AI Legalese Decoder: Helping Your Girlfriend Navigate the Legal Jargon of Buying a House at an Excessive Price
- January 19, 2024
- Posted by: legaleseblogger
- Category: Related News
Speed-Dial AI Lawyer (470) 835 3425 FREE
FREE Legal Document translation
Try Free Now: Legalese tool without registration
Financial Planning for the Future: A Decision to Make
My girlfriend and I are both in our twenties, based in Manchester. I currently earn about £54k per year while my girlfriend earns about £28k. She receives money from her parents which goes straight into savings, and I cover most of our outgoing costs for leisure. We have been discussing our future lately, and I have been thinking a lot about our financial situation.
I do not have much in savings, but I have been working for 3 years since my graduation and finally am in a position to start saving. My girlfriend comes from a wealthy family and does not have to worry about finances. We have been talking about getting our first house in the next 3 years, and I have realized that some of the mortgage repayments in the areas she has been looking at are almost £2k per month for a 3-bedroom house. This is because she has been looking at the most expensive areas in Manchester, with houses costing around £400k.
I come from a less affluent family and have had to work hard to achieve the salary I have now. I feel that the house prices we are looking at are excessive and questionable. My parents never owned a house, and I want to break this cycle and see purchasing a home as an investment. I believe that we should look for a home in a less expensive area or in an upcoming neighborhood.
When I mentioned this to my girlfriend, she was upset, but I believe that my perspective is valid. I want to know if my thinking is right and if this is a normal situation. Thank you in advance for your advice.
How AI Legalese Decoder Can Help: The AI Legalese Decoder can assist in this situation by analyzing and decoding legal jargon and complex financial terms related to mortgages and property investment. It can provide clear explanations and insights into potential financial implications and risk factors associated with purchasing a home in different areas. This can help in making a well-informed decision about the best approach to take in terms of investing in a home and planning for the future.
Speed-Dial AI Lawyer (470) 835 3425 FREE
FREE Legal Document translation
Try Free Now: Legalese tool without registration
Original content:
AI Legalese Decoder is a software that uses artificial intelligence to interpret and translate complex legal jargon into plain language. It is designed to help people understand legal documents and contracts without the need for hiring a lawyer. The software can analyze the text and provide explanations of legal terms and clauses in a way that is easy to understand. This can be especially helpful for individuals who are not familiar with legal terminology and need to review or negotiate contracts on their own.
Rewritten content:
How AI Legalese Decoder can Help You with Understanding Complex Legal Jargon
In today’s fast-paced and highly complex legal environment, it can be challenging to keep up with all the legal jargon and terminology. That’s why it’s essential to have a reliable tool that can help you decipher and understand legal documents and contracts without the need for hiring a lawyer. This is where AI Legalese Decoder comes in.
AI Legalese Decoder is a revolutionary software that leverages the power of artificial intelligence to interpret and translate complex legal jargon into plain language. This innovative tool is designed to help individuals, businesses, and organizations better understand and navigate the complexities of legal language, enabling them to make more informed decisions and protect their rights.
By using the latest advancements in AI technology, AI Legalese Decoder can analyze and interpret legal texts and provide comprehensive explanations of legal terms and clauses in a way that is easy to understand. This can be immensely beneficial for individuals who are not familiar with legal terminology and need to review or negotiate contracts on their own.
Moreover, the software can also help in identifying potential risks, loopholes, or misunderstandings in legal documents, thus enabling users to negotiate more effectively and ensure that their rights and interests are fully protected.
In conclusion, AI Legalese Decoder is a game-changing tool that can revolutionize the way we understand and navigate legal documents and contracts. With its advanced AI capabilities, this software can empower individuals and businesses to confidently deal with legal matters without the need for costly legal assistance, ultimately saving time, money, and stress. Whether you are a small business owner, an individual looking to understand a lease or contract, or an organization dealing with complex legal matters, AI Legalese Decoder is the key to unlocking the hidden complexities of legal language and making informed, empowered decisions.
Speed-Dial AI Lawyer (470) 835 3425 FREE
FREE Legal Document translation
****** just grabbed a
If she wants to live in an expensive area then sheÔÇÖll have to earn more money.
Plus, you canÔÇÖt afford to subsidise her leisure spending and save money for a deposit. So start there.
