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Buying a house with girlfriend. Financial advise required please

Discussion in 'Home and Garden' started by DannyW, May 15, 2018.

  1. Kemik

    Mobster

    Joined: Nov 7, 2005

    Posts: 4,717

    Location: Widnes

    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.
     
  2. DannyW

    Man of Honour

    Joined: Dec 31, 2005

    Posts: 4,870

    Location: England

    Thanks for advise
     
  3. Deus Ex

    Hitman

    Joined: Aug 22, 2013

    Posts: 930

    Location: North East

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

    Wise Guy

    Joined: Nov 2, 2003

    Posts: 1,578

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

    Man of Honour

    Joined: Dec 31, 2005

    Posts: 4,870

    Location: England

    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

    Hope not as I can see a good future with her
     
  6. Lopéz

    Man of Honour

    Joined: Oct 17, 2002

    Posts: 27,063

    Location: Leicestershire

    I have to agree. Things change. People change.
     
  7. Hedge

    Capodecina

    Joined: Oct 18, 2002

    Posts: 17,079

    Location: Somewhere in the middle.

    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 .
     
  8. Skiddley

    Mobster

    Joined: Aug 1, 2003

    Posts: 3,720

    Location: UK

    If you have to ask.....Don't do it.
     
  9. LeeUK

    Mobster

    Joined: Mar 1, 2008

    Posts: 4,630

    If she has 10K then both just put 10K deposit down and keep the rest of your money tucked away nice and safe.
     
  10. House

    Mobster

    Joined: Jun 16, 2005

    Posts: 2,790

    Location: Back in the UK

    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.
     
  11. Psycho Sonny

    Caporegime

    Joined: Jun 21, 2006

    Posts: 30,627

    chances are they wouldn't be able to get the house they want then. also the interest rate would be stupidly high too compared to doing it any other way.
     
  12. Kemik

    Mobster

    Joined: Nov 7, 2005

    Posts: 4,717

    Location: Widnes

    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.
     
  13. planty

    Wise Guy

    Joined: Nov 10, 2013

    Posts: 1,364

    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.
     
  14. Andy__C

    Hitman

    Joined: Mar 24, 2011

    Posts: 925

    Location: Cardiff

    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.
     
  15. Holst1981

    Hitman

    Joined: Dec 1, 2015

    Posts: 824

    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.
     
  16. Destination

    Capodecina

    Joined: May 31, 2009

    Posts: 19,209

    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.
     
  17. Kutter

    Mobster

    Joined: Mar 22, 2009

    Posts: 4,298

    Location: Georgia, USA

    we need pics to decide if shes worth losing your shirt over.