• Gifted Deposit By Wife

    By Guest on 13th Mar 2016

    I give money to my husband to proceed for buying a property which is going to be our home. He has to take the mortgage to his name because he can borrow for 25 years while I can not. So the mortgage lender asked to sign a gifted deposit form where I had to tick the box that I do not acquire an interest in the property. Does that means that I waive my rights in case (God forbids) I have a future dispute or separation with my husband? Or probably when we decide to sell the house? I also going to spend more money on the house about the renovation. How I can protect my rights? Thanks

  • 1 Answers

    By Guest on 14/03/2016

    You shouldn't sign the declaration if you want to be able to recover the money in future. Whilst it would not absolutely prevent you from claiming any interest in the property against your husband it would make it much more difficult. You would have to prove that despite the declaration which apparently proves you didn't want anything in return for the money, both you and your husband in fact intended that you would have an interest in the property. If he claims that he genuinely believed you were giving him the money that would be hard to disprove. Also, declaring to the lender that the money is a gift when it isn't is fraud.

    You could enter into a declaration of trust so that he hold the property on trust for himself and you or you could take a legal charge (which would rank behind the main lender's mortgage). You will need your own solicitior though - his solicitor cannot act for you as well.

    Whatever you do you will have to waive any rights you have in favour of the lender.

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