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Ask Clare Your Own Question

Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33324
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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I'm separated from my husband after a23 year marraige we

Customer Question

Hi I'm separated from my husband after a23 year marraige we have sold family home and have half proceeds each , we are both renting and I have met another man who I want to be with , my new boyfriend wants us to buy a house together the prob is I have 400k and he has no savings he wants to use my cash and then he will pay the mortgage we want to borrow another 300 k , I am very nervous to do this I have 2 sons who are in ther 20 and I don't want anything bad to happen please advice
Submitted: 1 year ago.
Category: Family Law
Expert:  Clare replied 1 year ago.
Do you have a specific question about this?
Customer: replied 1 year ago.
Yes can you tell me whether I should buy a property in this way as I don't want to lose 400k
Expert:  Clare replied 1 year ago.
My apologies for the delay.Will your boyfriend pay the mortgage alone or would you contribute as well?
Customer: replied 1 year ago.
Hi as I explained I will be putting down 400 k and he will be putting down nothing as he has no savings but he will take out a 300 k mortgage and pay that totally himself I'm just worried if it goes wrong I won't have a leg to stand on
Expert:  Clare replied 1 year ago.

There are ways that this can be done which will still give protection - but you must make sure that the solicitor handling the conveyancing

is fully aware of the position and capable of dealing with it - so please do not just go with the cheapest quote.

The first thing to do is to make the Mortgage Application in Joint names as otherwise your name cannot go on the Title Deeds.

Your Solicitor also needs to be told that you will be holding the Property as Tenants in Common in Unequal Shares - so that your

contribution is fully protected.

Finally it would be sensible to have a Cohabitation agreement drawn up dealing with the financial side of the relationship - and what should happen in the

event that either of you wishes to end the relationship

Doing all of this will ensure that your name is on the deeds; your interest is protected - and that there is a process for ending the relationship

and getting the house sold

I hope that this is of assistance - please ask if you need further details

Clare

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