Unmarried couple buy a house together.......
Discussion
I've bought with my partner (non-married) with different deposit contributions. We had our solicitor write up a document which stated this, so if we do sell and split it, we can get back exactly what we put in. Maybe you could do this, and see if you can factor in mortgage payments too?
fridaypassion said:
All the working party. At this stage its unclear what if any contribution the none working party will be making.
Then you're not really buying it together then are you?I bought a house with my then GF, the agreement if we split was that we would each get our deposit back and any remaining equity would be split by how we contributed to the mortgage which was proportional to our earnings.
Married with two kids now so it immaterial now, she owns the lot......
Its not me (honest) I'm very happily married, Mrs is 50% on everything (I'm having the Elise though)
No without going into huge detail its a family member buying first house. Partner seems to be a bit of a dreamer/loafer while family member is a professional. Relationship will probably fall by the wayside but want to make sure how well protected they are if none working half of the partnership has basically contributed nothing.
Whats the actual law on this? Deeds are just in family members name. As far as we are aware family member will be paying mortgage/bills etc partner might scrape enough together to buy the odd takeaway that would be about it.
No without going into huge detail its a family member buying first house. Partner seems to be a bit of a dreamer/loafer while family member is a professional. Relationship will probably fall by the wayside but want to make sure how well protected they are if none working half of the partnership has basically contributed nothing.
Whats the actual law on this? Deeds are just in family members name. As far as we are aware family member will be paying mortgage/bills etc partner might scrape enough together to buy the odd takeaway that would be about it.
Supernova190188 said:
would it be acceptable to type up a document yourself stating the one who puts down the deposit will get it back in the event of a break up , signed by both parties or is a solicitors document only acceptable?
needs to be in the contract to be legal, I did that with my gf of 14 years, we are not married, both have lost plenty in previous splits, so this time got it wrote up, how much we put in each at the start. If we split and its sold we each get our deposit back and 1/2 the equityit didnt cost any more with the solicitor to have this written in at purchase time
jonamv8 said:
What happens if value reduces? How do you both get original deposits out?
well i'd assume if the house value decreased to below the value you have both deposited on the house then you would just split it into a percentage, ie you originally put down £25k and the other put £15k , house decreases to value of £20k, so one person gets £12.5k , the other gets £7.5k. seems the fairest way?did exactly this.
girlfriend had ccj's for a modelling contract that went tits (!) up so no way of getting a joint mortgage
I bought the flat with a single mortgage deposit paid by me- she paid half the monthly mortgage to me + bills every month, no formal contract.
Split up with her, kicked her out, no recourse.
My flat, my mortgage, ,my equity - a lesson learnt for her.
girlfriend had ccj's for a modelling contract that went tits (!) up so no way of getting a joint mortgage
I bought the flat with a single mortgage deposit paid by me- she paid half the monthly mortgage to me + bills every month, no formal contract.
Split up with her, kicked her out, no recourse.
My flat, my mortgage, ,my equity - a lesson learnt for her.
Jonnas said:
fridaypassion said:
All the working party. At this stage its unclear what if any contribution the none working party will be making.
Then you're not really buying it together then are you?I bought a house with my then GF, the agreement if we split was that we would each get our deposit back and any remaining equity would be split by how we contributed to the mortgage which was proportional to our earnings.
Married with two kids now so it immaterial now, she owns the lot......
hman said:
did exactly this.
girlfriend had ccj's for a modelling contract that went tits (!) up so no way of getting a joint mortgage
I bought the flat with a single mortgage deposit paid by me- she paid half the monthly mortgage to me + bills every month, no formal contract.
Split up with her, kicked her out, no recourse.
My flat, my mortgage, ,my equity - a lesson learnt for her.
Charming.girlfriend had ccj's for a modelling contract that went tits (!) up so no way of getting a joint mortgage
I bought the flat with a single mortgage deposit paid by me- she paid half the monthly mortgage to me + bills every month, no formal contract.
Split up with her, kicked her out, no recourse.
My flat, my mortgage, ,my equity - a lesson learnt for her.
Karma - the b
h that she is - will hopefully bite you on the arse one day.There's a lot of confusion going on here.
As I said earlier if the property is in one name and the deposit and mortgage are in one name there is, contrary to a lot of noise you here about it, no problem, it belongs to that person.
It's if being purchased jointly that care should be taken to get that recognised. It is about intent, for one to pay the other rent is not unreasonable and doesn't need to contribute to part ownership, but if it's intended to contribute towards part ownership that should be clear.
Oh, and a document drafted by a solicitor is not in itself any more legally binding than one where no solicitor was involved. One drafted yourselves or even a verbal one is perfectly legal, the only thing is that the solicitor will make sure it's wording is correct so it says what it needs to say to make it work, you might not know how to do that.
As I said earlier if the property is in one name and the deposit and mortgage are in one name there is, contrary to a lot of noise you here about it, no problem, it belongs to that person.
It's if being purchased jointly that care should be taken to get that recognised. It is about intent, for one to pay the other rent is not unreasonable and doesn't need to contribute to part ownership, but if it's intended to contribute towards part ownership that should be clear.
Oh, and a document drafted by a solicitor is not in itself any more legally binding than one where no solicitor was involved. One drafted yourselves or even a verbal one is perfectly legal, the only thing is that the solicitor will make sure it's wording is correct so it says what it needs to say to make it work, you might not know how to do that.
hman said:
did exactly this.
girlfriend had ccj's for a modelling contract that went tits (!) up so no way of getting a joint mortgage
I bought the flat with a single mortgage deposit paid by me- she paid half the monthly mortgage to me + bills every month, no formal contract.
Split up with her, kicked her out, no recourse.
My flat, my mortgage, ,my equity - a lesson learnt for her.
Hmm, your inability to share road space becomes a bit more clearer now, imo. girlfriend had ccj's for a modelling contract that went tits (!) up so no way of getting a joint mortgage
I bought the flat with a single mortgage deposit paid by me- she paid half the monthly mortgage to me + bills every month, no formal contract.
Split up with her, kicked her out, no recourse.
My flat, my mortgage, ,my equity - a lesson learnt for her.
MajorProblem said:
Working person buys house, advertises rooms for rent...
Random person who doesn't work (partner cough cough) applies for housing benefit etc and moves in.
There's a few hundred a month more off the mortgage. Just don't get married.
You do know that that is benefit fraud?Random person who doesn't work (partner cough cough) applies for housing benefit etc and moves in.
There's a few hundred a month more off the mortgage. Just don't get married.
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