We have asked our conveyancer to get us in touch with a family solicitors to prepare a declaration of trust, but since they are being so slow and unresponsive I doubt the solicitor will advise much and they will just do what we tell them. I would appreciate some advice on how to split the % of the house with my partner. Not married, FTB, early 30s.
I'm putting down 90k, my family is gifting 70k (50k early inheritance and 20k "non urgent" loan), my partner 20k.
Plus, we are taking out a 170k mortgage where we are equal as borrowers.
She's earning more than me at the moment but I expect/hope my salary to grow while hers should decrease, due to a combination of her slowing down with work and possibly having a baby.
The monthly mortgage payments are relatively easy as we plan to split it 50-50, as well as saving around £200 per month towards the family loan. We were thinking of drawing a declaration of trust so that my side is currently owning 150k (90+50+10 from half of the family loan) and she owns 30k (20+10). Then our equity on the house will gradually adjust as we both contribute to the mortgage payments.
Additionally, we will have a relative of hers as a tenant who will contribute with around £500 monthly (roughly 1/3), thus I see this as kind of contributing to my gf's equity on the house? We're not sure how long this relative will stay, but maybe for 1-3 years, maybe longer?
Is this arrangement doable and straightforward for the solicitor?
It could look like this: if we sell the house, we get our initial deposit back, plus 33-66 of the mortgage repaid, to account for the contribution from her relative.
There are some figures like legal fees, stamp duty, furniture, 3-4 months worth of safety net, that we are still deciding on how to split, but I believe the most material aspect is the treatment of the initial deposit.
Bonus question, we also plan to get married within one year, is it worth it to get a declaration of trust or will it be worthless after marriage, and we will also need to do a prenup?