Deposit security
Discussion
Dear learned PH legal folk,
My partner and I bought a house together. She paid the 10% deposit on the shared mortgage. Every other cost/bill/payment has been 50/50 without exception. Prior to purchase we agreed that we would approach the situation as equal partners with the intention of making it a shared life together (we aren't married, thus far...) and so in that ethos we are legally joint tenants 50/50. But, we also agree she would be due her initial investment if things went sour and we had to sell. Can we put that into a binding contract without changing to tenants in common? Can there be a simple conditional contract with the function that, in the event that the house is sold, she gets the deposit share of funds and the remainder is split 50/50?
Thank you in advance,
Jay
My partner and I bought a house together. She paid the 10% deposit on the shared mortgage. Every other cost/bill/payment has been 50/50 without exception. Prior to purchase we agreed that we would approach the situation as equal partners with the intention of making it a shared life together (we aren't married, thus far...) and so in that ethos we are legally joint tenants 50/50. But, we also agree she would be due her initial investment if things went sour and we had to sell. Can we put that into a binding contract without changing to tenants in common? Can there be a simple conditional contract with the function that, in the event that the house is sold, she gets the deposit share of funds and the remainder is split 50/50?
Thank you in advance,
Jay
Edited by Jaykaybi on Thursday 28th March 22:03
Jakg said:
Yes. The term your looking for is "Deed of Trust"
Thank you. However she has been advised that to have one of these involves becoming tenants in common, which I am led to believe effectively renders us legally unequal with regards rights to the property, ability to force a sale etc. Is that inaccurate or can a Deed of Trust be drawn up that doesn't require a change in status from 'joint tenants'?Isn't it so complicated these days, contractural agreements necessary for living together, bills at 50/50, what next? An agreement on how many times you can %*&@#££*&*# a month?
If you want it properly legal go see a solicitor and draw up a contract. Other than that write it down on a bit of paper as a notice of intent each keep a copy and hope that if (not when) you spit it will be enough to convince the court it was your intention.
If you have children and then split up you'll be stuffed, taken to the cleaners and made to pay for the rest of your life.
Rather than paying everything 50/50 open a joint account and each pay the same amount in to cover mortgage and bills.
Then keep yourself a hidden savings account that only you know about. She will already be doing this anyway, it's her escape fund should things go south. The savings can also be used to buy the other out if necessary.
But seriously, chill, have fun and good luck in your new home and don't let the cynical old duffers in here put you off.
If you want it properly legal go see a solicitor and draw up a contract. Other than that write it down on a bit of paper as a notice of intent each keep a copy and hope that if (not when) you spit it will be enough to convince the court it was your intention.
If you have children and then split up you'll be stuffed, taken to the cleaners and made to pay for the rest of your life.
Rather than paying everything 50/50 open a joint account and each pay the same amount in to cover mortgage and bills.
Then keep yourself a hidden savings account that only you know about. She will already be doing this anyway, it's her escape fund should things go south. The savings can also be used to buy the other out if necessary.
But seriously, chill, have fun and good luck in your new home and don't let the cynical old duffers in here put you off.
LarsG said:
Isn't it so complicated these days, contractural agreements necessary for living together, bills at 50/50, what next? An agreement on how many times you can %*&@#££*&*# a month?
If you want it properly legal go see a solicitor and draw up a contract. Other than that write it down on a bit of paper as a notice of intent each keep a copy and hope that if (not when) you spit it will be enough to convince the court it was your intention.
If you have children and then split up you'll be stuffed, taken to the cleaners and made to pay for the rest of your life.
Rather than paying everything 50/50 open a joint account and each pay the same amount in to cover mortgage and bills.
Then keep yourself a hidden savings account that only you know about. She will already be doing this anyway, it's her escape fund should things go south. The savings can also be used to buy the other out if necessary.
But seriously, chill, have fun and good luck in your new home and don't let the cynical old duffers in here put you off.
Thanks for the input. Knowing that her deposit is secured is something that matters to her, so it matters to me. Besides the deposit, the reason I know everything else is 50/50 is that we each pay the same amount into a joint account monthly, from which all bills are paid. We each have our separate accounts and savings besides.If you want it properly legal go see a solicitor and draw up a contract. Other than that write it down on a bit of paper as a notice of intent each keep a copy and hope that if (not when) you spit it will be enough to convince the court it was your intention.
