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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.
Optional Information: Province/Country relating to question : England Already Tried: Nothing yet
Hello,I will do my best to help you with this.You wish for her investment in the property to be safeguarded?
Hello John
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
Experience: solicitor with 8 years experience
Thanks John
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