Online contract

lau28

Can anyone help, my partner and I have recently moved in together and we will be paying the same amount for the mortgage but the mortgage will remain in his name, however we both want to secure our finances. We have come to an agreement that should we go our separate ways before we have children then he will give me back the money I have paid each month into the house with an agreed interest amount. We are both happy with this agreement and want to draw something up without having to go to the expense of getting solicitors involved, however we are struggling to find a standard online document as the amount will change monthly with each payment.

Can anyone suggest how best to get a contract for this?

Yorkie1

I have not heard of such a contract before. I doubt you'll find one online.

If you did approach a solicitor, you would in all likelihood be advised to get separate legal advice, as you would be signing away potential rights to the property, and your OH would need to ensure his interests were also protected.

The contract needs to cover a whole load of eventualities such as:
- rate of interest (is it fixed - what happens if the BoE base rate goes up to 15%; or is it linked to BoE; etc?);
- timescale of repayments (on demand; a certain number of months allowed for every year of payments; x months anyway; etc);
- what happens if he can't afford to repay?

Frankly I think you will come unstuck by trying to DIY. This is the biggest financial outlay you or he will ever make.

G_M

1) You're mad.

2) You will not find such a document online

3) you're still mad

4) You are trying to "secure your finances" and failing miserably

a) because you want to cobble together a DIY document and

b) because your proposed solution is gravely flawed

5) You are mad

Go and get legal advice. You can get half an hour free.

ps - is this a new property you are buying in which case why not a joint mortgage?

Or is this his current property you are moving into, in which case why not just pay rent as a lodger and share living expenses in the normal way?