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Mortgage Agreements

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  • 27-09-2006 4:25pm
    #1
    xzanti
    Moderators, Entertainment Moderators Posts: 10,437 Mod ✭✭✭✭


    Two people are looking to buy a house, one earns significantly less than the other, the higher earner agrees to pay the deposit and the lesser earner agrees to pay a solicitors fee for an agreement stating that the lesser payer is entitled to (percentage wise) what he/she pays from day one towards the monthly mortgage should anything ever go wrong and they split up.

    If that makes any sense..

    What I want to know how much one would expect to pay to have a solicitor draw up such an agreement and could someone recommend a good solicitor in the Dublin area to go to?

    Any advice would be greatly appreciated :)


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    #2
    Noelie
    Closed Accounts Posts: 999 ✭✭✭Noelie


    All i'd ask is does it need to be done by a solicitor? couldn't it just be drawn up by yourselves, have it signed by yourselves and a couple of witness'


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    #3
    xzanti
    Moderators, Entertainment Moderators Posts: 10,437 Mod ✭✭✭✭xzanti


    Noelie wrote:
    All i'd ask is does it need to be done by a solicitor? couldn't it just be drawn up by yourselves, have it signed by yourselves and a couple of witness'

    We want to do everything the right way.. Would that be legally binding Noelie?


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    #4
    Noelie
    Closed Accounts Posts: 999 ✭✭✭Noelie


    I'm not a legal expert, but i don't see why it wouldn't be, when you buy something from a shop you create a legal contract but no solicitor is involved.
    Perhaps someone with legal experience will shed some light to it's legallity.
    Obviously the person paying the larger share would have to keep the agreement.


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    #5
    antoinolachtnai
    Registered Users Posts: 9,776 ✭✭✭antoinolachtnai


    As described, that agreement would be unfair to the person with the larger holding. It undervalues the contribution of the person who put in the deposit. If you break up within a year or two, the larger party would be greatly disadvantaged.

    Unless you have a very strong grip of the financial issues, I would not enter this without financial advice.

    On the legal side, I think it would be foolish to enter an agreement like this without separate professional legal advice for both parties. The agreement could get thrown out unless that is in place. Also, there are issues about the way the ownership is legally structured. You also have to give some thought to exactly what would happen in the case of a split. Would the minority party be entitled to force the majority party to sell up or buy him/her out.


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