3 people owning a house

danyr123456

Hi everyone,
Got a quandary and wondering which is the best route to go down to protect all parties.
My wife and I are purchasing a house with a very close friend. Due to my level of debt it was agreed that my wife and friend will be on the mortgage to get the better rates. All 3 of us will be living in the house and contributing equally Bill's including mortgage payments split 3 ways but I wont be on the the mortgage.
Does anyone know what is needed so when we come to sell that I recieve my equal share?
And for those wondering it's not a thurple relationship haha

Susan_Boe

Get your wife to speak to their solicitor but pretty sure this could be a very simple "contract" written out that you will get out whatever you put in financially. My partner did this with an ex of his who had a bad credit rating and when they split up he gave her a 7k lump sum equating to her share of the mortgage payments. 

Carl2510

You need to get a Deed of a trust, and make it so it’s split 3 ways if that’s what you are wanting, think it cost me about £200 to get one when i did.

roosterpotatoes

Keep your eye on the legal docs as you will need to be a named occupier.   The solicitors will write out to your wife and close friend and you, as an occupier (as you are not named on the mortgage). There is a document which tells the sols how the ownership is to be divided, please seek legal advice on this.