Can you do this for a first time buyer with deposits?

Nine_Lives

This is all a what if scenario, but what if's can happen...

I currently live with the folks & the gf is with us also. It'll be time we move out in the not too distant future, so it'll be time to rent or buy. Let's assume we buy:

If we take it today, then i have approx 25k to deposit, whereas she has approx 3k. I don't mind this.
But then let's take it down the line & things get messy. Our relationship is strong, we've been together for 8 years so far, married next year, but all that let's be honest, is irrelevant. Things can and do happen & you have to be prepared for such.
So things get messy & we're looking to sell & go our separate ways. Maybe not even that, maybe we're still hunky-dory & we just want to sell.

What i'm querying is - is there any way of drawing up legal papers that would state that i would receive the first 25k on a sale, the gf getting the next 3k & any remainder split 50/50?

& before anyone thinks i'm being a tight fisted get, it was the gf who suggested it.

I mentioned it to my dad who said it wasn't so easy as getting papers drawn up, but i can't see how it would be complicated.

Anyone able to clarify the situation?

GMS

Buy the property as 'tenants in common' rather than 'joint tenants'. That way you can define the share of the property.

A solicitor would be able to advise you further but as far as I am aware you can include clauses etc for whatever you agree

Annisele

You can have your solicitor draw up papers for whatever split you like.

However - if you then get married, all bets are pretty much off. I think that your agreement would effectively be a pre-nup, which a divorce court would take account of but not necessarily follow. It might even be fair not to follow the agreement - for example, if in 10 years time it turns out that your soon-to-be-ex-wife has paid the majority of the mortgage payments and will be remaining in the house with your six small children, things will be different!

getmore4less

What i'm querying is - is there any way of drawing up legal papers that would state that i would receive the first 25k on a sale, the gf getting the next 3k & any remainder split 50/50

You can do it that way but that is a flawed approach and does not work for all senarioes



A better way to look at it is to consider you are buying a share of the house so your £25k buys a % her £3k buys a % and the mortgage buys the rest.

You then decide how you split the mortgage and get that % extra each.

On sale you get your % back then pay off your bit of the mortgage.

Another way is to think of it as a loan to the GF so you own the place 50:50,
£28k total deposit so you lend the GF £11k and pay the mortgage 50:50

on sale you slit the proceeds 50:50 and then the GF pays you back the £11k from her share.