Buying with partner, significantly different amounts !!

Kynthia

Why not have a trust deed that specifies that on the sale of the property, $175k is returned to the parents and then the remainder is split 50:50 between the two of you. That means the parents £175k is more protected that both of your £25k, which could be lost if the property loses value, but if there's any gain they don't benefit from it.

Alternatively a percentage of the property value could be specified, which would mean everyone would bear the risk and reward of property value movements.

olly300

martinthebandit wrote: »

So you don't view your partnership as an equal one?

They are clearly not married.

Once they are married and have children the legal situation changes.

There is a clear legal difference between married and co-habiting couples.

One of my friends' parents went mad when she found out he had been giving his live-in girlfriend money. Once they got married she was giving the daughter-in-law stuff herself even before they had children.

nirish

The money has actually been given by the family and isn't to be returned.

They only specified that it is protected in the unfortunate case we split up that it would remain on their side of the family.

Fortheloveofmoney

There are a few different ways of doing this but I know of 2 real life situations.

The first one was myself and my ex. The deposit came solely from the sale of his property which we did live in together and I paid 50% of the mortgage.

When we purchased a new house together, we had a Trust Deed drawn up to state that he would get the first £xxx back (the deposit he put in) and the rest would be divided equally. This worked well for us and we split the mortgage payments 50/50.

When we did split up, the Trust Deed was followed as I received 50% of the profit after the deposit was taken into account.

The second case is how friends of mine do it. Each put in a different deposit amount. I can't remember how much but lets say 70/30. They also split the mortgage payment 70/30 and all improvements to the house.

This works for them and they also have a Trust Deed set up and are Tenants in Common.

Nine_Lives

I looked into this myself (for myself/ourselves).

The response was pretty much marriage & kids will nullify any legal document saying i get this, she gets that etc.

Which boiled it all down to - no point in even bothering.

This (forum) was the only place i sourced info on it from though. I didn't go see a solicitor.

nirish

I was going to get to that question, title of deeds sounds like it could be a working alternative but does it just become completely null and void after marriage ??

Is there no way to protect the proportions of the house ownership after marriage ??

melanzana

Why not buy a smaller property on your own. Live with your partner and only expect help with the bills, not the mortgage.

Otherwise, I really think you are storing up trouble. No relationship is definite. All kinds of things can, and do happen.

Sadly.

I personally would totally protect my interests. I am sorry if this sounds harsh, but I would not enter into a joint mortgage on the trms you mention.

Keep your financial independence, and your peace of mind. Buy on your own, and have a lovely life in YOUR house with your loving partner, who only helps with the bills and general maintenance. No come back should you split.

I think your stake in this is too big compared to your partner.

nirish

I understand the above point of view but we are both on an excellent and matching wage which it would be foolish not to fully utilise in the future to pay off a mortgage and hopefully upsize when a family becomes reality.

To settle for a house which would only be paid for out of one set of wages would both limit the potential for our home substantially but also leave one party with a huge amount of free income compared to the other.

The only real alternative here is to protect the money somehow at the very least up until the point where we get married. I'm still interested if there is any way to protect it after marriage too.

dotdash79

Our arangement is that once the fees and mortgage has been paid of. I get my deposit back and then anything left over is split 50/50.

Jonesy_McJones

olly300 wrote: »

Once they are married and have children the legal situation changes.

Nine_Lives wrote: »

marriage & kids will nullify any legal document saying i get this, she gets that etc.

Sorry OP - slight tangent - can I just ask, what if one is married without children - is it the child(ren) that changes things, or the marriage or both?