Joint property purchase

Lo_0989

Hi all,

Looking for some advice on buying a property with a partner.

We are contrbuting different amounts to the deposit (a significant difference) and will be contributing variable amounts to the mortgage (a % of the mortgage payments based on each of our income).

We are not married, and as such we want to make sure we do everything properly from a legal point of view, just incase anything goes wrong in future and we part ways!

My questions are:

- Is there a legal process that you undertake with a conveyancer to have outlined what each person has contributed to the deposit (so it's written down somewhere) and if so, what's the called and what's the average cost for that sort of thing?

- Is there a process for logging what each of us has paid towards the mortgage so if worse came to worse, we'd know how much of the property each of us owned?

- When we move in, we know we'll each be paying x% of the mortgage, but what happens if that changes in a year because one or both of us receives a different income - do you have to get the paperwork re-done everytime you vary the % contributed to the mortgage payments... Or is there a way you log it continuously?

Thanks a lot!

goodwithsaving

Tenants in Common and Deed of Trust. Do it during the coveyancing process and get your solicitor to do it.

Before anyone jumps on you, no it isn't romantic it's effectively an insurance policy. Nothing wrong with that. I had one with my ex-partner and thank heavens I did (I put in less but I was still glad we had one as it avoided any dispute about money).

There's no correct way to do it, you may do percentages or you may do, "get out what you put in and split any 'profit' down the middle after costs of sale". The person putting in the most money may not be the person who is the reason for a higher level of borrowing and vice versa.

People always have opinions but it is what works for YOU BOTH.

Pixie5740

You are not unique. There are plenty of unmarried couples in your situation. Search the forum for "Deed of Trust" or "Declaration of Trust" where you will find the various ways of doing it debated.