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Buying with partner. How do I protect my deposit money?

6 replies

NavyCurtains · 05/04/2023 09:50

My partner and I are buying a house together for the first time. We're not currently married, but engaged.

Thanks to the sale of my little one-bed flat, I have a substantially larger amount to put towards our deposit.

Me: 70k
Partner: 10k

Obviously, in an ideal world, we will live happily ever after. However, I'm a realist and know that marriages/relationships can break down. So, I'm being sensible.

How do I ensure I protect my £70k (and equally my partner protect his 10k)?

OP posts:
00100001 · 05/04/2023 09:54

Get the percentage ownership to reflect that?

ArcticSkewer · 05/04/2023 09:58

Speak to your solicitor when you are buying and ask them to set up a deed of trust.
You can either do it by % or fixed amount.

Do you want your £70k back or what it represents eg maybe it is 25% of the full value of the property

wineymummy · 05/04/2023 10:05

Deed of trust. DH and I have similar from when we first bought. Didn't want split percentages as we have been paying in equally since we bought and share all other costs. D of T says that if we split, we both take our original deposits back then split the rest 50:50.

Napmum · 05/04/2023 10:07

Deed of trusts do work but beware. Once you're married if you divorce the judge will take it as evidence but necessary follow it.

NavyCurtains · 05/04/2023 11:19

Thanks all.
Deed of Trust sounds like the right option over percentage ownership. We'll both equally be paying the mortgage/bills etc.
So, if anything were to happen in the future, I'd want my £70k back, my partner to get his £10k back and then we split the rest 50/50. Sounds fair.

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