Changing the share of a tenancy in common

Goeshi

Hi,

My girlfriend and I are looking to buy a house and came across tenancy in common. It sounds perfect for us but I had one question: Is it possible to adjust the share of the TIC after it has started? The reason i ask is that at first I will be fronting the entire deposit and so will want that reflected in the agreement, however, in a few years' time her parents are planning on providing her with an equivalent amount which we would then either invest back into the property, or divide between ourselves, thus redressing the balance.

Any help is welcomed.

Thanks.

Thrugelmir

When you start the property buying process. Speak to the solicitor you appoint about having a declaration of trust drawn up. This is a legal document which can be used to specify the amount of each parties deposit and how its treated upon sale of the property. In fact can be incorporated with anything you both agree on and wish included.

LisaW123

Thrugelmir is correct. The best way to get this sorted is via a declaration of trust. It is in your best interests to spend a bit of money having this drawn up by a solicitor. If you do not have a declaration of trust in place, you will each be treated as owning equal shares of the property.