Buying house with partner

I would buy as TiC, with your deposit protected as a % of the equity . %, not the cash value to protect the value increase of the property over time. (I.e don’t lose the increase in values if your deposit).

Then the remaining % owned 50:50 with you each paying half the mortgage.

If he has money left over he can save it separately for his own future security.

If you ever split up, he has one child to take a share of responsibility for. You have total responsibility for 2, and shared for one. Keep your security safe accordingly.

And don’t marry him while your assets remain so uneven.

£650 a day is Waaaaay more than £35k a year.

His maths is way off. As are his expectations of a 50/50 split if he's putting in no deposit! You'd be utterly insane to agree to this op

I came on to say this
He pays 50% of running costs
Where does the rest of his money go?

You don't need to explain this to me
I know how it works

He's barely saved a penny in his entire life so why on earth would you tell Op to buy a house with him?
It's insanity!

he gets 32.5% of the value but what if Mrnosavings suddenly decides he can't affordwon't pay his half of the mortgage?
He's got no assets or savings at all and has a child -He's clearly poor at financial security at best, at worst he's probably a gambler

Don't do it Op

Obviously my examples were used for ease of the numbers, by the time you come to purchase, you'd have to calculate all the fees and stamp duty, put monies (50/50) aside for those, then see how much money he has left and then you calculate the price of the property, and your initial %, the remaining % is 50/50.

*TR1

Yes, you can write on the TP1 itself, say if OP's equity in the deposit was 90%

"property to be held as tenants in common with the first 90% of equity allocated to [OP's name] upon sale, with the remainder of equity divided equally"

Then contribute equally to the mortgage, or the deed of trust can be amended above if he can offer to buy some of your share of the house much further down the line when he actually has the fucking money, not a meaningless promise based on nothing. He can save for this via standing order to his own savings account, like he would do for the mortgage anyway.

Listen, ok, spelling it out.

a Milliion pound house (for ease) so if she puts 350k down that's 35% OP owns already.

the other 65% would be split via mortgage 50/50. (32.5% equity)

Obviously all fees and SD etc. are seperate this is just the property.

So OP would own 67.5% (including any mortgage)
and the one with no deposit would only have 32.5%

when they come to sell the property, at 2 milliin (for ease) OP has 62.5% equity - so their original 350k is double and safe.

that's how tenants in common works.

Also, if he’s paying the mortgage then you need to make sure other household bills are split fairly (assuming you’re not putting all money in a family pot). I could imagine based on what you’ve said so far and some of the other people I’ve read about here, that he might come up with something like “I’m paying the mortgage (let’s say eg £1k per month) so you need to cover council tax/energy/food.” Of course this is unfair because he and not you will benefit from the mortgage payments because that’s been agreed it will increase his share of the property, whereas both of you will benefit from the other bills being paid, so they shouldn’t be left to just you.

At this point he doesn’t even have enough money to cover legal fees and stamp duty, never mind a percentage of the property.

Do the % of equity. That will cover you. You then both continue to pay 50/50

WTAF!!!
NO DO NOT DO THIS

Even as tenants in common

He actually had the cheek to say he wants 50/50
You are handing him your children's future and him asking this of you is a whole row of 🚩
Why are people saying 75%/ 25% ?
He doesn't have 25% to put down !
He has solicitors fees

Buy alone until he has enough saved to put a lump sum into the property
I think his answer to that will tell you everything you need to know

He obviously cannot match that but does want 50/50 ownership

How did you manage to to keep a straight face when he came out with this gem?

Tell Billy Big Balls to take his 10 grand deposit and his 35k salary and his “not a permanent contract” to a mortgage advisor to see what exactly he can buy on his own.

He needs a reality check.

My conveyancing solicitor drew up a deed of trust to accompany the tenants in common house purchase.

roughly paid the deposit in 75:25 ratio but agreed to slightly different % based on who was paying higher share of the mortgage.

if I was him contributing say 10% of deposit I would want at least share so I also get 10% of capital growth. If I was paying more of mortgage I might expect 15% or 20% to account for that ( will depend on the math) and that’s reasonable

a solicitor can help you agree the actual numbers

Go to see a solicitor, don't let the conveying person do it as not likely to be qualified.

You may both need legal advice to make it binding. Upshot is you protect your deposit, in a deed of trust, as a % rather than amount.

Things to consider - selling and buying costs are fairly high..around 10k plus stamp duty. This should be split 50/50 but can he afford it?

The fact he suggested you do this without protecting your finances is a definite red flag. He isn't looking out for you.

How do I know? I was in a similar situation and my once trusted H changed, so that a few years later I was fighting to secure my financial future. Please, please don't ignore what he has said. If you add in his lack of financial stability in the past you have more red flags.

Will he be able to get a mortgage on very recent pay increase? I think that might be the first step as he will usually have to file multiple years of tax returns before securing a mortgage

Often women are so keen to have a comfortable home for their children they are blinded by the red flags. Make sure you are seeing the reality of the situation and work out what would happen if the relationship fails.

You don’t just need to protect your deposit but the gains on your part of the house too.

if you just protect your deposit, say the house is worth 500k & goes up 10% so now worth 550k. Based on 50% share on all but the deposit he’d almost double his money on just 10% gain.

If you then split up, take your deposit you’d 25k worse off & all other houses had increased too so your effectively behind.

On a 500k house, Stamp duty is 12.5k & then fees. Going 50/50 on them he’s effectively got about £1k to put in compared to your £350k

His request is a massive red flag.

you’ve worsened your DCs’ housing and financial situation by having DC3 with someone with a poor financial situation, seeking to financially benefit from you, without having agreed sensible financial and housing arrangements.

If you alone can afford to buy a larger place, would do that. If you can’t and you’re willing to risk housing ties with him (many wouldn’t) get legal advice and offer him a small share (proportionate to his upfront investment) to increase after such time that he’s invested more through payments.

If he quibbles with that he had poor, selfish intentions and for your DCs’ sake would think again about your ‘family unit’

OP, you need independent (not with your partner) legal advice, I would imagine from a firm specialising in both family law and conveyancing. DO NOT buy a property with this man without seeking advice to protect yourself and your children. He couldn't buy without you. Don't let him use you for his benefit, put your children's security first.

I was trying to come up with an example including the 350k but it's Sunday morning and the maths wasn't mathing 😆

He’s moved in with you with no savings and no property - but has managed to save 10k in less than three months once he’s got a sniff of 50/50 on your 350k equity.

Not a fucking chance I’d become financially entwined with this grifter.

Solicitor who is doing the conveyancing will draw that up.

Protecting deposit by ring fencing the deposit amount isn’t enough protection because house prices generally rise

do as toomuchfaff says!
:
So if you have a 100k house, and you put 50k down and the rest is shared, your % is 75% theirs is 25

"He obviously cannot match that but does want 50/50 ownership"

Read that again to yourself OP. Why is he calling the shots on this? Protect yourself and your children.