Unmarried couple mortgage

[foal]

Hi All,

Very briefly, this is my first time posting so bear with me.

My partner and I are building our first house together. We are unmarried and the land is in his name. We have been advised by our solicitor to draw up a legal document outling what happens if we break-up.

The deeds for the house and land are in his name, I am a joint name on the mortgage. If we were to break up what is the fairest way of dividing up the money ?


Please help as I am so worried about this


Many Thanks

Foal

 

[dazza21ie]

It really depends on how much the mortgage is for, the value of the house and land, and who is going to be making the repayments.

 

[ClubMan]

We have been advised by our solicitor to draw up a legal document outling what happens if we break-up.

Any use?

Buying a House with a Friend - Draft Agreement

Your solicitor should also be able to advise.

The deeds for the house and land are in his name, I am a joint name on the mortgage. If we were to break up what is the fairest way of dividing up the money ?

It's really up to you both but it would make sense to apportion things according to how much each of you put into it overall - e.g. it sounds like he already owns the land and then you will be contributing 50:50 (?) to the deposit and mortgage so you need to take account of this when planning for how to divvy things up in the even of a split. Again the solicitor should be able to advice.

Please help as I am so worried about this

Why? Do you see a split as a likely outcome?

 

[dewdrop]

If you are liable on the mortgage and in event of the loan not been fully cleared you remain liable to the lender notwithstanding any agreements entered into. no doubt your solicitor will have outlined this aspect.