Buying with partner but unequal deposits

[buywithbabe]

Does anyone have experience of buying with their partner or husband but coming at it with unequal deposits?

I inherited a property at a young age and would one day like to buy with my DP. As a result, I will have a much larger deposit and naturally would like to protect my interests in case we split up and sell up.

Any advice/tales from being in a similar position would be much appreciated!

You can be tenants in common (as opposed to joint tenants), meaning you each own a specific share, and it does not automatically pass to the other owner if one of you should die.

DH's parents gave him a lump sum towards the deposit. As we weren't married at the time, we bought as tenants in common. We worked out the percentage corresponding to the money he put in and split the remainder 50/50.

Yes tennants in common. Or if you buy a £200K property and you put in 2/3 and him 1/3 you can specify the percentage share. Also bare in mind any property increase eg. if you put down a 50% deposit. And then pay the mortgage 50/50 you can specify you get 50% of final sale value taken off and then 50/50 on the remainder is yours.

thanks all! and if we bought after marriage could we still buy as tenants in common?

Yes you can. Our recent house purchase was the first we did as tenants in common. We've been married for 16 yrs. not for personal financial reasons but to protect inheritance for our children in case one of us dies and the other remarries.

Different options, you can simply specify you each get your deposit returned, everything else 50/50 if you are paying 50/50 or work out different ownerships. The former is easier and makes more sense if you are married

You need a deed of trust and to buy as tenants in common. You can specify what happens to equity if you sell. You need to consider the proportion of the deposit and also any increase / decrease in value.

Your Solicitor should give you some paper to write down in percentages you and your OH will want to receive should things go badly. I did this with my partner, its just a simple form.

Yea we're down as tennents in common, so if we sell the house we both get out share of the equity instead of it being split 50/50. It's an extra form written up by your solicitor that you sign. It does also mean that if you are not married and one of you dies (sorry) then you won't automatically get their share, it'll go to their next of kin which would be their parent so you have to draw up a will stating that even though you are tennents in common the partner wants the equity, not for it to go to next of kin. Unfortunately if you aren't married but even if you live together in property you aren't each other's next of kin x