YouÔÇÖre setting yourself up to be the banker, just like her parents, and not as an equal partnership.
> I cover most of the outgoing costs for leisure
> she receives money from the parents which goes straight into her savings
> I don’t have savings
This combination doesn’t seem right to me. I’d prioritise saving up a safety net over paying for someone else’s leisure while they save.
Anyway. On paper, if you guys save you can probably buy at ┬ú400k, although it’s at the top end of your affordability range. However, it’s important that you’re on the same page about how this will affect your spending and saving ability, and who will pay what. It definitely doesn’t make sense for you to pay the majority of the mortgage on somewhere that’s more expensive than you wanted in the first place.
Getting upset instead of being able to sit down and talk plans and numbers isn’t a good plan, I wouldn’t buy with someone unless we could get our communication about money to a more solid state than that.
That said if your reluctance is because of this:
> Therefore rather than buying somewhere where the prices are already jacked I would rather look for the next upcoming area for our first home
I wouldn’t assume that a cheaper place would appreciate in value faster – sometimes it’s the other way around, where good places in good areas continue to get even more competitive and smaller less desirable places grow more slowly. Property prices are a really local thing, it’ll vary from area to area.
Honestly both of your takes seem a bit off to me.
400k does seem a bit too high at your current salaries, she might need a reality check from a mortgage advisor there.
OTOH, I doubt you want to be viewing this as an investment and looking for the next ÔÇÿupcomingÔÇÖ area. ItÔÇÖs your home, your neighbourhood, it will have a huge impact on your quality of life if you get it wrong! Focus on buying somewhere that (a) you can afford and (b) which you want to live in.
Just a suggestion: I presume you are childless; do you need a 400k three bed? A 250k-350k 2 bed could be an affordable compromise.
My advice would be to organise a meeting with a free mortgage advisor (like L&C) and see what you can afford together. That is a huge reality check and the pie-in-the-sky idea of owning a first house for ┬ú400k will quickly fade. It also means you donÔÇÖt have to deliver that news, someone else does. Good luck.
To be honest.. you’re not far off being able to borrow enough to buy a ┬ú400K house. ┬ú82K combined salaries, times it by 4.5 and you’ve got ┬ú369K .. you sound like you’re a fair bit away from having a deposit anyway so now it’s time to find out how much these rich future-in-laws will contribute to it.
Then it’s time to start figuring out your finances properly between you.
>I cover most of the outgoing costs for leisure
>
>she receives money from the parents which goes straight into her savings
>
>I don’t have savings
Sounds like the first thing to do is get her to contribute to 50% of the outgoings for leisure so that you can start putting some money away to save.
Otherwise with no savings and (I hope) the desire to have equal share in the new home, how are you going to be able to cover your half of the 10% deposit?
So she saves money given to her by her parents and you pay all the leisure and social costs?
Doesn’t seem fair.
SheÔÇÖs on 28k and she wants a 400k house , girl get out
This is a relationship problem, not a financial one.
The relationship is also about what you want, not just pleasing the misses. You both should talk this through together and see if you can meet in the middle. How will you split mortgage payments? We split everything by salary %, except mortgage payments which is 50/50. ThereÔÇÖs no rules though, you do what works for you both.
Maybe more of relationship advice, but IÔÇÖd highly recommend living together first (renting) before buying a house together. It can become a very expensive mistake if you buy a house together then realise you canÔÇÖt stand living together.
>I currently own about earn about £54k per year while girlfriend earns about £28k.
54 + 28 = 82
Mortgage lender will give you up to 4.5x that, so 82 x 4.5 = 369k
10% deposit on 400k = 40k
369 + 40 = 409k
So it is not completely out of the question…
Being able to afford it is one thing, wanting to is another.
Come up with some options and work out how many years of full time work (X2) each step up in options will cost you.
You’ll quickly realise that the double drive you want will cost you a decade of your life, for example. A decade where you could be traveling the world or pursuing anything else you can imagine.
Of course, you might expect pay rises in the future so the maths gets less trivial but it’s a good exercise in understanding your priorities.
Personally, I’d rather be semi retired at 40 and not be grinding it out to pay for shit I don’t need.
