Declaration of Trust

SuzieSue

Richard_Webster wrote: »

If there is a breakdown later on and she is joint owner then she can simply refuse to sign to sell the property unless she gets what she thinks she is entitled to. OP might have to go to court about it. If OP wins a court case against her then he may get an order for costs against her and that would come out of her 1% share. On a £250,000 property that 1% would be £2,500 and the costs could easily be more than that!

Yes, this is a good point. It would be much better for you to buy the property on your own. If you carry with the declaration of trust your gf and her family will never be happy about it.

steeeb

She won't be paying any of the mortgage in the future, no.

She will be quitting her job after we complete on the house and I earn enough to cover that. I'll be paying most, if not all of the bills including her car insurance (That I paid for her earlier in the year in a lump sum). She probably will get part time work to contribute to some of her bills, if she earns more than that it'll go on food etc..

She is on it because she was adament about being on it to make it feel like her property too. Even if it's make more sense for it to be in my soul name.

DRP

steeeb wrote: »

She won't be paying any of the mortgage in the future, no.

She will be quitting her job after we complete on the house and I earn enough to cover that. I'll be paying most, if not all of the bills including her car insurance (That I paid for her earlier in the year in a lump sum). She probably will get part time work to contribute to some of her bills, if she earns more than that it'll go on food etc..

She is on it because she was adament about being on it to make it feel like her property too. Even if it's make more sense for it to be in my soul name.

I assume there are other factors to consider here as reading your situation above in black and white it does seem a strange division of financial responsibilities, labour and entitlement!

SuzieSue

steeeb wrote: »

She won't be paying any of the mortgage in the future, no.

She will be quitting her job after we complete on the house and I earn enough to cover that. I'll be paying most, if not all of the bills including her car insurance (That I paid for her earlier in the year in a lump sum). She probably will get part time work to contribute to some of her bills, if she earns more than that it'll go on food etc..

She is on it because she was adament about being on it to make it feel like her property too. Even if it's make more sense for it to be in my soul name.

This is exactly what my OH's ex did. Then she pretended she was on the pill and trapped him by getting pregnant 3 times and then had an affair and then left him when he became ill. I'm sure your gf won't do that, but just a warning.

GDB2222

This is zany. I would strongly advise against including her on the deeds at all. Including her for a nominal percentage as a sop is just plain silly. When you marry, that's different.

The relationship sounds very odd, indeed, and I think you should think quite carefully about your girlfriend's motives here. Well, actually, I think her motives are obvious, but you need to think about your willingness to be part of this.

propertyman

So.........(rhetorically) I am going to buy and fund the house entirely ( save food utilities etc)

Neither of us are ready to commit " till Death" ( and that folks is the key to this).

But as it's a first step I want to show what we have so far in commitment; lets buy in joint names and share it 1% 99 %, and if we are ready to commit "til Death", then we own it jointly.

After all, it's silly to take a first step and throw money away in rent while we find out if you and I can become "us".

So
1; Sounds like a sane rational plan but
2: Woman not so sure* (not) thinking ( reacting ) about it emotionally
3: Ditto her mother
4: ganging up to convince me to buy the cake and share it up 50/50

So I would say

Wake the omfg up and realise marriage/partnerships and houses are not about 50/50 or 99/1 except
a; first steps
b; see below
c: at divorce

b: between that "you and me" are an "us", a team, not a fraction:mad:

So we either
1: recognise the love, hope, dreams and bunga bunga is tempered with learning if we can get to b: "us"
2:commit already ( too Jewish ? ).

am I in trouble with Mrs Propertyman sees this:eek:

propertyman

For every one saying its odd or something is not right/complete, what if it's the first step, they have yet to work out if it is for the long haul.

Rather than rent a place and find out, to buy something and at least if it goes wrong, they are not financially worse off.

But as for the discussion don't what ever you do decide today- this is the chance to really explore your relationship and what you both think and want, not just "about a house".

Unless you are both ready to make the emotional bond "till death", then like it or not "Mum and Daughter", it's got to be, in part, a deal.

Otherwise it's you who will lose out: you won't get the girl and you'll lose the money too. But dude 1%, c'mon.... are you saving up for breast enlargements for her?

steeeb

Ignore this, the page didn't refresh correctly, so I didn't think my last reply worked.

steeeb

propertyman is exactly correct. The reason why we are doing it is mainly for financial reasons - so that we don't have to rent somewhere and have "dead money". We also end up in a house that we are happy to be our forever home if we get to that stage.

But I have to protect my "investment" and the 99/1% split is the way I see of doing that. Her being on the mortgage isn't an issue for me, she's on it as a gesture of goodwill and my intent to commit this to be our future home in the future.

If it doesn't work out then she can't run off with 50% of the house or whatever.

Fire_Fox

Honestly if you can't resolve something so basic between the two of you, please don't purchase property together. She has to have her mother fight her battles, really?

The system you have proposed is not fair it's ridiculous. Either you are paying for everything and protecting yourself or you are equal partners planning a future together - either is fine. Owning 1% is a pen pushing exercise and traps her to a mortgage for a house she won't have any worthwhile equity in. She can stop you doing anything with the house if you split up.

If your partner wants to feel like the house is hers she should work, save up and pay the mortgage up to the point she starts a family with you and contributes 50/50 to the household in a different way. If she wants an old fashioned life where the man supports the woman she should to accept an old fashioned life where men owned all the property. And she really ought to stay at home with her mother, knitting and sewing for her bottom drawer until you propose and you get married.

Renting is not dead money, please do some research into the property market. If you had purchased any time since 2007 you would have LOST tens of thousands of pounds in equity plus costs of buying and selling.