If you have children and then split up you'll be stuffed, taken to the cleaners and made to pay for the rest of your life.
Rather than paying everything 50/50 open a joint account and each pay the same amount in to cover mortgage and bills.
Then keep yourself a hidden savings account that only you know about. She will already be doing this anyway, it's her escape fund should things go south. The savings can also be used to buy the other out if necessary.
But seriously, chill, have fun and good luck in your new home and don't let the cynical old duffers in here put you off.
You suggested seeing a solicitor to draw up a contract but then mention an alternative of doing it 'in house', so to speak. Having never needed to seek the advice of a solicitor I'm literally unsure as to whether this is something they can offer to me as a service, or whether what I already wrote down and signed (as per your second suggestion) would be legally sufficient?
Again, thank you.
P.S. no kids.
Jaykaybi said:
LarsG said:
Isn't it so complicated these days, contractural agreements necessary for living together, bills at 50/50, what next? An agreement on how many times you can %*&@#££*&*# a month?
If you want it properly legal go see a solicitor and draw up a contract. Other than that write it down on a bit of paper as a notice of intent each keep a copy and hope that if (not when) you spit it will be enough to convince the court it was your intention.
If you have children and then split up you'll be stuffed, taken to the cleaners and made to pay for the rest of your life.
Rather than paying everything 50/50 open a joint account and each pay the same amount in to cover mortgage and bills.
Then keep yourself a hidden savings account that only you know about. She will already be doing this anyway, it's her escape fund should things go south. The savings can also be used to buy the other out if necessary.
But seriously, chill, have fun and good luck in your new home and don't let the cynical old duffers in here put you off.
Thanks for the input. Knowing that her deposit is secured is something that matters to her, so it matters to me. Besides the deposit, the reason I know everything else is 50/50 is that we each pay the same amount into a joint account monthly, from which all bills are paid. We each have our separate accounts and savings besides.If you want it properly legal go see a solicitor and draw up a contract. Other than that write it down on a bit of paper as a notice of intent each keep a copy and hope that if (not when) you spit it will be enough to convince the court it was your intention.
If you have children and then split up you'll be stuffed, taken to the cleaners and made to pay for the rest of your life.
Rather than paying everything 50/50 open a joint account and each pay the same amount in to cover mortgage and bills.
Then keep yourself a hidden savings account that only you know about. She will already be doing this anyway, it's her escape fund should things go south. The savings can also be used to buy the other out if necessary.
But seriously, chill, have fun and good luck in your new home and don't let the cynical old duffers in here put you off.
You suggested seeing a solicitor to draw up a contract but then mention an alternative of doing it 'in house', so to speak. Having never needed to seek the advice of a solicitor I'm literally unsure as to whether this is something they can offer to me as a service, or whether what I already wrote down and signed (as per your second suggestion) would be legally sufficient?
Again, thank you.
P.S. no kids.
I did this with via our conveyancer when I bought with my then GF 2 years ago - cost an extra £100 or so.
My agreement was basically:
I put in all deposit.
In event of split - make bank good, I withdraw my initial deposit plus the cost of doing major refurbishment works (place was a wreck) and anything left over was split proportionally to contributions made to named joint account which pays all house bills and nothing else (I pay 90% here)...
My agreement was basically:
I put in all deposit.
In event of split - make bank good, I withdraw my initial deposit plus the cost of doing major refurbishment works (place was a wreck) and anything left over was split proportionally to contributions made to named joint account which pays all house bills and nothing else (I pay 90% here)...
LarsG said:
Isn't it so
Then keep yourself a hidden savings account that only you know about. She will already be doing this anyway, it's her escape fund should things go south. The savings can also be used to buy the other out if necessary.
f.
Wow. Ever considered it's not "all women" who have a problem, but it's actually you?Then keep yourself a hidden savings account that only you know about. She will already be doing this anyway, it's her escape fund should things go south. The savings can also be used to buy the other out if necessary.
f.
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