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Advice please! Want to buy a flat with partner not married Im a student...
sophiam10
Posts: 2 Newbie
Hi, me and my partner are looking to buy a flat together through a buy rent scheme but the problem is he is the sole earner, (I am currently a student) and so he doesn't want to put me on the mortgage 50/50. He says he will change it when I am not a student anymore but working full-time. I heard about this this called tenant in common where you can put the percentage down on what your share will be. I want to be sure that when the time comes- it is my right to change it and if anybody knows how difficult it is to do something like this. I understand that when you are married your rights change but as we are not, I thought I should really look at my options.
Any advice on this with previous experience etc would be much appreciate.
Any advice on this with previous experience etc would be much appreciate.
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Comments
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Tenants in common and declaration of trust is needed. You can set the percentage from this. Update it later if needed.0
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Andy is correct - however, be aware that any change would have to be agreed by both of you - you have no 'right' to change the percentages, you would have to come to an agreement with your partner at the time the change was to be made.0
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Thanks so much guys.. I have no experience over solicitors etc is all that stuff extremely pricey?0
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No, it's not particularly pricey. You can get a free half hour with most solicitors, so make an appointment and ask for their estimated fee for doing it.
Look at it this way: while you are not named on the mortgage and not in a position to make any contributions towards it you have no liability to the lender if things go pear-shaped. You'll be free as a bird while your partner will be wearing rather expensive hand-cuffs.0 -
So basically your partner is buying a flat rather than you are buying together. Are you contributing financially at all as you shouldn't if you aren't an owner? In the future, if you both agree, you can be added to the deeds and the mortgage but it will cost. There will be the costs of remortgaging, plus the transfer of equity with the solicitor.Don't listen to me, I'm no expert!0
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