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  • FIRST POST
    • Ogl
    • By Ogl 7th Jan 18, 8:17 PM
    • 3Posts
    • 0Thanks
    Ogl
    Money Difference's when Buying
    • #1
    • 7th Jan 18, 8:17 PM
    Money Difference's when Buying 7th Jan 18 at 8:17 PM
    Hi,

    Myself and my partner are looking to purchase a property together, however we have vastly different sums of money. Currently she's in rented and I live with my parents. My partner has £5000 of savings, whilst I fortunately have £250,000.

    We are looking at properties between £250,000 and £425,000. The lower end of that we wouldn't have a mortgage whilst at the higher end we'd have a fair sized one.

    Clearly I am able to easily purchase a property myself. Although that means I'd own the property myself and my partner wouldn't feel comfortable moving in as she'd always feel like a guest. I completely understand that and I'd feel the same if I was in here situation. It's important we both have ownership of the property.

    Basically we are trying to work out the best method for us to purchase a property together, whilst protecting the money we individually put in. So can something be set up to allow my partner to purchase more percentage ownership, through payments to me or mortgage payments?

    Hope you can give me some good advice.
    Last edited by Ogl; 07-01-2018 at 8:37 PM.
Page 1
    • G_M
    • By G_M 7th Jan 18, 8:29 PM
    • 42,716 Posts
    • 49,900 Thanks
    G_M
    • #2
    • 7th Jan 18, 8:29 PM
    • #2
    • 7th Jan 18, 8:29 PM
    Frstly, how strong is yur relationship? Joint property ownership is a bigger commitment than marriage. I don't say that lightly. Divorce only becomes messy when money and property gets argued over (OK, and kids).

    But the answer to your question is a Deed of Trust. Any decent solicitor can help with this as well as the conveyacing. Use someone local you can visitt, sit down face to face with, and discuss.
    • getmore4less
    • By getmore4less 7th Jan 18, 8:35 PM
    • 31,147 Posts
    • 18,667 Thanks
    getmore4less
    • #3
    • 7th Jan 18, 8:35 PM
    • #3
    • 7th Jan 18, 8:35 PM
    How different are the incomes
    • Ogl
    • By Ogl 7th Jan 18, 8:47 PM
    • 3 Posts
    • 0 Thanks
    Ogl
    • #4
    • 7th Jan 18, 8:47 PM
    • #4
    • 7th Jan 18, 8:47 PM
    How different are the incomes
    Originally posted by getmore4less
    I earn 30k whilst my partner earns 52k
    • Ogl
    • By Ogl 7th Jan 18, 8:58 PM
    • 3 Posts
    • 0 Thanks
    Ogl
    • #5
    • 7th Jan 18, 8:58 PM
    • #5
    • 7th Jan 18, 8:58 PM
    Frstly, how strong is yur relationship? Joint property ownership is a bigger commitment than marriage. I don't say that lightly. Divorce only becomes messy when money and property gets argued over (OK, and kids).

    But the answer to your question is a Deed of Trust. Any decent solicitor can help with this as well as the conveyacing. Use someone local you can visitt, sit down face to face with, and discuss.
    Originally posted by G_M
    Our relationship is extremely strong and we trust one another. We both agree that you should never financially benefit from a relationship if the worst were too happen i.e. we split up. Therefore we both wish to legally protect the money we individually put in.

    I'll be sure to do some research into a Deed of Trust then. Thanks for the advice!
    • getmore4less
    • By getmore4less 7th Jan 18, 9:42 PM
    • 31,147 Posts
    • 18,667 Thanks
    getmore4less
    • #6
    • 7th Jan 18, 9:42 PM
    • #6
    • 7th Jan 18, 9:42 PM
    I earn 30k whilst my partner earns 52k
    Originally posted by Ogl
    One way to balance the capital inequality is you adjust the borrowing.

    if you lived of £30k each then the OH would have around £1kpm extra to put towards debt.


    £250k @ 2% 27years is £1kpm

    that gives you up to £500k to play with

    still need a joint mortgage but the OH pays it.

    This gets documented with a trust deed,

    if you can find something for less money you can still go in 50:50 and if there is enough cash left you can use offsets to help structure it and reduce the interest costs.

    there are other options.
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