Deed of trust advice needed

Iamstressed

My Father died last year so I was left a lump sum £100.000 which we are going to put towards buying our first house.

So I will pay the deposit and for any renovations on the house and my boyfriend (because of my bad credit rating) is taking out the mortgage. £180.000

The deposit will work out at 25% of the mortgage and I will use aprox £60.000 on the house.

We have been advised to make a 'deed of trust' along side our mortgage.
Can someone tell me how do we work that out?

kingstreet

If you are both going to be party the ownership, you bith have to be party to the mortgage.

He can't take out a mortgage alone on a jointly owned property.

In considering the trust, you need a formula for the different scenarios;-

- splitting up in a profit situation
- splitting up in a break even
- splitting up in a loss

and will need to factor-in the deposit which you will wish to recover before any profit or loss is considered.

Your solicitor will advise you further.

You'll purchase the property as tenants in common, to represent your unequal shares. This means the survivor will not automatically receive the deceased's share on death. It is importannt that you both make a will to ensure the share passes to the person you want it to go to.