Buying a house out right with your partner

welshjon83

Good Morning MSE Forum,

I would like some advice on buying a house out right with a partner when both of us have very different amounts to put down.

Myself and my partner are looking to buy a house next year, and we are in the lucky position to buy with cash. We are not married and have different amounts of savings. I currently have 20k and my partner has 160k (redundancy payout, inheritance and personal savings).

In the area where we currently live you can buy a decent house for 180k and with the cash that we have, we can buy with no mortgage.

However, questions have been raised on the ownership rights. We could't split the ownership 50/50, this wouldn't be fair on my partner. Is there any sort of contract/formal agreement so it would show that I would own 11% of the house and my partner would own 89% and I would continue to buy more rights to the house?

Any advice would be greatly appreciated!
Thanks,
Jon

Guest101

Buy as tenants in common 11/89

TonyMMM

Just speak to the solicitor handling the purchase - you need a "deed of Trust" setting out your % shares..... something they will do all the time, won't be a problem.

Guest101

TonyMMM wrote: »

Just speak to the solicitor handling the purchase - you need a "deed of Trust" setting out your % shares..... something they will do all the time, won't be a problem.

Why waste money on a deed of trust?

jodiepoke

Hi Jon,

I am currently purchasing a property with my partner.

Our solicitor gave us a form where would could share ownership 50/50 or however you wish to split it. It cost an extra fee to do that (£150). In the event of death, the next of kin would get the share of the property of the person that has died, or if something happens where one person wants to sell they would need permission of the other person. (I think, thats how I understood it!)

This occurred at the beginning of the buying process, when you first sign up with a solicitor.

Hope this helped

chelseablue

I put in more than my boyfriend as I owed a property before I met him, so in the buying process we had the solicitor do a Deed of Trust.


Cost £150. Small change really when we were buying for £400k (we're in the dreaded South East)

Guest101

jodiepoke wrote: »

Hi Jon,

I am currently purchasing a property with my partner.

Our solicitor gave us a form where would could share ownership 50/50 or however you wish to split it. It cost an extra fee to do that (£150). In the event of death, the next of kin would get the share of the property of the person that has died, or if something happens where one person wants to sell they would need permission of the other person. (I think, thats how I understood it!)

This occurred at the beginning of the buying process, when you first sign up with a solicitor.

Hope this helped

If you bought as tenants in common, the person named in the will would get the share, not the next of kin (unless of course you die without leaving a will)


If one party wanted to sell, then they can also force a sale via the courts