Buying a House / Mortgage-Legal question
 

Since we seem to know everything on this forum I thought I'd ask on here :)

I'm thinking of buying a house with my gf. I know (though stand to be corrected) that you can buy a house with someone else but it will only be 50-50. so you cannot say own the 30% and the other person the other 70%.

Is there though a way of legally putting this in place? So if lets say you come to sell later you are given the 30% etc?

Re: Buying a House / Mortgage-Legal question
 

perhaps a "deed of trust"....have a google....sure someone a bit more clued up on the subject may know more tho...

Re: Buying a House / Mortgage-Legal question
 

there is a way of doing it but I dont know how, afterall, the mortgage company has charge over thier debt before anyone else and other contracts can cause issues with lenders.

Re: Buying a House / Mortgage-Legal question
 

yeap agree that could complicate things with lenders. at the end of the day they just wanna see a deposit and don't care where it came from assuming is not money laundry.

I'm looking at the scenario where we break up and I've put 10% she has put 5% and if sold we still get 50-50

Re: Buying a House / Mortgage-Legal question
 

Quote:

Deed of Trust If there's one document that you should absolutely positively have when co-buying it's a Deed of Trust (also known as a Trust Deed or a Declaration of Trust). This can be a simple document drawn up between co-buyers and their solicitor(s), costing no more than a couple of hundred pounds, or it can be as costly and complex as you wish it to be. This is the document that is created between you and signed at Exchange of contracts when buying a property that sets out each of your legal rights over the property (what percentage of its value you each own), how the major costs of ownership are to be split and how the co-buyer relationship will end. Knowing what percentage of the property's value you own and having this protected in law is important. There is no rule that says two people who decide to buy together have to contribute an even amount to the purchase or upkeep of the home.

Quote:

If you contribute 75% of the money and your co-buyer pays the other 25% who records this fact so when you sell you are guaranteed to get the correct percentage back? Not the mortgage lender, as they only note that you both own the property jointly. Not the Land Registry, as they are just interested in your names to register total ownership. It's actually up to you to do this, and the Deed of Trust states the exact percentage of value of the property that you both legally own. The major costs of ownership can be anything from the percentage of the total mortgage you are each responsible for paying to repair bills on the property or periodic maintenance. Running a property is a costly business, and if you find a year down the track that you need a new roof who will pay for it? Will things be split 50/50 because you both live in the property and gain the benefit from it, or will it be split 75/25 like the ownership? There is no right or wrong answer here, only negotiation with one another to decide right from the beginning how you are going to handle situations like this so that you are both comfortable with them. Co-buyer relationships have a natural time limit. To stereotype a typical co-buyer, he or she would be in their 20's and 30's, in their first or second jobs and single (of course there are many people out there looking for a co-buyer through SharedSpaces who do not fit this mould, but I'm generalising here). After a few years have gone by it is natural to assume that many co-buyers will either find that their salaries will have gone up to a level where they can now afford their first solo property or they may have started to think seriously of settling down with their partner. Many people considering co-buying set a legal time limit on the relationship by including it in the Deed of Trust. It could be any number of years you decide upon between you, but having a finite end to the relationship once again means that you are planning your relationship rather than winging it and dealing with the surprises as they occur. One of the most important factors in drawing up a Deed of Trust is in the thought process that goes into it's creation. If you have been lucky enough to find a decent solicitor they will take the time to make you consider every important aspect of your relationship with your co-buyer partner, including what happens when you decide to sell. This will once again tune you into one another's thoughts so you are as sure as you can be that you are following the same path and have the same aspirations and dreams for the property you are considering buying together.

HTH

Re: Buying a House / Mortgage-Legal question
 

excellent thanks!!

and this would hold up in court?

Re: Buying a House / Mortgage-Legal question
 

yes mate as long as its drawn up by a solicitor.....Ed?.....

Re: Buying a House / Mortgage-Legal question
 

I know :) Where is Ed when you need him LOL

Re: Buying a House / Mortgage-Legal question
 

Probably working :)

Re: Buying a House / Mortgage-Legal question
 

cheeky git :smt019