Naive Mate

kriss_boy

A friend of mine bought a 75K flat with a 15K deposit. Hes spent around 6 or 7K on a new kitchen, decoration, heating, power tools, etc

His girlfriend moved in with him when they got the keys and although shes not on the mortgage we have said he should have something in writing to protect his investment as they have only been together a year.

My friend says she will pay him back when shes finishes uni and gets a job but we are all a bit sceptical as its an awful lot of money to try to pay back.

Hes a good friend so I do genuinely worry. Hypothetically what would happen if they split up two years down the line. He says hes kept receipts to show he purchased everything with his own money.

Should he have something in writing to protect the money hes invested?

Niv

kriss_boy wrote: »

My friend says she will pay him back when shes finishes uni and gets a job but we are all a bit sceptical as its an awful lot of money to try to pay back.
QUOTE]

Pay him back for what? You have not mentioned how she 'owes' you friend anything.

Dave101t

it is his, and she wouldnt get any of it. not named on documents, and not contributed to the assett.

kriss_boy

When I was buying my house my financial advisor made it clear that even if my longterm girlfriend so much as paid for the occasional food shop in tescos then she would be entitled to compensation should we split up in the future.

In the end my girlfriend and I thought best to just go halves on the house to avoid any problems in the future.

My mates girlfriend is paying 50% of the bills but should they split up in the future and things turn ugly is his deposit in jeopardy? Or is it simply the possible rise in the properties value shes entitled to if at all?

Niv

I would think that she is entitled to a share of the home equity but probably not the enitial 15k . She is paying for half of the running costs of the house. It is possible that it would be seen that your mate couldnt run the house without her contribution and therefore gives her some rights. 50% of what bills? All bills? including house insurance and the mortgage itself?

kriss_boy

Niv wrote: »

I would think that she is entitled to a share of the home equity but probably not the enitial 15k . She is paying for half of the running costs of the house. It is possible that it would be seen that your mate couldnt run the house without her contribution and therefore gives her some rights. 50% of what bills? All bills? including house insurance and the mortgage itself?

Yes.

They done what my girlfriend and I did- opened a joint account from which all the bills come off. And they then each pay in X amount a month to cover it.