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Buying a house - considerations for a partner who will be sharing

  • 26-02-2013 03:51PM
    #1
    MJ167
    Registered Users, Registered Users 2 Posts: 10 ✭


    I’m going to be the sole owner of our new house (as in themortgage etc will be in my name only), but my partner will be sharing allcosts/repayments etc 50/50. I need someadvice on what legal matters I need to put in place to cover both of us – no oneever goes into something thinking they are going to split up, but we all needto be realistic that it happens.


Comments

  • #2
    Procrastastudy
    Closed Accounts Posts: 6,224 ✭✭✭Procrastastudy


    MJ167 wrote: »
    I’m going to be the sole owner of our new house (as in themortgage etc will be in my name only), but my partner will be sharing allcosts/repayments etc 50/50. I need someadvice on what legal matters I need to put in place to cover both of us – no oneever goes into something thinking they are going to split up, but we all needto be realistic that it happens.

    Get legal advice. This is a well litigated area and equity will intervene. It might not go the way you expect it to with a home made solution.


  • #3
    valleyoftheunos
    Closed Accounts Posts: 2,332 ✭✭✭valleyoftheunos


    Speak to your solicitor about your plans. There is complicated law in this area that will affect such an arrangement and your partner will have legal entitlements. You both need to be advised fully.


  • #4
    Peregrinus
    Registered Users, Registered Users 2 Posts: 27,278 ✭✭✭✭Peregrinus


    You're talking about an assets worth hundreds of thousands, and an obligation worth hundreds of thousands. You do not want any uncertainty, any misunderstanding, any mismatch between your partner's expectations and your own. It's not just that if you break up you may disagree about the house; it's that if you enter into this without a full and explicit shared understanding covering every future eventuality, disagreements about the house and/or the mortgage may be what leads to the breakup of your relationship.

    Plus, what you're doing is unusual. When two people buy a house together, they usually buy it in their two names, with an explicit provision as to whether they are buying jointly, or whether each is buying a share and, if so, what share. If that agreement is not documented on the house title then you need to have it documented in a separate agreement.

    You wouldn't enter into any other transaction of this size without proper professional advice. Get legal advice, and expect to pay for it. It might be a good idea if your partner got separate legal advice.


  • #5
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,260 Mod ✭✭✭✭godtabh


    valleyoftheunos wrote: »
    You both need to be advised fully.

    and separately


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