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Chit Chat
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In the process of losing my property.
long story.
But if i went for another mortgage on another property, and someone else came in with me for the application and did a joint one, but put in a bigger deposit then me, could it be put into contract that when we sell he gets back the bigger share??
long story.
But if i went for another mortgage on another property, and someone else came in with me for the application and did a joint one, but put in a bigger deposit then me, could it be put into contract that when we sell he gets back the bigger share??
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Not necessarily Sid, it would all depend on what you agreed in the first place. It would be fair to assume though that anyone putting money into a property got back a % of the sale price in relation to what they had contributed. This would include the mortgage repayments as well as initial deposit.
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Easy to do via a solicitor. When I bought a house with an ex her dad provided all the deposit but it was contracted he would get back the monies upon sale of the house. Can do similar on any equity clause.
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All you would need to do is a Declaration of Trust
http://www.slpsolicitors.co.uk/declaration-of-trust.html |
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Dave
thats what i mean, so it can be arranged that they get the bigger share back? Im thinking that way this person supports me in getting me back on my feet. go in for a place. they have bigger deposit. and legally ensure they they get the bigger share back. So can be done? |
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ok cheers ppl
:-) |
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Easy sid.
YDNA may have provided an easy link. Failing that if you agree exactly what you want to do and are clear about it, then it wouldn't cost the earth to get a solicitor to draw up an agreement. |
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ok tops.
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