Deed of trust question

Worried

Buying a house with boyfriend. I am putting up 10% deposit, £21k. Boyfriend earns more, so thinking of spliting repayments, me 40%, him 60%. What is the best way to sort out who gets what if we should split, if he repays more each month? Could I protect my 10%, so that I get that back after the sale if we split and then divide the remaining equity 60/40? How would we represent who owns what as a proportion is we have this arrangement?

Monkey1977

Just speak to your solicitor when you start proceedings - we are doing a very similar thing. They should be able to draw up an agreement that recognises that you get 10% of the sale of the house and then 40% of the remainder, and he gets 60% of the remainder. You'd probably also want to include a clause where either one of you can force a sale to ensure that if you do break up you can sell the house to get your investment back.

Worried

But do you have to say who owns what share of the house for will making etc.? What would we say, as initially I own 10% more than OH, but then he is repaying more, so it's not fair to represent this as a 40/60 split in my favour.

Monkey1977

Worried wrote: »

But do you have to say who owns what share of the house for will making etc.? What would we say, as initially I own 10% more than OH, but then he is repaying more, so it's not fair to represent this as a 40/60 split in my favour.

You own the first 10%, the remaining 90% is split 40/60.