Paying the majority of a deposit

Strawberry456

Hi,
My partner and I are saving up for a deposit to buy a house. I will be paying a lot more towards the deposit as I inherited some money last year. I know this sounds awful, but I'm worried that if we split in the future then I could end up losing out. Is it possible to buy a house with someone and own slightly more of it? For example, if I paid an extra 10%, then I would own 10% more than he does?

Please don't think Im buying a house with someone that I don't plan to spend the rest of my life with. I just have children and want to make sure I plan for when things go wrong. The inheritance from my parents is my security, and although my partner is a fair person, I am also aware things can get nasty when people split. Please no nasty comments.

MFWannabe

I really hope you wouldn’t get nasty comments here 👍
Imo you’re quite right to protect yourself. Yes you can get something drawn up by your solicitor so the property is shared so you own more of a percentage or if you split up / sell later you receive back the higher percentage you put in 
someone will be along who knows the name for all this as I don’t 😁

MovingForwards

Ask your solicitor to draw up a declaration of trust, it used to be about £200 and saves arguments if you do split up.

Strawberry456

Brilliant, thank you!

Thrugelmir

You'll need to decide what form the DOT takes. The solicitor isn't in a position to advise you both.  

Mickey666

Will you both be splitting all the other living expenses exactly 50:50? 
I ask because if you start off on the basis of tracking your individual financial contrbutions regarding the house then presumably it will spill over to all the other household expenditure as well. 
Also, you mention that you have children - will you be paying for all their expenditure as well or will you be expecting your partner to pay for them as well?  What about when you all go on holiday, will you be paying for the children alone?

Strawberry456

So we have lived together for over 4 years and always split things fairly, usually 50/50. I earn slightly more than him so usually cover the children's expenses and then we split everything else. I don't mind if I pay more than him a week, I'm more just thinking about the inheritance money. As I said above, my parents left it to me to try and offer a bit of financial security. 

Thrugelmir

Mickey666 said:

Will you both be splitting all the other living expenses exactly 50:50? 
I ask because if you start off on the basis of tracking your individual financial contrbutions regarding the house then presumably it will spill over to all the other household expenditure as well. 
Also, you mention that you have children - will you be paying for all their expenditure as well or will you be expecting your partner to pay for them as well?  What about when you all go on holiday, will you be paying for the children alone?

Not normally covered by a declaration of trust. The principle aim is where one party brings a sizable contribution at the outset. That they wish to protect in a legally enforceable fashion. 

[Deleted User]

Basically you would buy as tenants in common in unequal shares. This can be what ever you both agree. So say you own 60% and him 40% or whatever for example. If you die, your beneficiaries can ask for the house to be sold to realise their 60% share. The survivor gets their share. This is also in reverse though, so if he was to die, his beneficiaries could call for the house to be sold. Some people allow a life licence for the other to remain in the property until their death, then the house is split according to the agreed shares. 

I agree about protecting your larger contribution into the property. There is nothing wrong with that 👍

Strawberry456

Thank you for all your replies!