Deed of trust - cost?

sandspider2000

Hi all

I'm buying a house with my wife. I will put in the majority of the deposit, but we will share the mortgage 50:50. We intend to be tenants in common, so were thinking of setting up a DOT to show the fact that I put up most of the deposit. However, our solicitors want £400 plus VAT to set one up. This seems a bit steep to me. Am I being unreasonable? (I imagine there's a bit more to it than "W owns x% of the house and Y owns z% of the house; if sold W will get v amount back and the rest will be split 50:50", but can there be much more?)

Is it possible to get a DOT with another solicitor? Our solicitors do seem quite good, but they're also expensive. If my wife and I write out something we're happy with and both sign it, is that all that's needed? Can that piece of paper be put on file somewhere, or do lawyers need to be involved somewhere?

Many thanks.

SS

Guest101

How long have you been married?


As DOT wont matter if over 3 years

foxy-stoat

I would put down on a piece of paper how much you put in and how much your Wife puts in with a witness signature.

Both keep a copy and should your marriage end show that to the Judge, I am share he will ask the question about the vows you both took and divide up your assets accordingly.

If you have children you may as well spent £0.00 on this as £400 plus vat will be wasted.

sandspider2000

Thanks both.

We've been married for less than 3 years, and have no children - yet. But do intend to in the not too distant future.

We're both realists - we hope and expect that nothing will go wrong, but just in case!

Guest101

sandspider2000 wrote: »

Thanks both.

We've been married for less than 3 years, and have no children - yet. But do intend to in the not too distant future.

We're both realists - we hope and expect that nothing will go wrong, but just in case!

that's fine, but after 3 years the courts decide what's fair and the DOT and any pre-nup and anything else becomes void.


(in some cases the time spent living together pre-marriage is taken into account too)


Basically you're married, there is no mine and yours, there's only ours. So you are jointly putting in the deposit.

bouicca21

I think it takes a bit longer than 3 years (and any period of previous cohabitation is added to that), for the deed of trust to be ignored but guest is quite right - if you are married, it's ours not mine and yours. And once children arrive it's yet another ball game.

I doubt a deed of trust is worth it.

sandspider2000

Many thanks one an all.

Looks like a bit of paper that we write down shares on and have witnessed would be about as useful in the event of issues down the line. And would save £400!