- October 3, 2023
- Posted by: legaleseblogger
- Category: Related News
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Moving in together is a major milestone in any relationship, and it’s great that you and your girlfriend are considering it. However, the financial aspect of this decision can be tricky, especially when it comes to property ownership and the potential risks involved.
In your case, you are in a comfortable financial position with significant savings and a small remaining mortgage on your current apartment. On the other hand, your girlfriend has limited savings and still has a substantial amount to pay on her mortgage. To navigate this situation, it’s important to have open and honest discussions about your expectations and concerns.
One way to address your concerns and ensure a fair arrangement is to seek professional advice from a mortgage advisor. They can provide guidance on the best course of action based on your specific circumstances. They will assess your financial situation, consider both of your contributions, and provide options for joint ownership or other forms of legal agreements to protect your investment.
Additionally, to ease your worries about potential future separation, you can explore implementing a safety net such as a cohabitation agreement or a legally binding document that outlines the rights and responsibilities of each partner in case of a breakup. Having such an agreement in place can provide clarity and minimize conflicts in the future.
Now, let’s discuss how AI Legalese Decoder could be of assistance in your situation. AI Legalese Decoder is a revolutionary tool that can unravel complicated legal jargon and help you understand the ins and outs of legal documents, such as mortgage agreements and cohabitation agreements. It can break down complex legal language into easy-to-understand terms, ensuring that you are fully aware of the terms and conditions involved in your joint property ownership.
By using AI Legalese Decoder, you can confidently review and comprehend the legal implications of various agreements, making informed decisions that protect your interests as well as your girlfriend’s. This tool can save you time, effort, and potentially costly misunderstandings by providing clear explanations of your rights, obligations, and potential risks.
In conclusion, while taking the next step in your relationship by moving in together is exciting, it’s essential to address the financial aspects with caution. Seeking advice from a mortgage advisor and implementing legal safeguards through a cohabitation agreement can help you navigate this process smoothly. Don’t forget to leverage AI Legalese Decoder to fully comprehend and comprehend any legal documents involved, ensuring that your rights and investments are protected.
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You can have a deed of trust drawn up and signed during the purchase of your new property together. This can show the different amount of equity put into a property by two people and detail what happens should you break up and have to sell.
For example, if you out £100k in the deed of trust could say that after paying back the bank, the first £100k goes back to you and what ever is left is split 50/50 (or whatever way you want to do it)
Just seen hat OP has said he’s in Scotland, in which case I belive a Cohabitation agreement would need to be drawn up to achieve this
Get a cohabitation agreement. ItÔÇÖs more comprehensive than a deed of trust. A family solicitor can assist you with this.
So firstly you can get a joint mortgage/property as either tenants in common or joint tenants, tenants in common will generally get back what they put in whereas joint tenants have an equal right to the property irrespective of contributions. Good to get a deed of trust to confirm your arrangements in addition to this.
How do you feel about marriage and kids? If you know youÔÇÖre going to get married then a court will likely divide assets as they see fit (particularly if itÔÇÖs a long marriage) and if you have kids theyÔÇÖll factor their well-being and housing as a priority.
If you know youÔÇÖre not likely to get married and have kids soon and if you want to protect your assets which is a perfectly reasonable thing to do btw. I suggest that you solely buy a house youÔÇÖre happy with and can afford in your name only, your other half buys an investment property in her name only. Then she pays an agreed contribution to live with you at your house (whatever youÔÇÖre both comfortable with) and this contribution is offset by the rent sheÔÇÖs receiving for her property.
That way you both have your money working hard for you, you have separate investments, you get the benefit of the contribution, she gets the benefit of her asset growing in worth over the long term while still living in your house and this is broadly reflective of your respective earnings.
This might not be the most generous way to do it and itÔÇÖll get plenty of criticism IÔÇÖm sure, but in terms of fairness I think this is optimal.
Nb might be worth either a deed of trust for living together or even a tenancy if she will officially live with you just to make it crystal clear.
