We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Where do you stand when buying a home with a partner
dean_ham
Posts: 277 Forumite
I bet this has been asked many times before and I have seen posts regarding this issue but what is the legal word on it.
Take my case for example, i'm in my early 20's. Worked since i was 16 and have £35k ready for a deposit (i wont use all of it) and no debt. My girlfriend also early 20's just finished uni and now working as a nurse £5k in student debt.
If we were to buy a house for £100,000 and i put down £10k deposit, and we have a legal papers drawn up that i'm the one that put £10k down meaning 60/40 share to me.
Or even if the house is totally in my name....
What would happen in the eyes of the law if were to have children (un married), or marry with out children, or marry and children. Where do i stand?
Regards,
Dean
Take my case for example, i'm in my early 20's. Worked since i was 16 and have £35k ready for a deposit (i wont use all of it) and no debt. My girlfriend also early 20's just finished uni and now working as a nurse £5k in student debt.
If we were to buy a house for £100,000 and i put down £10k deposit, and we have a legal papers drawn up that i'm the one that put £10k down meaning 60/40 share to me.
Or even if the house is totally in my name....
What would happen in the eyes of the law if were to have children (un married), or marry with out children, or marry and children. Where do i stand?
Regards,
Dean
0
Comments
-
I'll be interested in the answer to this one.
I live with my partner and put most the deposit so had it put in writing the exact amount I put in.Squish0 -
Most mortgage companies ask for aminimum LTV of 15% so you are looking at 15k deposit minimum.
Have you decided how you will pay the associated costs with moving (solicitors, fees, surveys, moving costs etc)?
Will you be paying the mortgage equally or will you be paying the larger share?
In any case i suggest you get a document/contract written up by a solicitor detailing how much each of you have invested in the property and in the evnt of you splitting up how the asset will be divided. You must then both sign thios document. Its not very romantic and is kind of like a pre-nup but will definately stop all the stress and potential arguements.
If you have a baby with your girlfriend and you marry and then split she is entitled to stay in the marital home with the child and you basically hav to support them. Its a cruel world for men in that instance as my partner knows too well.
Best thing to do if ur really concerned about protecting your assets is gettin a prenup agreed b4 u marry - ie in the event of you splittin up the house must be sold and equity divided between the two of you at a predetermined %.0 -
No offence to the OP but I always find these threads rather depressing.
They seem to boil down to "I love my partner but not as much as I love my money".
People bring different things to a relationship, money is just one of them.0 -
No offence to the OP but I always find these threads rather depressing.
They seem to boil down to "I love my partner but not as much as I love my money".
People bring different things to a relationship, money is just one of them.
Who knows what the future holds, I love my girlfriend, my girlfriend loves me. Hopefully we will have a long future together.
But am i wrong in finding out what will happen to my 7 years worth of hard saving if things go belly up? I personally dont....0 -
You can get an agreement set up where it'll state your percentage ownership in the property - see a solicitor. This will still be valid if you stay single and have kids. If you get married and have kids then the house belongs to her. If you get married and no kids then the house is 50/50.Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
When we bought our previous house, we got some help from OH parents and we had solicitors draft papers, that if anything happens, first those money are repaid (the money were in my OH name, but still), and then we share the rest 50/50. We always said that as long as we are together, it is all common, but we had this to protect us in case we went different ways in the future. I would not had it other way as it is part of his inheritance and even if we were to separate in the future, I don't want what is not mine.Spring into Spring 2015 - 0.7/12lb0
-
Who knows what the future holds, I love my girlfriend, my girlfriend loves me. Hopefully we will have a long future together.
But am I wrong in finding out what will happen to my 7 years worth of hard saving if things go belly up? I personally dont....
I'm not judging you or your motives. I am simply expressing my reaction to posts on this topic which come up with some regularity on this site.0 -
Dithering_Dad wrote: »You can get an agreement set up where it'll state your percentage ownership in the property - see a solicitor. This will still be valid if you stay single and have kids. If you get married and have kids then the house belongs to her. If you get married and no kids then the house is 50/50.
That is a very general position, but not always the case. The starting point if married is 50/50; And there are other provisions that now allow the mother of children to apply for a lump sum / share of property even when not married!0 -
... I would not had it other way as it is part of his inheritance and even if we were to separate in the future, I don't want what is not mine.
I'm assuming you are a woman and know I'll cop some flak for saying this, but you sweet lady are one in a million
(checked a few of your old threads; handbags and maternity leave, assumed correctly, phew!)0 -
I am with some of the other posters here in that I find posts like this quite distressing. I come from an age where people didn't shack up together so readily and with so little sense of real commitment.
imho you're too young to live together, you'll both change so much over the next 5 years. You might even be with me before then! 0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards