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The usual way to do this, is to draft the deed to protect the initial deposit amount, in this case £400k. So if the property is sold in the future he would get that before any equity is divided.
As for contribution s to the mortgage. That is usually what each person puts in. You may pay less each month, but contribute other ways to the property, such as cleaning, house wife etc.
Living together often means different contribution. and they are just taken on the chin as part of living together.
A solicitor cannot tell you that. Any financial agreement is between the two of you. You would need to decide what future you are willing to accept as the buy out figure. There is no legal minimum or maximum. The choice is yours.
Sorry as a solicitor we are not allowed to give financial advice, there are rules regarding that.
We can advice on the law of such matters only. Therefore the % would need to be what you feel ie fair.
No, that is not required. The mortgage is in joint names, therefore your property.
A joint mortgage is a joint debt. So if the other party defaults on this you remain liable.
A financial advisor would be best.
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