Buying a house with girlfriend. Financial advise required please

[DannyW]

Hi Guys


I looking for some decent advise on buying a house with my GF.

At the minute I have my own place which is just in my name, at present my house is sold subject to contract, on completion of sale I will have around £80k in total (including some savings)

My GF only has around 10k saved up and does not own a house, she lodges with me at present.

We are looking at properties in the £275k-300k region.

Here is where it gets quite tricky...

We are going to offer on a house tomorrow which needs lots of work, easily 20-30k spending on it

If we put down 20% deposit on it, this will leave me enough change to get started on the work.

What do I need to do/should do about the money situation? It's essentially all my money paying for all the work, which will add substantial value to the house

Do I need a declaration of trust or a pre-nub for my 80k?


Cheers

 

[DannyW]

I think if you've got worries like this about the Mrs. then it's probably a good idea to have a long think about whether you want to enter something as serious as a mortgage with her.

I don't have any doubts about been with her, I just want to protect my 80k, should the relationship not work out I don't want to be left with nothing.

This
Bin the misses, keep the house, stay single, bang lots of women, travel the world.

does sound tempting... I can pay my house off in 6 years no sweat..

We had a similar situation and got our solicitor to draw up a Tenancy in Common agreement.

Cheers I will speak to my solicitors about this.


Another concern someone brought up was about going 50/50 on the monthly payments. She earns approx 30k and I earn approx 50k. Because I earn more should I pay more in per month then her?

Everyone else I ask basically said it's just easily to get married...

 

[DannyW]

Thanks for advise

 

[DannyW]

The real question is why you are not buying one house each and renting one out?

I did suggest this a about a year or so ago and she started saving up, but this year I decided I wanted a bigger house in a nicer area and we ended up deciding to buy together

Self fulfilling prophecy imo, mentioning this potential issue will lead to inevitable break up.

Hope not as I can see a good future with her