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First time buyer: Trust Declaration

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  • First time buyer: Trust Declaration

    Hi there,
    I am a first time buyer with my girlfriend of 5 years. We are purchasing a shared ownership property.

    I am waiting to be assigned a solicitor for our purchase an thought I would raise the question on here whilst waiting.

    We have applied for a mortgage and will be using my significant deposit of £60k to help lower our monthly mortgage repayments. On top of this, I will be providing a further £10k for legal fees, carpets and any other fittings we require. Unfortunately, my girlfriend does not have any savings to offer towards the purchase, so I will be doing this all by myself.

    In the solicitors hand book, it has a section called Trust Declaration where it says the legal title of the property must be held either as
    1. As joint tenants
    2. As tenants in common


    Several friends and colleagues have warned me that I really should get some sort of deed drawn up to protect my significant outlay on this property.
    Would the above set of options have any bearing on this?

    Both my girlfriend and I have agreed that we will pay the mortgage repayment (and rent portion of our shared ownership property) 50/50 as well as all bills, but I am concerned that if ever anything did happen in the future, I could be left out of pocket as we had to take out the mortgage jointly to be able to get one on this property. Obviously, my large deposit and covering of all legal fees, furniture etc will inevitably mean that my partner will be paying a very favourable 50% towards everything, which would have been significantly higher if I had not used my life savings for the mortgage. Can the above options protect against this if we were to part in the future?

    I would be very grateful of any thoughts, experiences and suggestions.
    Tags: None

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