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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3656
Experience:  Solicitors 2 years plus PQE
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My son and his girlfriend are about to buy a house. My son

Resolved Question:

My son and his girlfriend are about to buy a house. My son will be putting in more equity
than his girlfriend. How can my son protect his equity should they split up?
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Your son and his girlfriend will need to own the property as tenants in common (this is an option their solicitor will offer) it means that they have two distinct shares in the property (as opposed to jointly owning 100%). When owning the property in this way they can sign a short document called a deed of trust that will (a) carve out and define their deposit contributions (b) define how much of the rest of the property they each own. The only issue is if they break up. and one does not wish to sell they wont be able to force one another to sell with out a court order. Kind regards AJ
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Customer: replied 1 year ago.
Alex
Many thanks for that. My son will be paying the loins share of the mortgage. Would this be taken into account, as far as his share of the equity if they split up?
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. You can include a provision in the deed of trust that takes into account mortgage payments. Therefore if they sold the property they would deduct deposit contribution, mortgage payments and then they would split any proceeds after that. Kind regards AJ