Splitting costs buying a house? Advice please.

helpimcrap

helpimcrap

helpimcrap

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Joined
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Leicestershire
Hi all, I'm buying a house with my fiancé. She is buying it, then I'm going to 'buy' a percentage of it.

What is the best way for me to buy a percentage of the house once I have sold mine? Who are the best people to advise legally or is there a government template?

I have been advised to change the deeds to show percentage and draw up a co-habitation agreement (edit - tenants in common it should be?) with a conveyancer stating percentage of ownership etc.
It all seems a bit tricky and neither one of us wants to rip the other off as ultimately when we die this will decide who gets what and she has kids but I don't want my family to be without either. It's all gone very clinical and the stress of it is either going to make us or break us.
 
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100% discuss with a solicitor to avoid tears later.

Edit: To explain further, you need to consider what happens if circumstances between you change, or if you have kids in the future, etc. what happens if you die and your family want the money. There are so many things that can go wrong. So ask a solicitor for advice. That way it doesn't become confrontational and you simply follow the advice of the legal professional.
 
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Give her a lump sum when you sell yours?
I put the deposit on ours, and pay the mortgage. The mrs pays council tax, and utility bills. She's probably worse off but I don't say anything. We've been together 20 years and have had our own house 10. It seems to have worked so far.
 
helpimcrap said:
Hi all, I'm buying a house with my fiancé. She is buying it, then I'm going to 'buy' a percentage of it.

What is the best way for me to buy a percentage of the house once I have sold mine? Who are the best people to advise legally or is there a government template?

I have been advised to change the deeds to show percentage and draw up a co-habitation agreement with a conveyancer stating percentage of ownership etc.
It all seems a bit tricky and neither one of us wants to rip the other off as ultimately when we die this will decide who gets what and she has kids but I don't want my family to be without either. It's all gone very clinical and the stress of it is either going to make us or break us.
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We have tenants in common as we aren't married.

I have 80pc and she has 20pc.
I contributed 80pc of the deposit and 80pc of the mortgage repayment.
Seemed the fairest way after a break up to have something set in stone.
 
helpimcrap said:
Hi all, I'm buying a house with my fiancé. She is buying it, then I'm going to 'buy' a percentage of it.

What is the best way for me to buy a percentage of the house once I have sold mine? Who are the best people to advise legally or is there a government template?

I have been advised to change the deeds to show percentage and draw up a co-habitation agreement with a conveyancer stating percentage of ownership etc.
It all seems a bit tricky and neither one of us wants to rip the other off as ultimately when we die this will decide who gets what and she has kids but I don't want my family to be without either. It's all gone very clinical and the stress of it is either going to make us or break us.
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Can you just keep and rent your house? Then you both just have separate assets....
 
Bobmunkhouse said:
Can you just keep and rent your house? Then you both just have separate assets....
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No, because it's about being together and having a life together and being committed. I don't mind that because we want to live together, we'll be mortgage free, we can both work from home but we'll be miles away from our old lives. If things don't work out we just sell up and take our percentage back so we're not trying to trip each other up.
I debated the rental thing but then if I sell I have to live in it for 12 months otherwise I'm subject to second home tax which would cost me about £30k.
 
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We've nearly bought the house. About to exchange and just tying up loose ends.
Power of attorney and wills to sort next.
This house buying thing has nearly broken us at times but it'll be worth it in the end I'm sure. :)
 
Efour said:
lose (joke)

Damn good luck what a pain in the arse. .. I guess you're going to have to pay some solicitor or legal parasite to formulate a document.
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Even the .gov advice says everything has to be confirmed by a conveyancer so stuck paying a £400 hourly rate for someone to fill a form out and sign it. Ah well.
Ps literally just exchanged so all go now....
 
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helpimcrap said:
No, because it's about being together and having a life together and being committed. I don't mind that because we want to live together, we'll be mortgage free, we can both work from home but we'll be miles away from our old lives. If things don't work out we just sell up and take our percentage back so we're not trying to trip each other up.
I debated the rental thing but then if I sell I have to live in it for 12 months otherwise I'm subject to second home tax which would cost me about £30k.
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Sounds like you need to get married
 
Yeah id get married. I got married partly because its really just easier, it is, and a bit for love :P lol
but i'm not bitter twisted or scared that she will leave me cos im that much of a catch, so all that divorce stuff isn't a worry to me.
 
Efour said:
Yeah id get married. I got married partly because its really just easier, it is, and a bit for love :p lol
but i'm not bitter twisted or scared that she will leave me cos im that much of a catch, so all that divorce stuff isn't a worry to me.
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Hopefully you're right. But statistically it's like flipping a coin and calling the results.
 
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