To buy or not to buy..HELP!!

Hiya folks.... ( blimey not been on here for ages )

My partner and I are considering buying a house together... I have my reservations about the financial issues and was wondering if anyone knows of any contract a solicitor has that will cover me.

I recieved a compensation claim for injuries during an operation (which was years before I even met my partner) and so i have the money to put down as a deposit (£300K) my partner has nothing, nothing at all to his name, but he will be getting a £100k mortgage to go towards it. My worries are that if anything happens and we split i lose my £300k and as we have both been through divorces, I know how nasty it can get where money is concerned. He says he would never try and fleece me, but as i said people change where money is involved.

Is there anything a solicitor can do to help me???

Your help would be greatly appreciated

J x

Don't do it J!!! FFS is my advice!!!
HAVING BEEN ON THE RECIEVING END OF IT MATTERS NOT WHAT WHO BRINGS INTO THE MARRIAGE FINANCIALLY I T AKE THAT AS MY YARD STICK!!!
If you are prepared to lose your dough then put more in.If not do not!!! Simple as that !
Buy a £200k house £100k mortgage each and let him match you pound for pound.
The law don't take in to account but I thought hew loved me upon exit!!It's more tough shit he owns half the house legally no matter who brought what to the table.
All the best
Pete xx

You could get a cohabitation agreement drawn up. This would set out who is to receive what should the relationship end, etc.

This link gives you an idea of what to expect

www.wikivorce.com/divorce/index.php?page...mart&Itemid=2707


Advicenow.com produces a free 'Living Together' agreement (applicable to those living in England and Wales only) which should help to protect both partners from whatever might happen to the relationship in the future. And couples are being urged to take advantage of it even if they've already been living together for years.

The courts can enforce this type of cohabitation agreement if they choose because they're seen as binding contracts between unrelated parties. Couples who aren't married have no legal right to each other's money regardless of how long they've lived together so, if they're committed but simply don't believe in marriage, a cohabitation agreement can be a very good solution.

They can save a great deal of heartache should the relationship end and allow couples to split up as amicably and fairly as possible should the worst happen. But they can also clarify issues for couples who may never split up at all. Here are two examples:

Pensions

Pension schemes through your employer will generally pay out a lump sum if you die before you retire and you can choose who you want to get this money. You'll have nominated your beneficiary when you joined the scheme but can you remember who you nominated and do you now want to change it?

Most importantly, note that while employers may pass on pensions or death-in-service payments to spouses, some do not recognise partners who merely cohabit, so it's vital that you check this through your HR department.

If you find that they won't pay out to your partner, Advice Now suggests that you don't nominate who should get the death-inservice payment at all. That way the money would be paid into your estate when you die and you can then leave the amount by Will to your partner. (This might have inheritance tax consequences, if it increases your estate, so you do need to take some advice from a solicitor or accountant before you decide to do this).

Ownership of house contents

The law is fairly straightforward on who owns what should an unmarried couple split up but it's usually better to spell it out so there's no room for argument. For example:

* If you alone paid for something or you inherited it, it belongs to you.
* If you bought something together without distinguishing shares, you own it jointly.
* If you bought something and your contributions were unequal then your share in it will be equal to the contribution you made.

But - and it's a big 'but' - what you do or say to each other at different times can change the above rules. For example, if you buy something but say to your partner 'this is yours' or 'this belongs to both of us' a court can later regard you as having created 'a trust' and can hold you to that promise. Or you may be regarded as having created a trust by implication, which means that something you said or did leads to the conclusion that something you bought is shared or given to your partner. Hence the reason for spelling things out in the agreement.

There are many approaches to money management between couples but the key things are openness and communication and these Living Together agreements should help couples to accomplish it.

The most important thing is to ensure that when the property is registered you specify the amount that you have each put into the property. This is known as a declaration of trust.

If you do not have a declaration of trust the property will be registered in joint names and you will have a joint interest in the value of the property so if you were to separate, say 6 months later, the simple application of the law if that you would be entitled to an equal share of the equity. There is no automatic adjustment for the contributions made to the property. Normally the declaration would state that the first £x would to whoever, and the rest would be split equally.

When you get marriage this changes and potentially any declaration of trust becomes less important although this depends upon a number of circumstances such as length of marriage.

Charles

Charles just worded it a bit more eruditely than me
DON'T DO IT!!!!