moving your girlfriend in to live with you

[Bfc]

First thing to find out before you move in together is, if either or both of you are noisy in bed. Ok then do one or both of you snore in bed.

[tim_noone]

Nooooooooooooooooo!!!

[timshorts]

tim - you sound like you're in the business and I would like some advice on what to ask to be set up in my case.

I am soon to be buying a property with my good lady (we're not married, lived together for 6 years) and we can finally move out of rented accommodation. The thing is, the deposit to buy the property is coming from my former marital home from my previous marriage because my ex is finally selling up. It's not an insignificant amount, but neither is it a large proportion of the value of the property we're looking at. For argument sake, the house is £300k and the deposit would be £30k (10%).

My good lady has suggested that we should look at a way of "protecting" the deposit amount for my children as it is "their inheritance" and she or her children shouldn't be entitled to it in the long run. So, is there a way that we can draw up an agreement with a solicitor that defines this and if so - what do we need to ask for?

In reality, it would only matter to me if she decided to take "half" after a couple of years because she wants out - as that wouldn't be fair, but longer term for example when the house is paid for I personally would think that my "half" would go to my kids and her half to hers (obviously when we're both dust!)

does that make sense...?

(sorry for hijacking the thread, but it is an interesting subject)

Sorry everybody, I did intend to keep this bit off piste, but it seems private messaging has been disabled.

Anyhow, yes, I am in the business and carry out this sort of work, and as such, was pretty impressed by Croydon Claret's reply as it was pretty much spot-on with a much-used device, generally more popular with the elderly or where couples have split families/different children.

Anyhow, the equity split that I think that you need (using the figures above) would produce a formula a bit like this:-

The net proceeds of sale (meaning in this context the gross sale proceeds obtained following the sale of the Property less all related estate agents’ costs and disbursements and solicitors’ costs and disbursements incurred incidental to the sale) shall be applied and distributed in the following manner :-
(a) 10% for the benefit of the First Trustee (that's you) and subject thereto
(b) To discharge any sums owed to name of mortgage company or such other business or company as may have succeeded to its business under the Mortgage from the remaining 90% and thereafter to apply the residue of such remaining 90% for the benefit of the First Trustee and the Second Trustee (that's her) in equal shares.

There will need to be a proviso to cover the possibility that there isn't enough left in (b) after (a) is paid out - usually as a result in a drop in house prices, so that the shortfall is met from the money in (a) something along the lines of:-

Provided that in the event that there should be insufficient sums to discharge the Mortgage from the sums remaining after payment to the First Trustee of his 10% share, then that share payable to the First Trustee shall be reduced by such sum as should be required so as to enable the remaining balance outstanding under the Mortgage to be discharged in full

Using the above formula, everybody effectively retains a fair share of their investment (although it assumes that you are both happy that after buying the place, that the mortgage part is shared equally, otherwise the end of (b) has to change).

The bottom line, though, is that although this is generally the most important part of the deed there are lots of others covering who should be paying for what, and, perhaps more importantly, what happens if something goes horribly wrong. I imagine that you would want a right of first refusal to buy her out (a pre-emption clause), for example, and as Croydon Claret has said, the arrangement will work better in conjunction with a Will so that it is easy to protect her - at least for a limited period, if you love her - and can change that provision if you fall out.

Sorry to bore everybody not interested in this rather terse topic. I've never drafted a deed with a provision that the trust would be brought to an end if one of the parties starts snoring, farting or starts supporting Rovers, but I guess it's possible to include - just difficult to obtain reasonable proof if disputed.

[Sausage]

I've never drafted a deed with a provision that the trust would be brought to an end if one of the parties starts snoring, farting or starts supporting Rovers, but I guess it's possible to include - just difficult to obtain reasonable proof if disputed.

Brilliant.

[LS7]

DON’T DO IT

[Quicknick]

You want to try living with a Thai woman. They are lunatics. And mine is an educated example, not some air-brained bar girl.