Anyone done this before...

LondonGirl252

Hello


I wondered how common the following situation is:


My boyfriend and I have recently decided to buy our first place together. He has savings of £35k ish and I have none unfortunately but my parents have committed us £3k towards our first home.


My salary is £53k (I used to have debts hence no savings YET but never defaulted or late etc)
My partners salary is £25k


We are planning to use his savings as the deposit and I will pay the bulk of the mortgage each month being the higher earner, so over time I will have paid into the house too.


When we came to sell I guess we would figure out how much each of us has put in over the time, and figure out how much each is due back based on the sale value and then start again on the next property where by that time I aim to have savings for it to be 50:50 all the way, or who knows, we'll be married and what's his is mine JOKE!


Does this seem fair/ easy to work out?! Anyone done it before?!


Thanks

LondonGirl252

My next questions are:


How easy is it to estimate bills based on house size and location?


How much should we expect to pay on legal fees etc? We're planning to use my parents cash for this if its enough!

Rollinghills

When you buy your house it will either be 50/50 split or you will have to specify the % share for each of you. That is the legally binding bit. Anything else would just be an agreement between you - the problem is that if/ when a couple splits it is seldom amicable so bear that in mind. If your bf didn't want to stick to your agreement you'd have to go to court to prove your contributions to get a bigger share.

Doing the maths should not be a problem but will you be committed to keeping track of it all? I mean no disrespect but with a high salary you have no savings so it is natural to conclude that perhaps account keeping / sticking to budgets etc are not your strength.

How committed are you in your relationship? It is a big decision to buy a property together because dealing with property issues when relationship breaks down can be very difficult. Not always of course.

Rollinghills

You can look at council's website for council tax, and EPC for heating costs - those are the big bills. Legal fees - probably around 1,000, and of course stamp duty on top of that.

Foxy-Stoat_3

Easier way, you both pay the mortgage 50/50 but you over-pay by £290 a month. After 10 years you would of caught up with him !

andyfromotley

hmm his investestment is rather easier to protect than yours.

For exanple, you but somewhere at £350k, he puts in his £35k you get yr sol to allocate the property 45% to you 55% to him representing his 10% investment.

Yours is somewhat more difficult to quantify as it starts of on day one as 0% extra investment and then grows literally each month!

Perhaps you could work out how much in financial terms you extra input will be and have it written in that his share decreases by that amount each year or part. Ie imagine you pay £1k per month more mortgage than him then after 35 months you revert to equal shares of the property?? (or his interest in the proper decreases by .33% per month until then, It sounds complex but its not that bad? (obviously i haven't factored in your mum and dads money which needs to be in the equation too!