Edited: I’m specifically asking the question in the title.
My boyfriend and I are going to apply for a mortgage together. We’re probably going to be tenants in common with a 25/75 split. Background to this is that he will contribute more to the mortgage and bills. I will contribute a lesser amount to the mortgage and bills, but my boyfriend will also pay the full deposit. We also agree that if we break up, we should each receive money from the sale of the house equivalent to how much we paid into it (deposit, mortgage, bills, etc.).
My questions are: - I’ve been told we should each have our own solicitor if we are seeking a tenants in common mortgage, or at least seek separate legal advice. Is this required or necessary? - If the above is required or advisable, is it possible to instead have a joint ownership (50/50) mortgage with a declaration of trust that specifies that the money from the sale of the house will be split unequally if we sell due to a break up?
Submitted August 07, 2021 at 08:40AM by Bonus-Many https://ift.tt/2X08Jt7
