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Buying a property with partner - deed of trust

2 replies

everyonebutme · 14/06/2019 08:05

I'm buying a property with my partner. Split will be 80% (me) and 20 %. We are taking out a joint mortgage to finance part of the purchase (the rest will come from equity from my house and savings). I understand we should draw up a deed of trust to define what would happen in the event of one of us dying. I have 2 children. He has 4. It would be unfair if one of us dies for the other to move out of the home immediately so that the children get their inheritance but I can imagine the children (all of whom are adults btw) would be wanting something if their parent dies. So what do people do in these circumstances? If either one of us dies, the one remaining would not be able to buy out the remaining share.

OP posts:
stucknoue · 14/06/2019 08:09

A 5 year clause might be sensible then, but depending on your age and that of the kids, can you not just discuss it with them all? They may all be in agreement that the surviving partner stays in the house for life but ownership of deceased partners share passes to their children as a trust

Collaborate · 14/06/2019 10:56

Be careful to divide the property between the unencumbered % that you're paying for, the unencumbered % he's paying for, and the mortgaged % that you're both paying for (I presume).

Having it a straight 80/20 split takes insufficient account of this.

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