FTB - Joint Ownership - No Deed Trust?

dv123

Hi,

So my (newly weds) wife and I are looking to buy our first house soon. I will be contributing most of the initial 10% deposit (around £25k-27k). Without a deed trust, if the worst were to happen, how would the house money / deposit money be split? Assuming mortgage payments and general living costs would be 50:50, just the initial deposit I would be paying virtually all.

Obviously we dont intend to break up/divorce etc, but I am a bit too much of the worried type!

Thanks

dv123

anyone could advice please?

foxy-stoat

If your that worried about it then a conversation with your Wife would be a good start to find out how she sees "your" money against "YOUR" money. If there are kid(s) involved at the time of the split then how would you feel about selling the family home and them living somewhere else that the ex could afford on her built up equity and annual salary, just so you can get back your £25,000?

If there are no kids when/if you split then I would agree, a trust deed would be a good idea to protect your deposit..or buy in Joint Tenants with unequal shares.

Did you have £25K before you met her?

dv123

foxy-stoat wrote: »

If your that worried about it then a conversation with your Wife would be a good start to find out how she sees "your" money against "YOUR" money. If there are kid(s) involved at the time of the split then how would you feel about selling the family home and them living somewhere else that the ex could afford on her built up equity and annual salary, just so you can get back your £25,000?

If there are no kids when/if you split then I would agree, a trust deed would be a good idea to protect your deposit..or buy in Joint Tenants with unequal shares.

Did you have £25K before you met her?

Thanks for your reply. Yes, I have had my savings before I met her. Assuming no kids, what would happen if I paid the entire deposit, and we split up in 1 or 2 years? I seem to recall the courts take into account the unequal deposit contributions even if no deed trust was signed.

Although I'm not sure how the courts would work in that scenario. Could they simply divide the house equity 50/50 including the deposit?

getmore4less

Simplest way would be to lend her 1/2 the deposit.

dv123

getmore4less wrote: »

Simplest way would be to lend her 1/2 the deposit.

I'm sorry perhaps I've not explained correctly.

I wanted to know, if no trust deeds where signed (e.g if one individual refuses to sign) , person A puts in 25k deposit and person B puts in 0. After 12 months or 24 months for example, assuming no kids, if the worst were to happen, would the courts split all equity of the house including the deposit 50/50? If we assume mortgage repayments will be paid 50/50.

Obviously including kids will make things messy..

Thanks