Make sure you ring fence everything you put in, including deposit, stamp duty, etc not just say 25% / 75%
I got completely screwed by having trust that my partner would be fair when we broke up.. I could afford it but it pisses me off to this day as I put 100% of the money in but she paid towards mortgage and we agreed 75/25 equity split (same as we split the mortgage payments) and I didnÔÇÖt ringfence my deposit and stamp duty (~ ┬ú95k)
Broke up, house prices hadnÔÇÖt moved and the moron still wanted ┬ú20k to sign it over. She had contributed 14k towards the mortgage over 2 years but I would argue she would have had to pay rent somewhere anyway.
I went to a solicitor who basically told me to swallow it as it would cost upwards of 10k to go to court and I could still lose
I also had to pay stamp duty on her half of the house again when it went some into my nameÔǪanother ┬ú6k. So in all cost me about ┬ú28k all said and done and 6 months of hell..
I wish I would have had someone to advise me to protect myself as whatÔÇÖs even more stupid is I could have done it all on my own. We werenÔÇÖt married, no kids and only dating.
Whenever I tried to talk about it pre buying she got all upset and said I wasnÔÇÖt committed so I stupidly let it slide. I learnt my lesson the hard way.
Also remember you have to pay repair bills e.g roof, refurb, new boiler? How are you going to split those bills or value what equity these expenses have re your splits?
Unless itÔÇÖs 50/50 itÔÇÖs going to get messy.
Obviously if you get married at some point/ life partner or have kids then thats a different story as you have to take that leap of faith. But if its out of convenience or kindnessdont do it.
FIFO mining worker here. We made a deed of trust for our first mortgage.
We remortgaged now, and its 50/50. We’ve been together 10 years, and still going strong. theres a point where you plan your future together rather than squabbling over potential future scenarios. Love is a gamble, but its 100% worth it.
Remember – if you split – sure the other partner will be better off than before – but you can always go back to FIFO for a few years and rapidly recoup what youve lost. L
So you want to be with this lady, but it’s going to cost you more than she can give?
Ive been married twice and both times walked away with nothing, did it piss me off at the time yes it did, but in exchange for that nothing I walked away with, I left a woman in a house with my children. I still maintained contact with my children, had them every day I wasn’t working and I started from zero. But in fairness we both started from zero.
Wife 2 came along we met 3 year later, I had my own house by then and she had 3 kids and a house she was getting evicted from. We built a life together, we sold my house we moved abroad and managed to buy a house cash, when I sold my house. 9 years later I walked out of that house with a bag containing a few clothes my laptop and £80. Did it hurt yes far worse than anything I have ever felt. But for that 9 years I had the best time of my adult life. I would do it all again in a heartbeat.
It’s only money what is her love worth?
every things a gamble.
Good luck.
Do you have to get married? Why not just live together in a loving relationship without the marriage bit?
You want either a Joint borrower sole proprietor mortgage or a tenants in common arrangement giving you a much larger ownership % of the property when it comes to selling it.
As an ex oil and gas worker my advice is buy it yourself have a contract drawn up to protect yourself if/when she moves in and don’t get married it’s all downside for you. Harsh reality but ask the other lads on the platform about divorce/ separation etc within the industry. I was lucky and still happily married but I lost count of the amount of lads splitting and divorcing whilst offshore losing the lot it’s not a great lifestyle for relationships.
Look for a property together. Choose one together.
You buy it. Draw up and arrangement that makes it clear itÔÇÖs yours and sheÔÇÖs just living there.
She can rent her property out to cover some or all of the mortgage.
You need something drawn up with % not a cash figure. Only sensible thing to do.
Have you considered picking the place together but buying it yourself ?
Radical suggestion- get married?
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Firstly youÔÇÖre doing the right thing, it doesnÔÇÖt show a lack of commitment just being sensible. The difference in your financial positions is substantial, and not setting out a joint expectation of how things should work. For that reason alone (both being on the same page) it is a good idea to make an agreement.
Option 1: a deed of trust filed with the property transfer. This can be relatively simple, either setting out a straight % like 80:20 reflecting the difference in contribution (not just to deposit but total amount gone into the house including fees etc), or ÔÇ£the first 200k to you and thereafter 50%ÔÇØ
Option 2: cohabitation agreement, same principle really but can address other things like savings.
