B
Bryony
Guest
Hey all,
I'm the process of buying a home with my partner. Due to our circumstances (she's got more cash than me) we split the price of the deposit 75/25 and we've agreed informally to share all other costs equally.
We're not married, so I'm wondering if we should get a co-ownership agreement, and whether joint tenancy or tenancy in common would be better.
I'm aware that solicitors might advise us to get a tenancy in common and maybe a co-ownership agreement, but doesn't that just suit them?, insofar as people in our position would more than likely want to revisit such an agreement later.
I guess we need some kind of equitable arrangement that recognises her greater initial investment but also the fact that everything else is being shared equally. What steps should be taken then and what's the best arrangement? Can we organise it that we just share the equity over and above the deposit equally. So say our deposit is 10%, she starts off with 7.5% and me with 2.5%. After a period the equity is 20% - I'll have half the extra equity, so 13.5% vs 7.5%. Or I was actually considering suggesting an agreement slightly different to the this where the equity gradually approached a 50/50 split over a period of time, say 10 to 15 years, but if I were in her position I don't know whether I'd be totally in favour of that!!
As the financially weaker party I guess I'd be interested to know the limits of my rights, and any other relevant factors that might influence- the civil partnership bill for example. I just don't know if there's a standard approach we should adopt.
I'm beginning to see why people just get married and have done with all this!!
Thanks in advance for any advice!
B
I'm the process of buying a home with my partner. Due to our circumstances (she's got more cash than me) we split the price of the deposit 75/25 and we've agreed informally to share all other costs equally.
We're not married, so I'm wondering if we should get a co-ownership agreement, and whether joint tenancy or tenancy in common would be better.
I'm aware that solicitors might advise us to get a tenancy in common and maybe a co-ownership agreement, but doesn't that just suit them?, insofar as people in our position would more than likely want to revisit such an agreement later.
I guess we need some kind of equitable arrangement that recognises her greater initial investment but also the fact that everything else is being shared equally. What steps should be taken then and what's the best arrangement? Can we organise it that we just share the equity over and above the deposit equally. So say our deposit is 10%, she starts off with 7.5% and me with 2.5%. After a period the equity is 20% - I'll have half the extra equity, so 13.5% vs 7.5%. Or I was actually considering suggesting an agreement slightly different to the this where the equity gradually approached a 50/50 split over a period of time, say 10 to 15 years, but if I were in her position I don't know whether I'd be totally in favour of that!!
As the financially weaker party I guess I'd be interested to know the limits of my rights, and any other relevant factors that might influence- the civil partnership bill for example. I just don't know if there's a standard approach we should adopt.
I'm beginning to see why people just get married and have done with all this!!
Thanks in advance for any advice!
B