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Being added to mortgage / deeds - confused

(7 Posts)
EssexMummy123 Fri 05-Jun-15 16:23:55

Can anyone help as I'm confused!

I'm being added to my partners house, both mortgage & land registry deeds.
He bought two years ago with a 10% deposit and we've agreed that I will give him some cash representing 20% of what he put down and in the event of a split / sale the first 10% will be split between us 80/20 in his favour (representing the initial deposit). Afterwards anything leftover (equity) after costs will be split 50/50 as we're both paying for improvements and half the monthly costs each.

We plan to be 'tenants in common' and get a trust deed drawn up by our own solicitors separate to the banks conveyancing solicitors to spell all this out.

The conveyancers for the bank that are adding me to the mortgage are also doing the change in ownership with the land registry (TR1 form) - they want to know the split in ownership equity - so should that be 50/50?

Collaborate Fri 05-Jun-15 18:33:11

No. You will be holding as tenants in common in unequal shares. Just tell them you're getting a trust deed drawn up separately. Bit unusual not to get the conveyancing solicitors do it, to be honest. It will be your job to make sure the right hand knows what the left is doing.

EssexMummy123 Sat 06-Jun-15 00:05:10

Many thanks Collaborate - it was the conveyancing solicitors who suggested that we get it done separately.

So the TIC unequal shares, does that mean that we want the shares to be 53/47? E.g. the 90% is split 50/50 and the 10% is split 8/2

Collaborate Sat 06-Jun-15 00:13:03

You can just say on the TR1 transfer you'll be TinC in unequal shares. At the same time the trust deed is entered in to, which spells out what those unequal shares are.

EssexMummy123 Sat 06-Jun-15 00:23:52

Ok more thanks :-) the conveyancing solicitors who are doing the TR1 transfer asked what the split would be on their 'information gathering' form so i assumed they needed to know for the TR1.

LotusLight Sat 06-Jun-15 11:07:35

That's all right. I think nowadays you can specify on the public register what the split is 80/20 or 50/50 or whatever whereas it used not to be shown BUT you don't have to so probably simpler here as is complex sums to put that just in the trust deed.

Make sure you also both make wills.

We are presuming here you are not married and are not married to anyone else and it is in England not Scotland.

cadno Sat 06-Jun-15 14:16:13

or Wales not Scotland

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