Buy house in one name, shared equity contractually?

Craig660

Hi,

After some help please.

So I want to buy a house with my fiance.

If I put 100k deposit in, her nothing

both pay 50/50 on mortgage

Can I buy the house in my name only as I am a first time buyer and then have a legal contract in place where upon sale of the house I get my 100k back and we split the equity 60/40

Or would her name need to be on the deeds for this?

Thanks in advance

getmore4less

You can have any agreement you want.

Why £100k back then 60:40?

That does not really reflect what you are doing.

Craig660

getmore4less wrote: »

You can have any agreement you want.

Why £100k back then 60:40?

That does not really reflect what you are doing.

Thanks for reply.

So how and where could I get this legally binding agreement?

60/40 as I have put the whole deposit down, which gets the better interest rate etc.

WorkingTowardsDebtFree

Craig660 wrote: »

Thanks for reply.

So how and where could I get this legally binding agreement?

60/40 as I have put the whole deposit down, which gets the better interest rate etc.

But if you already protect your £100k (which I understand), then the rest is 50/50.

This is your fiance, the person you want to spend the rest of your life with - and you want to profiteer off of them?

So what if your deposit gets you the better interest rate. You're now going to charge your fiance for that benefit? By 10% of the equity (when the interest rate difference would probably be low %'s at the very most)? But you'll be at no material loss in anycase?

This says a lot about you if I'm honest! And if you're getting married what's the other person's is each others?

Craig660

WorkingTowardsDebtFree wrote: »

But if you already protect your £100k (which I understand), then the rest is 50/50.

This is your fiance, the person you want to spend the rest of your life with - and you want to profiteer off of them?

So what if your deposit gets you the better interest rate. You're now going to charge your fiance for that benefit? By 10% of the equity (when the interest rate difference would probably be low %'s at the very most)? But you'll be at no material loss in anycase?

This says a lot about you if I'm honest! And if you're getting married what's the other person's is each others?

I agree with what you are saying and it is in fact the other way around but my partner doesn't see it this way.

Originally I was going to put in 20k as well, but my dad has become ill with stage 4 cancer so I am having to pay off his debts.

However I have said ok to the 60/40 as its easier and would like to know if there is a way to:

A) Buy the house in one name in order to save on stamp duties

Have a legally binding document of the deposit back, and 60/40 equity split

C) How and where do you do this?

Thanks

fewcloudy

Unexpected plot twist...

Craig660

fewcloudy wrote: »

Unexpected plot twist...

It was just easier to explain to be honest.

kingstreet

Craig660 wrote: »

I agree with what you are saying and it is in fact the other way around but my partner doesn't see it this way.

Originally I was going to put in 20k as well, but my dad has become ill with stage 4 cancer so I am having to pay off his debts.

However I have said ok to the 60/40 as its easier and would like to know if there is a way to:

A) Buy the house in one name in order to save on stamp duties

Have a legally binding document of the deposit back, and 60/40 equity split

C) How and where do you do this?

Thanks

A) Is one of you not a FTB or already owns a property? If no to both, there are no stamp duty issues.

Ownership as tenants in common with a deed of trust drawn up by a solicitor.

C) See B.

getmore4less

SDLT is based on beneficial ownership.

That my might mess up to the tax evasion plan

SDLT_Geek

It does not help for SDLT to have the property !!!8220;in the name of!!!8221; one person if beneficially it belongs to two people, the other of whom is not a first time buyer.

Craig660

kingstreet wrote: »

A) Is one of you not a FTB or already owns a property? If no to both, there are no stamp duty issues.

Ownership as tenants in common with a deed of trust drawn up by a solicitor.

C) See B.

No we are both FTB, but we also want the option to buy a second property without any stamp duty

Thanks