mortgage prenup?

Vicminder

Hello,

I bought my own flat 3 years ago now and am looking to buy a house with my boyfriend. However, i have approx £20k-£25k equity in my flat that i would like to protect should we buy a house and then subsequently split up. I would be investing the profit i make from my flat into the new house most likely in the form of a deposit and then maybe some home improvements.
Does anyone know of anything that i could have wrote up or something that would state should our house sell the first £20k-£25k of profit would go to myself and then the remainder would be split between the 2 of us? Im obviously not intending for us to split up hence the reason i want to buy a house with him, but need to think sensibly and try and protect myself financially should we split up.

thanks in advance :-)

kingstreet

Buy as tenants in common and have a deed of trust drawn up.

This is nothing to do with the mortgage, it's legal solicitor stuff.

Pixie5740

Nor is it a pre-nuptial agreement as there doesn't appear to be any nuptials on the horizon...or should I be buying a hat?

[Deleted User]

Your solicitor will be able to do you a declaration of trust. It is what I am planning on having done as I am putting down 80k of my money for the deposit and he is putting down nothing.

kingstreet

As each share passes into the estate of the individual on death, it's essential you make a will leaving the survivor your share and have life cover written in trust for the benefit of the survivor if you want them to inherit the property, mortgage free.

The deed of trust needs to cover splitting up at break-even, at a profit, at a loss etc so you are going to have to work out what your idea of an equitable split will be in each case.