My partner and I are buying a house together. I am putting £25,000 towards the deposit, whereas he is contributing £10,000. A friend mentioned getting a legal document written up stating how much we both contributed, then if something should go wrong, my larger contribution will be protected. What are your views on this and can this be done without a solicitor, i.e, is there a template I can use and get witnesses to sign? Or does it need to be done by a legal professional? If so, how much would that cost?
Answer by MrKnowItAll
First a warning...I don't practice law in England...
Yes, that would be a good idea. Marriage provides a "bundle of rights" and agreements. If you try to do these things without marriage, you have to draw up legal documents to say what you intend, or leave yourself open. If you break up, who will own what? It could be messy divinding up the house.
Answer by jp
Hi, I'm from Philippines and I don't know your laws in your country regarding transactions like that. But let me share my knowledge here in my country so you can, at least, have an idea.
First, I don't know if there's a document that would protect you contribution in this case since it is a house. What I mean is, you can't a house is indivisible - legally speaking.
Second, regarding requirements to obtain the house. Here in my country, since it is an immovable property, the sale should be executed in a public document so it would be enforceable in court in case the seller is in breach. If it includes the land, it should be registered with the Registry of Deeds (I don't know its equivalent in your country.) to transfer ownership. And that may require payment of property taxes - it's a percentage of the value of the land.
Third, I think it would be better you bring witnesses to the contract. Definitely, not a family relative. Lastly, I think you would need legal professional to notarize documents needed for the transfer.
I hoped I gave you an idea.
Answer by yahoooo!
First of all, I see imbalance already. Each should put equal amount in my opinion especially he is a he. One problem that will arise from this is when you guys sell the house after some years of living together. How much will be yours and his? On everything, it should be 50/50,
otherwise don't do it, with paper or no paper.
To make things clear, if he cannot come up with 25,000, just say you change your mind. I am not saying that he will screw you up but just Be safe. Don't do it now.
What do you think? Answer below!
Orignal From: Protecting my assets? question about buying a house with my partner.?
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