Buying a house with girlfriend. Financial advise required please

Psycho Sonny said:
If you get married she gets half even if you put in 100% and she puts in nothing.
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That's not strictly true - the judge will base it on time together and income both brought during that time. I.e. if it is a long term relationship and the wife has given up work to look after kids then it will be 50/50. If it is a one year marriage and one earns £70k while the other earns £30k, it is more likely to be less even.

Declaration of trusts usually include a clause which means they need to be reviewed upon marriage / birth of children.
 
Deus Ex said:
The real question is why you are not buying one house each and renting one out?
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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

RichL said:
Self fulfilling prophecy imo, mentioning this potential issue will lead to inevitable break up.
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Hope not as I can see a good future with her
 
My Gf earns less than me but we pay equal percentage of our wage towards our household bills. We both work 40 hour weeks and the difference in salary doesn't mean she should be punished .
 
If she has 10K then both just put 10K deposit down and keep the rest of your money tucked away nice and safe.
 
One of my wife's friends is going through the nightmare of splitting up after buying a place with her fella, i'm bloody sick of hearing about it.

She ignored all advice about setting up stuff in case the relationship failed and now is going to pay the consequences. Even better she works with her now ex so sees him every day (breaking rule 1 about not dipping in the company ink).

Great fun, every time the wife mentions it i walk out of the room on the grounds that her mate ignored me to start with, so "made her own bed" as such. That and now im only hearing one side of the argument, she says she paid everything but how do i know. Last one was he took the couch out of the house last weekend, shes called the cops, its all so unnecessary, i feel sorry for the poor coppers going round having to listen to it, im sure they have something better to do.
 
House said:
She ignored all advice about setting up stuff in case the relationship failed and now is going to pay the consequences.
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Exactly. No one knows the future and while everyone goes in with best intentions, I know too many people that have broken up and things have hit the wall. My girlfriend really wasn't happy at all with drafting a declaration of trust as her view is that we are in forever and this was only required if there were doubts. We worked through it and in the end we agreed a position on the contents of the declaration of trust.
 
Kemik said:
Exactly. No one knows the future and while everyone goes in with best intentions, I know too many people that have broken up and things have hit the wall. My girlfriend really wasn't happy at all with drafting a declaration of trust as her view is that we are in forever and this was only required if there were doubts. We worked through it and in the end we agreed a position on the contents of the declaration of trust.
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My girlfriend even suggested it to me as I had more money than her! I think as long as both parties are sensible it's not an issue.
 
I "fell" for the "we don't want to put anything in writing, we are together forever" thing. It took me about 4 years after splitting up and probably made me worse off by about £40-£50k than if we'd have had a trust document put in place.

Definitely try and get something in writing man, its the most unromantic thing ever but sensible. If you are together forever getting a document done shouldn't matter either, all you are doing is writing down facts annd figures.
 
Hedge said:
My Gf earns less than me but we pay equal percentage of our wage towards our household bills. We both work 40 hour weeks and the difference in salary doesn't mean she should be punished .
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I earn less than my SO and we have the same arrangement. Also have wills and pensions benefits transferred to each other.

Seems like the adult thing to do.
We don't expect to split up, but one of us will die some time, better to sort this stuff out and forget about it.

I can't imagine us ever splitting up but I know we won't argue over the money.
 
Kemik said:
House price: £280k + £20k repairs = £300k
Total deposit: £46k (you) + £10k = £56k (20%)
Repairs: £20k (you)

House is therefore funded as mortgage of £224k + £66k from you + £10k from her.

Figure out how much of the mortgage payments you can both individually afford. If it's 50/50 then that means...
You: £112k + £66k = £178k (59% house value)
Gf: £112k + £10k = £122k (41% house value)

You split the equity as above and make mortgage repayments 50/50. Split costs of purchasing the same as above. You pay all of the costs of selling your place.
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Basically this, in writing, signed by each of you, witnesses, before you start. Equal payments, equal bills, states exactly what is considered to be a bill.
If the values vary, no problems, just adjust the figures.
Get it in writing.
 
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