Tenants in common help

pink.cow

Hi

Me and my partner are buying a property with his mother. She will be the main name of the mortgage and both me and my partner also named. She will be paying nothing towards the mortgage and nothing towards fees or legal costs. However she will be gifting the deposit to my partner.

Is it possible to have a tenants in common with a deed of trust for the my partners mothers deposit and then the rest 50/50 for me and my partner as we are paying everything else?

Thanks in advance.

kingstreet

How a deed of trust is constructed should be discussed with the solicitor concerned. It needs to include provisions for splitting up with a profit, with a loss and with break even, so everyone knows where they stand.

You also need to work out who will hold what portion of the property if you are going TiC and ensure wills are drawn to deal with the deceased share in the event of death.

pink.cow

Thank you, for the info!

I'm just trying to get my name and address included with the solicitor so I can discuss with him directly. Or as a group because my partners mother is taking over this.

Once I'm allowed to discuss with the solicitor I hope to get more advice. Its just good to get info I understand first