Buying House with Partner - Deed of Trust

BobQ

Gopes wrote: »

I am sorry if my actions are perceived as being cheap (with the exception of trying to avoid a hundreds or thousands of pounds in solicitors fees) / unfair - I can assure you that this is not my intention. I am well aware that by buying the house in my own name, as opposed to jointly, my partner will be taking the risks (i.e. the possibility that I could e.g. "kick her out" in future, etc.). This is certainly not my intention, and this is why I am trying to build in some protection for her.

Sadly, the reality is that even before she went on maternity leave, her salary was less than 1/4 of my own. Using the rough 'income-multiple' rule of thumb (i.e. that banks will lend 4.5x single income or 3.5x higher plus 1x lower income) mean that the house we are buying comes across as affordable on my salary alone, but not jointly using the above rule of thumb.:think:

In addition, where as I have a strong credit rating (plenty of history of credit cards being paid promptly, with no missed payments, etc.), my partner is unlikely to have a good credit rating (never had a credit card or loan, as she does not like to live outside her means, as she sees it), and has not bothered to be on the electoral roll. Clearly with hindsight, she (we) should have addressed these - but it is too late now...

Accordingly, it seemed sensible to simply apply in my name, and then try to build in some protection for her further down the line.

In answer to specific questions / points raised:
a) Since our son was born, I have insisted on paying her (she didn't want this) a sum of money each month, which has allowed her to have money to spend as she sees fit. I will continue to do this going forward (i.e. if she returns to work, I will pay the childcare costs, or if she stays at home, i will pay her the same amount - in addition to covering all of our bills and living costs). It will be her decision as to whether or not to contribute towards the mortgage.
b) In answer to the point that we should simply split down the line, I do not subscribe to the view that e.g. Heather Mills was entitled to half of Sir Paul McCartney's fortune when they divorced. Similarly, if I am putting down a large deposit, and then paying 75-100% of the mortgage payments, I do not think that it is fair for her to be able to leave me at some point in the future, and expect to have a claim to half of any money left over once the mortgage has been paid off. I should emphasize that she agrees that this is ridiculous and does not want this - but of course, split-ups are emotional times, and can be very accrymonious...
c) When I outlined the situation to our conveyancer ("sadly" on the Countrywide Panel necessary for a HSBC mortgage) and asked how much they would charge for assisting us in signing up a Trust Deed, they explained that this was not something that they specialised in - and suggested we speak to a solicitor!!!

I have seen plenty of posts on here from couples where the relationship has gone sour, and who have vast difficulty in going their separate ways due to having joint mortgages / home ownership and /or one of the partners being unreasonable - presumably in all those cases, they were in love and trusted each other initially...

All I am trying to do is:
a) Protect the undeniable fact that I am putting the vast majority of the money in to this house; and
b) Enable us to both go our separate ways (which like I said, is certainly not something we are even remotely considering at this moment in time), in a fair and equitable manner and with a minimum of hassle...

Question:
Do "Tenants in Common" both need to be on the mortgage / land registry? If so, given that the mortgage application is currently in progress (waiting for a decision from HSBC), is it easy to get her subsequently added on to the mortgage / land registry post-completion?

I do appreciate everyone's views, and please don't think that I am deliberately trying to 'rip off' my other half, or take more than my fair share out of this (in the event of a separation)...
Gopes

You are right about one thing, this is the most unromantic approach to setting up a home I have ever seen.

By all means have an agreement that your initial equity share would be returned if you separated in the first few years. But beyond that I am singularly unimpressed by your approach which fails to recognise the non-financial contribution of your partner.

When you say you are trying to "Protect the undeniable fact that I am putting the vast majority of the money in to this house", this says it all. Life is about more than money!