Deposit issues

nh51

For some time now my girlfriend and I have been saving for a deposit, however alongside this I have been paying off debt (not a great idea I know).

The point is this - very shortly one of us will have twice as much saved as the other and this worries us both that she will be paying more deposit because of my financial frailties in years past. Is there some kind of legal agreement that we can make that means in the event of a resale etc she can get her money back?

E.g.
10% deposit from her, 5% from me.
So she has paid 5% more.
So if we sell/split up she will get 55% of proceeds and I will get 45%.
I.e. I will get 5% less of the resale.

Obviously we would pay exactly the same each for the mortgage payments.

Thanks for your help

Thrugelmir

When you reach the position of purchasing a property. Ask your solicitor to draft a Deed of Trust. This document will set out what share of the property each of you own. Along with any other factors relevant to your personal circumstances at the point of purchase. Worth doing as will avoid potential problems should your relationship ever break down.

CLAPTON

your maths is a little rusty

hcb42

LOL

return her 5% and split the difference.

Although in the scheme of things, it's not a big sum when entering into such a commitment. It's give and take. Who earns more for example, how will bills be shared

nh51

thanks for nothing, clapton.

yeah I know that it's a big commitment and a few grand won't matter in 10 years but just covering (sooner) eventualities was what I needed to know.

thanks for the first post, appreciated.

hcb42

it's not really a mortgage issue, although you have been advised how to handle that. It is a relationship issue and how you handle that is up to you...

nh51

Thrugelmir wrote: »

When you reach the position of purchasing a property. Ask your solicitor to draft a Deed of Trust. This document will set out what share of the property each of you own. Along with any other factors relevant to your personal circumstances at the point of purchase. Worth doing as will avoid potential problems should your relationship ever break down.

It is exactly to do with mortgages. I realise it's a relationship issue, I have asked if there is some kind of legal agreement, I got my answer. The bloke who kindly replied got my point. All posts after that have been utter drivel. Waste of my time and yours.

Check out the forum etiquette and kindly don't bother me again if you have nothing useful to contribute. Taking the !!!! out of a swiftly typed maths mistake doesn't count either.

hcb42

you have to appreciate, if you had read the number of threads on here where things go south a year or so later, or even less, then it is inevitable when you post on a public forum that you will get these kind of opinions.

good luck