What sort of format should a contract take to safeguard my daughter. She is buying a house with her partner. She is putting £50,000 towards the deposit, and he will pay all of the subsequent mortgage payments.
Province/Country relating to question : England
Hello,I will do my best to help you with this.You wish for her investment in the property to be safeguarded?
Yes I wish for her high initial "deposit" to be safegarded, at least in the early years, until her partner has paid the equivalent in mortgage payments?
RogerWhat I would suggest, on the assumption that they will be cohabiting and not marrying at this stage, is a cohabitation agreement which records the rights and obligations as between them and which will include provision for the property and safeguarding your daughter's deposit. It is the best way to proceed and can be done by your daughter visiting a local family law solicitor and asking for the document to be drawn up. I would suggest that the fee could be £500 plus VAT, somewhere in that region and it is worth paying and getting the protection given the size of the deposit. Can I help you further Roger?John
solicitor with 8 years experience
No problem Roger, please remember to rate me with a smiley or above so that I receive credit for helping you. ThanksJohn
RogerA colleague has kindly pointed out that a declaration of trust is another way of dealing with this in order to safeguard your daughter's investment in the property. That is very true and something worth mentioning when your daughter visits a solicitor. Best wishesJohn
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).