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Tenants in common - I paid large deposit

6 replies

plugin12 · 05/04/2023 19:19

Me and partner are in process of buying , also planning to get married asap , he works and I'm a stay at home parent to our 3 children, but due to an early inheritance I am putting a 65% deposit down on our house (= to hundreds of thousands) the other 35% will be a mortgage in both of our names but my partner will be paying it.

We are happy and no plans to split but of course you never know - if I put us down as tenants in common and split the percent as above does that mean if we had to sell in the next couple of years he would get 35% of the deposit I paid and not have yet paid anything substantial on the mortgage ?

Any advice ? What would be the best way to go about insuring I get my deposit back as he would have the ability to get a mortgage if we split but I wouldn't . Thanks !

OP posts:
Quartz2208 · 05/04/2023 19:22

Proper legal advice to keep your deposit safe and ring fenced. But also look at if he is paying the mortgage how any future equity should be split given he is paying all the mortgage

MinnieMountain · 05/04/2023 20:18

Do a declaration of trust. Your conveyancer can draw it up.

idontlikementhols · 05/04/2023 20:20

Get proper legal advice on a declaration of trust. Don't skimp - it could be worth tens or even hundreds of thousands if you and your partner split.

Ypsilanti · 05/04/2023 20:50

Another one saying get a deed of trust drawn up. It cost me about £400 a few years ago (similar situation in that I had put down a sizeable deposit, and me and DP splitting the mortgage payments). That will set out exactly who gets what in the event of a split.

MotherOfCrocodiles · 05/04/2023 20:52

Declaration of trust- sets out how you would split the money if the house was sold

plugin12 · 05/04/2023 22:28

Hi thank you all for the advice , will definitely get my solicitor to do a declaration of trust ! Hopefully it's never really an issue but better safe than sorry Grin

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