Do I need a solicitor to witness signatures for me and my husband agreeing that I get full deposit back before property equity is split?

8th Jan 2019

When me and my husband bought our first house I paid the full deposit of just over £13,000 from savings that I had. There was a verbal agreement made between us that if we were ever to sell the house then I would receive the first £13,000 back before anything else would be split equally.

However, I now want this to be confirmed in writing just in case the unfortunate was to happen.

How do I go about with doing this? Do I just write a letter confirming the amount and what is to happen, get it witnessed by a proffesional person and signed by both of us?

Any help on this matter would be greatly appreciated.

CATEGORY: Family

LOCATION: CAMBRIDGESHIRE

2 answers
  • OTS Solicitors

    This can be done in the form of a post-nuptial agreement addressing how finances would be dealt with in the event of a separation. It could also be done as a deed of trust which would need to be witnessed by a solicitor. In conjunction with a deed of trust you could change how the property is held from join tenants to tenants in common but you should be aware that this could have implications with respect to what would happen to the property in the event of one of you dying so you may not wish to do this.

     

    It would be best for you to get detailed advice wtih respect to your matter and options available to you so you can decide the best option or options for you. Please do not hesitate to contact our family department on 0203 959 9123 who would be happy to assist you.

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    OTS Solicitors

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  • Bridge Law Solicitors Limited

    You really need to take some proper advice on this - the new property needs to be held as tenants in common in unequal shares rather than as joint tenants at the Land Registry - you have not stated whether you did this but if you take advice this can quickly be checked at teh Land Registry, alongside this you should have a Trust Deed in place that sets out clearly your respective shares in the equity in the new property.

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    Bridge Law Solicitors Limited

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