Solicitor or Financial Advisor?

[badgerread]

DP and I are considering selling both our properties and buying one together. Second time around for both us so don't want to get our fingers burned. I have £184k equity he has £80k. We will have to get a bigger mortgage than either of us have now. He is currently an employee of a small business but buying into it gradually and will become joint owner within 2 years with a partner. Fingers crossed its looking to be a great success but time will tell. He has to pay in £75k and if we buy together wants to use part of the mortgage money for this. I'm nervous as I will be jointly liable for this with no say in the business. To get the initial advice regarding this £75k being his sole responsibility do we see a FA or go straight to a solicitor?

He would be better off getting a separate loan to pay his capital contribution into the business as he will be able to offset the interest he pays on it against his tax. I would suggest that he contacts his own bank regarding this or even discuss with his potential partners how they funded their buy in - if indeed they did. My DH pays a very low rate on his capital loan with Santander.

If you do add to your mortgage however your solicitor would be able to draw up a trust deed allocating individual shares of the property. Although you'd be jointly liable to the mortgage co for the £75k your DP should indemnify you for this sum.

Many thanks allthebest.