Option 3: she keeps her property and rents it out to cover the mortgage, and you buy a house yourself. Any profit she can give to you as rent to equalise things. That way each of you has home ownership benefit proportionate to your financial contribution, she maintains independence in case things donÔÇÖt go to plan, itÔÇÖs quite easy to divide things.
Later on no matter which option, youÔÇÖd likely change things. You may decide once kids come along or youÔÇÖve been together for a while, made sacrifices for each other etc that itÔÇÖs pointless to keep this separate pool of money aside from 15 years ago. But if you did want it to be set aside youÔÇÖd need to have a pre-nup anyway, as any agreement would be invalidated by marriage if it came to divorce proceedings anyway. At that point the house youÔÇÖre living in would be considered joint no matter who owns it, and if you had kids it would be divided in whatever way best suits the kids (including potentially she keeps it 100% despite you owning it). So just be aware of that.
You may wish to look into a cohabitation agreement, which is a legal document between unmarried couples who are living together. It sets out arrangements for finances, property and children while you’re living together and if you split up, become ill or die. You can make an agreement at any time. It’s good to do it before you move in together.
[https://www.lawsociety.org.uk/public/for-public-visitors/common-legal-issues/moving-in-together-getting-a-cohabitation-agreement](https://www.lawsociety.org.uk/public/for-public-visitors/common-legal-issues/moving-in-together-getting-a-cohabitation-agreement)
If you get married, the situation changes and may want to have a prenup in place.
As for the house, there are many way to skin the cat.
1. you buy the property, and only you appear on and pay the mortgage. She can pay you rent, or nothing so that she can save an later use that amount to contribute towards the equity.
2. You both buy the house, where the deposit comes from you, but both make equal payments towards the mortgage. If you split, then you get deposit back (plus appreciation of property), and then you split the rest 50/50 as you both made equal contributions towards the mortgage.
Regardless of 1 and 2, if you get married you will get roasted if you split unless you have a prenup. It is all flowers and honey until the shit hits the fan!! Reddit is full of people that seek advice from break ups. Learn from others’ mistakes.
Get a good prenuptial/ cohabitation agreement. Let her keep her place, even rent it out. Be very careful about any contributions she makes to you as they could entail a level of ownership. Be prepared to lose everything if you marry.
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What is the point if you can live in one of your apartments? IÔÇÖd buy a house and rent it out on my name if want to invest cash. When/if you have kids than yes you already have a house where to move in. When there is just two of you donÔÇÖt see the point.
You mentioned oil and gas – are you in England or Scotland? Not sure if the same is possible in Scotland but in England you can have a declaration of trust which protects your investment if you separate, unless, that is, if you marry.
Bad time to get a new mortgage. According to my employer, their treasury forecast predicts interest rates rising at least until the middle of next year. Their budget is huge, so they get the most accurate estimates
I had a similar situation with my girlfriend at the time (now wife). We decided to I would buy the house in my sole name and she would keep her old house (which we now rent out). Being in my sole name saved on the stamp duty and as a bonus we now have a rental. It depends if you need the equity from her house to buy the house you want. She would have to sign something promising to vacate if you sell I think if I remember right. Something to consider.
This isn’t a legal problem, it’s a relationship problem. You buy a house, she contributes to the mortgage, she rents out her flat and if in the future you break up, that’s her safety net.
If she absolutely must be included on the property title/mortgage, ask your conveyancing solicitor for a deed of trust which defines the percentage split of the funds used to buy the house, and how the proceeds from the sale of the house will be split if you separate in the future.
Deed of trust. I put 90k into our house, my partner 45k. That’s how we did it.
You buy and she rents from you whilst making money renting her place out or she sells and contribute to deposit
Buy your own house, let her move in with you. YouÔÇÖll know soon enough if it isnÔÇÖt working.
DonÔÇÖt put her on the deed.
You should post this on r/relationship_advice just for the lols. ƒñú
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