Advice please regarding helping your children onto the housing ladder.

getmore4less

enthusiasticsaver wrote: »

This would only work though if both parties were putting in equal amounts to the property after it being purchased. As we all know investment in property doesn't stop once it is bought. Once you go down the path of weighing up each individual's contribution in the event of something going wrong where does it stop? Do they get amended declaration of trusts if one of them gets a payrise and ends up contributing more to the marital coffers?


In my daughters' case she was providing 80% of the deposit for their house by virtue of our gift to her but her husband earns twice as much as her so contributes more to the monthly mortgage payment, bills, home improvement costs etc. All their accounts are joint so she considers that their savings/gifts pots should also be considered as joint. We were ok with that.

It is easy enough to draw up trusts that take account of different starting points(deposits) and changes to the paying off of the debts by differing mortgage payments.

You have to separate the purchase/equity/debt from the living(day to day bills) in the place

More important in the trust is covering deaths, splits and can't pay won't pay.

Thrugelmir

enthusiasticsaver wrote: »

This would only work though if both parties were putting in equal amounts to the property after it being purchased.

Sorry but you obviously don't know what you are talking about.

A declaration of trust is a legal agreement between parties. Which can specify anything that the parties wish it to. That's the whole point of having one drafted.