My partner wants to secure his £100k house deposit in a deed of trust, where do I stand?
First time poster.
My partner and I are looking to buy a home together. He already has his home which once he sells will have £100k cash to use on the deposit for a new house together, in both our names.
We spoke with his financial advisor who he used before to purchase his house and he mentioned putting that deposit in a deed of trust, essentially stating that should we break up or anything happens and the new house we buy together needs to be sold, the first £100k of any profit goes to him and the rest would get split 50:50 between us.
I’m not against my partner securing his asset, but to me this feels like it’s leaving me potentially vulnerable should the house need to be sold.
My position is that I would be paying for all surveys/solicitor fees/decoration and ultimately, house renovation if needed. I also have large amounts of money coming to me in the future which I would want to use to pay off mortgage etc.
I’m not in a position to match his deposit but I am in a position to pay for lots of practical things.
He doesn’t feel this is a problem because he is just protecting himself which I have pointed out leaves me vulnerable and in no position to protect myself from whatever financial contribution I make. He says we can just write up new agreements for whatever I do financially. If I buy a new kitchen for example that is £20k, we write that up in a new agreement.
I don’t want our relationship to be based on legal documents and that every purchase I make to have to be documented. It feels less equal and more transactional.
To note, he wouldn’t be able to get the type of house we are after without my financial contribution (e.g. my wage which is more than his marginally and my ability to pay for practical things).
We are at a bit of stale mate and we’re both feeling quite defeated by it. He has suggested speaking with a solicitor to find our options and increase our knowledge.
On a personal level this just leaves me feeling that he doesn’t see me as an equal and is making me an outsider.
Can I ask advice on any of the above points; my vulnerability, how I can protect myself, is this reasonable and fair?