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Buying with partner and property ownership (based on deposit)
mortgage1st
Posts: 47 Forumite
I am in the process of buying a new property with my partner, they are selling their current property and that will partially fund our deposit on the new property along with savings we have both jointly contributed to.
I also earn a higher salary and we will therefore make our payments jointly as well.
In returning documents to our solicitor we asked if we could equally own the property 50/50 but in the event of sale, our relationship breaking down etc, etc that my partner was returned the deposit as they where contributing more, our solicitor has since wrote to us and advised that this not possible and we need to own the property by percentage so one gets more than the other in sale.
Naturally I am wanting to ensure that my partner is happy and gets back their deposit if anything should go wrong but on the other hand I don't want to own any less of the property than they do as I've also stumped up savings and will be paying equally to the mortgage if not more.
Any advice on how we handle this sensitive matter is greatly appreciated.
I also earn a higher salary and we will therefore make our payments jointly as well.
In returning documents to our solicitor we asked if we could equally own the property 50/50 but in the event of sale, our relationship breaking down etc, etc that my partner was returned the deposit as they where contributing more, our solicitor has since wrote to us and advised that this not possible and we need to own the property by percentage so one gets more than the other in sale.
Naturally I am wanting to ensure that my partner is happy and gets back their deposit if anything should go wrong but on the other hand I don't want to own any less of the property than they do as I've also stumped up savings and will be paying equally to the mortgage if not more.
Any advice on how we handle this sensitive matter is greatly appreciated.
0
Comments
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What you are after is accomplished via deed of trust + tenants in common. Your solicitor should have known that.0
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