by a declaration of trust then you could only claim the amount specified in the trust, not 50% (unless you specify this)
2) He purchases the property in his joint names but you execute a declaration of trust specifying the above in a similar way. The trust would be enforceable as above but it gives you slightly less security because he could effectively (if he were naughty) mortgage the property or sell it on his own.

If you subsequently marred then it would complicate things for him because financial settlement would be determined as a married couple which would be advantageous for you and disadvantageous for him

Please remember to RATE my answer OK SERVICE, GOOD SERVICE OR EXCELLENT SERVICE or above if you are satisfied that you have received the correct legal advice (even if it is not the answer you wanted to hear), otherwise I do not receive any credit for answering your question.

If you are not willing to rate my answer as OK SERVICE, GOOD SERVICE OR EXCELLENT SERVICE then allow me to assist further by replying asking what clarification you require rather than rating my answer at levels below.

If you wish for me to provide you with further guidance on any question you may have in the future then please submit a further question to the board requesting me either by my profile or by marking your question. “FAO Tom”.

Kind regards,


Tom
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6290
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 5 other UK Property Law Specialists are ready to help you
Customer: replied 1 year ago.


Many thanks for your help Tom.


 


Regards


Jane

Expert:  Thomas replied 1 year 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