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Giving my partner security

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
Hi. I am going to ask my partner to move in soon. Only problem is she wont be able to be on the mortgage etc. I would like an agreement between us that sort of says what will happen in the event of a split. Can I do this legaly? Can we have an agreement and get it witnessed by a solicitor? Anyone done this sort of thing before?

Cheers, SDA

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Always nice to be optimistic about the realtionship ey :p
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    you could get married.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Hi, my partner and I had a "declaration of trust" drawn up. You can stipulate the boundaries of the agreement and will prolly cost a couple of hundred pounds.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You wouldn't want her to be on the property unless she is contributing to the mortgage, to be quite honest. It means that you have the full financial liability of the property without having the full financial benefit of the property. Basically your partner gets half the house without paying for the mortgage. It's not a good idea, should you split.

    You can agree a deed of trust which will set out exactly who owns what in the property, but that's more for partners who are putting in separate amounts of money and want to ringfence their financial interests (e.g. if you share the mortgage but one of you paid the deposit, a deed of trust would be drawn up if you so wished). That doesn't really work so much if you are paying all the mortgage and have the full financial liability of the property.

    Legally if she does not pay the mortgage, or pay money to the equivalent of the mortgage, then she would obtain few rights in the property anyway. You would be best off speaking to a solicitor to work out what the best option for you is, depending on whether you want to ring-fence your financial interests or if you want to secure her financial interests should you die.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    katralla wrote: »
    you could get married.
    This wouldn't necessarily mean much where the house is concerned.
  • PearlyPearly Posts: 345 The Mix Regular
    A good option for you both could be something that's called a 'Declaration of Trust', where you record in precise terms the financial arrangements to be agreed upon to which you will then adhere.

    It's not quite as protective as getting a joint mortgage, but should do the trick. This avoids a ?sale? of the property (as well as all the other admin costs you may have had to pay if she becomes a joint mortgage holder). The mortgagees do not necessarily need you to be involved with the mortgage as long as you continue living with your partner. If not, then you might lose rights etc.
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