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Clare, Solicitor
Category: UK Property Law
Satisfied Customers: 34233
Experience:  25 years exeperience
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Hi! My boyfriend and I split up in Spetember. We own a house

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My boyfriend and I split up in Spetember. We own a house since 3.5 years.
My dad give us all the deposit but we bought the house 50-50.
We put the house on the market in September, but haven't sold it yet, had an offer last week. He was happy with it but I wasn't.
If we would of sold it for the offered price, after we pay all the fees and give back the money to my dad (after all, he give it for the house) my ex would of have £5K left from it.
So I asked him: 'If I give you £5K would you resign your half to me?' He said yes.
But now I need to find a legal way to do it so!
Can't remotgage because they don't give me enough!
I read something about "gift for reservation benefit" (I know something about inheritance tax, but don't know how much it would be). Can't he just gifting half of the house to me?
What if he sell that half to meg for that £5k? (the offer was£100K)
We not arguing over anything, still have a good relationship, I just don't want him to come back in a few years and say, he wants his part when I technicaly bought him out already!
He is willing to sign any paper about our agreement at the moment.

Appreciate all the help!
Thank you for your question
I will do my best to assist you but I need some further information first
Are you able to get your ex released from the exisiting mortgage?
Customer: replied 4 years ago.


I don't really undersand what you mean, sorry!

Outstanding balance on the morgage is £81K at the moment. I asked the bank only can get £48K mortgage if I remortgage.


I am sorry I should have made it clear
Will the mortgage company release your ex from the existing mortgage so that he can move on and get another mortgage if he wishes
The mortgage company may want someone to replace him - but you need to speak to them first
Customer: replied 4 years ago.


I can't! I can only borrow £48K and I need £80K

I can ask an other bank. At the moment I'm with Halifax I do belive Barclay's givebigger morgage to people!


Did you ask about releasing him or about a re mortgage?
Customer: replied 4 years ago.


No, I haven't. But I told to the mortgage advisor whats going on and she look helpful but didnt mentioned anything about releasing, can't remortgage on my own because I don't earn enough.


Mortgage companies can be more amenable to releasing someone that they are to re-mortgaging so it is worth asking.
Otherwise you will simply have to ask your ex is he is willing to remain on the mortgage or not.
If not then I am afraid there is no way around this as he is entitled to want to move forward with a new mortgage and if he applies to the court for an order for the sale of the property he will get it
However if he is content to remain on the mortgage subject to a payment for you then you will need to have a Declaration of Trust drawn up setting out that you alone are entitled to benefit financially from the property
I hope that this is of assistance - please ask if you need further information
Clare and other UK Property Law Specialists are ready to help you
Customer: replied 4 years ago.


What if we signed a declaration of trust already when we had the mortgage done? Can a new one be made what will over writte the old one?

Also wher can this be done? Do I need to go to a solicitor?

Thank you for your help so far :)

Yes a further Declaration of Trust can indeed be prepared - and any competent Conveyancing Solicitor should be able to draft it for you
Customer: replied 4 years ago.
I will give you the rate (I know it's important) once I seen a solicitor and I have the documents, because maybe I will have more questions!
Thank you
You can always add follow ups AFTER you have accepted