Declaration of trust - Tenants in Common - Still Confused!

helpMe_2-2

Hi. Ive done a search on all threads, read everything about tenants in common etc but Im still confused.

Situation:Hubbie and I are buying a house for £320k. Im putting down the £80k deposit. We're splitting the mortgage 50%/50%. Hubbie has very bad credit history which has resulted in us having to get a near-prime mortgage offer (higher interest rate). Im also going to pay the household bills so he can afford half the mortgage repayments. Love my husband to bits yaddy yar, but still want to protect my 80k investment.

Question: What is the difference between a declaration of trust and a tenants in common agreement? I dont mind not earning interest on the deposit but I dont want to give it up totally? What Ive read so far about a T.I.C.A is that we can sign over our shares to the kids (which sounds like a good idea) but if one of us dies, it could effectively force a sale?

I want this to be as much "even stevens" as possible and as little hassle to arrange. Currently I've instructed the solicitors to formulate a T.I.C.A with the shares being 63% to me and 37% to him. But mulling this over it sounds a bit pants as he wouldnt be as enthused (im guessing) to input into much our family home.

Advice needed please?

tododo

Im no expert but me and the girlfriend went the joint tennants route with a declaration of trust included about 5months ago

I wanted to protect as much as possible my deposit of £35K

Apparently the declaration is not legally binding but it does give you something to fall back on if things get nasty

I didnt want the house to go to my mother or vise versa if one of us died, could cause lots of issues

Hope this helps

Mrs_pbradley936

I thought the idea of tenants in common was to help with Inheritance Tax Planning.