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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33293
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Some background first: I am in the process of purchasing a

Customer Question

Some background first: I am in the process of purchasing a house for £315,000 and the sale of my last house (of which the mortgage is almost paid off) of £220,000 will act as the deposit for the new house. I therefore have a new mortgage to pay the balance of £115,000 which I aim to do over a 6 year period. The mortage is in my sole name. That in itself is fine. The problem I have is this:

My partner (we are not maried) and I would like to live together. However, he has no assets and will make no contribution to the deposit of the house. He will pay towards the new mortgage by paying me a fixed sum every month. I need to know what is the best way to ensure that I am protected so that he can make no claim on the house should I die. I do have a will and everything goes to my children. Furthermore, my partner wants some recompense from his input into the mortgage as his reasoning is that that since he is contributing to the mortgage he is allowing me to buy a more expensive house. My argument is that he is simply paying me rent! Is there anyway round this - I'm not sure the 'tennants in common' is the right course of action here. Any advice gratefully received.
Submitted: 3 years ago.
Category: Law
Expert:  Clare replied 3 years ago.
Hi
Will he also be sharing the bills with you?
Claire
Customer: replied 3 years ago.


Yes

Expert:  Clare replied 3 years ago.
Hi
Clearly the starting point is the need to resolve the disagreement about whether or not your partner will build up an interest in the property.
Once that issue is resolved you should have a Declaration of Trust drawn up identifying the extent of that interest and how it woudl be released if need be - and it would also be sensible to have a Cohabitation agreement drawn up setting out the financial relationship between you and confirming what interest (if any) he will have in the house
Claire
Customer: replied 3 years ago.

Thanks for your answer - it's a tricky one and I am struggling with it - on the one hand I can see my partner's point of view as we are looking to having a future together. However, I'm the one putting all the collateral into the house and I can't get my head round why he should have the benefit of building up interest in a property that he has not contributed to. I guess, as you say, this needs to be resolved first!


 


Re the Declaration of Trust - how do I go about drawing up such a thing? Does this and a Cohabitation Agreement needs to be done through a solicitor and how water-tight is it? Are you confirming that a 'tenants in common' arrangement is not suitable in this situation?

Expert:  Clare replied 3 years ago.
Hi
If both documents are properly drawn up by a solicitor then it will be effective,
The Tenants in Common option would only be available if the house was being purchased in joint names
Claire
Customer: replied 3 years ago.

Can this be done on-line ie via your service?

Expert:  Clare replied 3 years ago.
Hi
Sadly this is a simple question and answer service so we will not be able to assist
Claire
Customer: replied 3 years ago.

Pity! But your answers have been helpful so thank you.

Expert:  Clare replied 3 years ago.
Hi
You are most welcome - good luck
Claire

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