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Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7609
Experience:  BA (Hons), PgDip, Practising Solicitor
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I am about to buy a house with my husband and looking into

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I am about to buy a house with my husband and looking into 'tenants in common' criteria. However, I am going to put a wealthy deposit of 1/4 of the property value plus paying the taxes and layers, whilst he has no money at all but a much better salary then mine. So we are going to have to take out a mortgage together. How do I stand in the percentage of such ownership? As I understand, by law his name is XXXXX XXXXX appear on the property's mortgage but I would imagine it will have to be also co-owner of the house? Or can he take the mortgage out and have no share in the house initially and then earn ownership step by step as he pays the mortgage?
Submitted: 5 years ago.
Category: UK Property Law
Expert:  Thomas replied 5 years ago.

Thanks for your question.

If he is named on the mortgage then he will also be named on the registered title for the property as registered proprietor in the same way you are.

If held as TIC you may have separate interests in the property. 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.

Most commonly, this could take account of your large deposit by either specifying that you should receive this amount first and dividing the remaining equity equally (or as a percentage proporation) or it could simply stated that you receive x% and your husbands receives y% as reflecting your differing interests in the property.

A complicated/details DOT could also allow for your husband to increase his percentage interest in the property as and when he makes capital payments from the mortgage. You could specify (if he is willing) that you own 99% and he 1% and then specify how this is to change over time.

Please note though that the Court has very wide powers to disregard all types of agreements/understandings (such as these) in order to achieve a fair financial settlement in divorce proceedings.

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Customer: replied 5 years ago.
What is a TIC and a DOT?
Expert:  Thomas replied 5 years ago.
Tenant(s) in Common


Declaration of Trust

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