Need a ( basic ) cohabitation agreement between myself and my partner, that ensures ownership of the property we are purchasing, is directly related to the contribution we make towards it.
Hi Clare, thanks for replying.
Whatever you think, I basically just want to safeguard my contribution as I will be paying the lions share ( about 2/3rds ) of the investment, I will also be paying the deposit. If a declaration of trust will suffice, and provide me with basic protection then that would be fine.
We have agreed verbally, that moving forward we each own whatever we put into the property.
I am paying the deposit of £14,000. Following this I will be paying approximately 2/3rds of the repayments each month. My initial understanding was that as long as there is a clear record of where the payments have come from, I would be entitled to a share of the property value, in direct relation to whatever I have paid into it. However, after speaking with someone I was informed that this was not automatically the case, and that I should get some kind of an agreement written up to clarify this arrangement.
Ok I see.
I get the deposit back, and moving forward whatever funds we individually put towards the repayment of the property, equates to how much of the property we own. I know I mentioned 2/3rds but this may change ( I may pay more ), what I am saying is the declaration of trust should just be that we own individually what we put into it, whatever that is.
Ok, that's fair enough.
Would it be possible to compose me something that at least gives me some protection in relation to the deposit I'm paying?
Your conveyancing solicitor should be able to prepare a basic Declaration of Trust - opt for two in the list above