I’m terms of buying for an investment, if it’s going to be your long term home, any gains are inaccessible. Although, if you’re going to renovate a place, renovate the most expensive thing in the most expensive street. Building costs are largely the same, but house value might increase more. (Contrast this to throwing farrow and ball at a council house where you don’t expect to see a return for the same money).
Your gf either needs to earn what you do, or her parents make up the shortfall. But you can afford half of that on 54k with a 10% deposit
You can tell the gf comes from a wealthy background as she expects OP to pay for all her social activities.
She will likely expect her parents to be guarantors. You pay the bills, you and her parents share the risk, she gets everything she wants. I wouldn’t recommend but I don’t know your situation very well. Better that she ups her earnings rather than being tied to her inlaws for handouts forever.
So she earns less, contributes nothing financially to the relationship but wants you to get a mortgage up to your neck. Yes, you can afford it, by why would you put yourself in such a position so early in life. Get a more affordable house, so you can also enjoy your money. You worked hard to get to the point and you donÔÇÖt come from generational wealth. You should be planning to build wealth for the long term, not taking out a mortgage that would take up a massive chunk of your salary because she says so. Sorry, but she doesnÔÇÖt understand your struggle and if you follow her and the relationship changes, will you still be able to live comfortably?
Plus you have no savings.
If you lost your job tomorrow could you survive?
She has no problems there. ThatÔÇÖs why she is looking at fancy places.
Old time saying ÔÇÿcut your coat according to your sizeÔÇÖ
Before you do anything, please read up on financial literacy.
Is it not better to explain that, on your salaries, you wouldnÔÇÖt even pass the affordability for a ┬ú400k+ house?
> We currently leave separately and we both shares an apartment.
???
Not financial advice.
But rethink your life with this gal. You sound like you have your head screwed on straight.
Take it from a fellow council house born… You’re a full on _work hard to make something_ person. She… Well.┬á
Goodluck anyway. 
Just go to a bank together and let the bank tell her directly she canÔÇÖt afford it.
Ask her parents for a £200k deposit and then you pay the mortgage on the remainder.
You gotta think like a southerner
DonÔÇÖt buy a house to someone youÔÇÖre not married to. Not from a traditional standpoint, but a smart business decision.
Work out your total costs (mortgage, bills etc.). Work out what the split would be between you. For the next few months take that money out your account and sit it in savings. If you have bills then just save the increased difference. See how comfortable you feel with what you have left
Quite quickly reality will hit about whether or not that house is actually feasible.
Plus the bonus is youÔÇÖll have an extra nice little bundle of savings after that experiment!
ItÔÇÖs a team game, not just pleasing the other.
To put things into perspective, myself and my girlfriend only bought our first house in our mid-30s, I was on just under twice your salary, she was on twice hers, we got a cracking mortgage (~2% 2 year fixed rate), and our first house was a few grand less then the one you’re looking at (way further south, so closer to the norm).
I wouldn’t say we struggled, but we felt it (gf more then me).
You *will feel* that kind of price on today’s mortgage rates. IMHO, it’s not practical. She needs to earn a lot more for that kind of house.
IÔÇÖm not sure my opinion on this situation would be entirely constructive for you.
Why is she so keen on this house? She’s 24, she’s barely starting at ticking the big things off. Wealth isn’t always guaranteed and I wouldn’t want to take something on that would be a struggle to cover myself and potentially have to go to her parents. A ┬ú400k isn’t a starter house, a lot of bullshit and responsibility can come with owning your own home and you guys haven’t lived under one roof permanently yet, have you?
If she won’t budge I’d have to say this would be a deal breaker for me.
Firstly, if she is serious about wanting to live in such an expensive house then youse need to sit down and sort a budget for yourselves and try save more (especially her) as you say sheÔÇÖs not saving much, her parents give her money but what is she spending all her money on if you also pay for most the leisureÔÇÖs?
If you right it down in numbers on paper showing how fast youse could save for a deposit for said house with the budget then she may be more inclined to save more.
Also where you say ÔÇ£the house prices are already jackedÔÇØ I think you could be mistaken here, the house prices there could be higher than average but most nicer areas are always priced a lot higher than not as nice areas. So this house could still increase the same percent as other areas which means this house will be worth a lot more in the future.