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a relative helping with purchase of a house, help?
deepmenace
Posts: 3 Newbie
hi all, i'm 1st time buyer had an offer accepted on a £135000 house.
my aunty is putting in 1/3 in cash ( 45,000 ) and i am taking out a £100,000 mortgage to cover the 90000 left over + 10000 to clear a debt and do some work on the house.
now what we planned to do is simply split the sale price into a 1/3 and 2/3, for her and me, respectively.
so, if in 5 years we sell for 160,000 i get 106,666.66 and she gets 53,333.33 for example.
when i tried to communicate this to my solicitor he said we needed a declaration of trust ( fair enough ) but then he went over my head with the next part.
is it not as simple as what i have quoted above? i'm happy with that, my aunty is happy with that....
my aunty is putting in 1/3 in cash ( 45,000 ) and i am taking out a £100,000 mortgage to cover the 90000 left over + 10000 to clear a debt and do some work on the house.
now what we planned to do is simply split the sale price into a 1/3 and 2/3, for her and me, respectively.
so, if in 5 years we sell for 160,000 i get 106,666.66 and she gets 53,333.33 for example.
when i tried to communicate this to my solicitor he said we needed a declaration of trust ( fair enough ) but then he went over my head with the next part.
is it not as simple as what i have quoted above? i'm happy with that, my aunty is happy with that....
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