Protecting my deposit

[OttilieKnackered]

Hello,

I’m about to buy a house with my partner. I will be supplying the whole deposit. I was all set to ring fence it as only seems sensible.

However, I am now pregnant. Once maternity leave is over I will be the main wage earner and will work full time with partner likely working PT at least for the foreseeable.

I know a woman in my partner’s position would be told to protect herself and that she was vulnerable in that scenario.

So should we just be joint tenants or should I still protect it?

You can be joint tenants and still protect your deposit - see a lawyer.

I thought so but my solicitor seemed to disagree.

You would need to be tenants in common and that's what I would advise you to do. Protect your deposit so that if the house is sold, you recover your deposit before any equity is divided 50-50.

The reason that women are vulnerable is the loss in earnings and pension contributions during maternity leave, even if returning to work full time, so you should still protect yourself. Also, you don't know how you will feel when you've had the baby, you might change your mind about returning full time (note I said might, not will or should!)

If your partner still wants to go part-time at the end of your maternity leave and wants to protect himself financially, he can propose and/or suggest other ways of ensuring equity/security for him.

Oh. That surprises me, I've seen others on here have done just that! This suggests a Deed of Trust will do the job.

To clarify, I meant propose marriage

Its very very unlikely I will not be full time. I’m by far the higher earner and DP is already part time (to fit around study - he picks up extra shifts when not studying). My job is also
more flexible and with much better benefits.

I suppose it just struck me that this is very similar to lots of women who are told that they are ‘allowing’ their male partner to work full time etc.

You are right - he could always propose!

How are finances managed so far; presumably you contribute a higher proportion since you earn more?

How long will he be studying and will it eventually lead to a better paid job?

@AnotherEmma

We split earnings completely so we have equal spends (although essential bills
probably includes more regular expenses for
me tbh).

Studying will take another two years (part time) and yes, should lead to higher wages.

He would probably stop/slow down the studying if he managed to get a better paid job in a related field in the meantime (he came very close recently).

Our joint savings have been used to do up my flat to sell and pay for legal costs in the moving process so far.

So he intends to continue studying when you return to work after maternity leave? Will he manage to do that in the evenings when baby is sleeping or will you need childcare for him to study during the day?

Sorry for all the questions... it's probably not hugely relevant to your house purchase but something to consider when planning finances.

As things stand, yes. Once I go back he will work pt and study around work schedules. We would hope not to need extra childcare for this. He would have evenings and one weekend day (he works the other). I realise this will be full on for both of us.

However the end of my maternity leave is at least 16 months away so he is definitely hoping to get a better paid/fuller time job in the mean time, in which case he may well take a study break or just do one module at a time.

From his perspective there are a lot of variables, whereas I have a decently-paid 9-5 that is not going anywhere and will pay the mortgage and bills. His wage would mainly cover childcare needed if he worked, but obviously I want him to be able to develop his career as well.

I do realise babies are not necessarily predictable either!! But unless we faced something like significant illness or disability, that is the likely set up.

We will both have life insurance and wills.

I should say that it’s through open university so essentially he would only ever be studying around 6 months of the year.

Go tenants in common and set up a cohabitation agreement sharing bills pro rata. Any increase or decrease in equity share of house going forward according to mortgage payments. Or buy in your name only and get him to contribute to living costs like a rental would be. Don't marry as he would then be entitled to up to half and you paying maintenance if you broke up.