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Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7602
Experience:  BA (Hons), PgDip, Practising Solicitor
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in 2008 my parents relocated, they werent able to afford the

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in 2008 my parents relocated, they weren't able to afford the full payment so we remortgaged to be able to give them £20k on the understanding that their will would be changed & we would get the £20k + interest back (25yr mortgage). However if for some reason they have to sell their house is there something that can be drawn up as we own a share of their house & we would want our share back?
Submitted: 7 years ago.
Category: UK Property Law
Expert:  Thomas replied 7 years ago.



Thanks for your question.


Yes, there is and it is called a declaration of trust. It is a deed signed by the registered proprietors of the property (presumably both your parents) and it would state that upon sale of the property you would receive an agreed proportion for the proceeds of sale to take account of your help in financing the purchase.


It could be registered against the property as a notice. Both your parent and both of the "we" you refer to would need to sign it as a deed (witnessed).


Any administration of your parent's estate in the event of their passing would have to take account of this deed.


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