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If in a relationship, property is purchased by one partner…

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If in a relationship, property...
If in a relationship, property is purchased by one partner only, deposit made by them only and house in their name only, then they both move and the money from the initial property was then used as deposit etc for the next property but still mortgage etc in the one name of the previous owner. Then the couple marry and the profit from the current house is then used to purchase a property in joint name. When this house is sold, can the person who owned the previous house and then used the money for deposit for the current house to be sold, be entitled to get the deposit back and then any profit on top of that needs to be divided by both parties...
Submitted: 9 years ago.Category: Scots Law
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Answered in 2 minutes by:
6/15/2009
Lawyer: Clare, Solicitor replied 9 years ago
Clare
Clare, Solicitor
Category: Scots Law
Satisfied Customers: 35,264
Experience: family solictor with 25 years experience
Verified
hi
how long were the parties married, and how long were they living together before the marriage
claire
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Customer reply replied 9 years ago

will be married 4 years september this year

nearly 4 years years togeher before married

Lawyer: Clare, Solicitor replied 9 years ago
hi
this woudl be regarded as a short to medium length marriage as the cohabitation is counted.
the starting point would therefore be a 50/50 division of the equity (assuming there are no children) however the fact that one party made the greater financial contribution could be a good reason for adjusting the division in that persons favour but unless the ther party agrees it is unlikely that the deposit will be recovered in full
claire
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Customer reply replied 9 years ago
what would be the procedure in the other party did not want any of the quity and wanted just to walk away, what could be done to have the mortgage in one name
Customer reply replied 9 years ago
Claire, is your response the same in Scottish law ?
Lawyer: Clare, Solicitor replied 9 years ago
hi
i shall transfer you to the scottish law section and opt out!
claire
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Lawyer: ScotsLawPro, Solicitor replied 9 years ago
ScotsLawPro
ScotsLawPro, Solicitor
Category: Scots Law
Satisfied Customers: 1,290
Experience: LLB (Hons), Dip LP, NP
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HiCustomer/p>

 

You are now in the Scots Law section. Much of what Claire tells you about English law applies in Scots Law also, except marriages are not classified according to length, although the length of the relationship will be taken into account. What would happen is the court would look at whether there is an unequal contribution by one partner compared to the other. You would almost certainly lose most of the deposit here as the relationship has subsisted for some time. It would not be a 50/50 split and I would imagine something in the region 60/40 would be appropriate.

 

If one party wishes to simply walk away you would need a disposition from one to the other transferring title to one name and the permission of the lender to change the Standard Security,

 

Hope this helps. Please click ACCEPT for my time to be credited.

 

SLP

ScotsLawPro
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