Thanks for your question.
Obviously, for security it is best that you are both named on the title to your property, this is the key. A person who is not named but who pays the mortgage is very poorly positioned. This can only be done if either there is no mortgage on the property OR you remortgage from your sole name in to your joint names (for which you would need the lender's consent).
So, he could either pay of the mortgage or you could both remortgage with perhaps him paying off some of it (or none of it)
If you are both to be named on the title to the property (ie. In either of the above ways) your conveyancer will likely recommend that you hold your interest in the property as tenants in common. This means that your respective interests pass according to your will (ie. not automatically passing to the surviving owner) and that you can own unequal shares in the property.
You may then make a declaration of trust, which is a deed sworn by you both in which you specify how the proceeds of sale of the property (ie. when it is eventually sold) are to be divided. This would define the percentage interests each party has in the proceeds of sale and thus reflect each party's contribution.
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Many thanks for your prompt and thorough reply. It was very useful.
How would I go about getting this documentation (Tenants in common agreement and declaration of trust)? Is this something I would need to see a solicitor for, or is there a quicker, easier and cheaper way of doing this?
Also, would I need to see a solictor about drafting a will? Or is that something I can do online, for example.
Any local conveyancing solicitor would be able to draft a DOT for you for around £150.00 + VAT. You can get online templates but there is always the risk that you may not arrange the execution of it correctly and invalidate it.
You would be well advised to make a will if holding as TICs. Again, a simply will would be around £150+ Vat. Tom
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