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Aston Lawyer
Aston Lawyer, Solicitor
Category: Family Law
Satisfied Customers: 10176
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My daughter is looking to buy a property with her boyfriend

Customer Question

My daughter is looking to buy a property with her boyfriend and they are goiung 50/50. They are lookibng at a property which we can assume will be 140k plus 20k for renovation whioch makes it 80k plus costs which with stamp duty 300, solicitors 1.5k mortgage 1k movinf 1k so 5k making it 82.500. My daughter will be paying a big chunk of her half in cash - she will have approx 35 to40k in cash and the rest in mortgage so 45k for example
Her boyfirenbds want an arrangement that initially she pays her propportion mof the mortgage so in this case 1/3. he then says that after he paid off anna's cash they will be paying equal mortage. This does not make sense to me. Please provide advise as to how an agreement should be structured to make it fair and protect anna
Submitted: 2 months ago.
Category: Family Law
Expert:  Aston Lawyer replied 2 months ago.

Hi,

On the basis that your daughter is putting in a larger deposit than her boyfriend, it would be normal for their Solicitor to draw up a Declaration of Trust, so your daughter's appropriate share is protected. So, if for example, she is putting in £40,000 more than him, this Declaration will state that as and when the house is sold, your daughter is entitled is entitled to the first £40,000 (with or without interest) from any Sale, with the balance being split equally. This is far safer for your daughter and will of course give her immediate protection, should they fall out at a later date.

She should raise this with her Solicitor who will be able to run through everything with them.

I hope this helps.

Kind Regards

Al

Expert:  Aston Lawyer replied 2 months ago.

Hi,

If I have helped, please would you be kind enough to rate my answer.

Thanks

Al

Expert:  Aston Lawyer replied 2 months ago.

Hi, please don't forget to rate my answer. Thanks Al

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