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Shared mortgage agreement

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  • 02-07-2014 2:53pm
    #1
    Altheus
    Registered Users Posts: 1,015 ✭✭✭


    Hey,

    Myself and my gf are getting a mortgage together. I'm paying the entire deposit of 20% (around 70k). My concern is that in the event of a break up down the line, I'm still liable to buy her out of the mortgage, less my initial investment of 70k.

    What precautions should I take to protect myself in the investment?


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    #2
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,218 Mod ✭✭✭✭godtabh


    Altheus wrote: »
    Hey,

    Myself and my gf are getting a mortgage together. I'm paying the entire deposit of 20% (around 70k). My concern is that in the event of a break up down the line, I'm still liable to buy her out of the mortgage, less my initial investment of 70k.

    What precautions should I take to protect myself in the investment?

    if you are going to be forking out €70k get independent legal advice


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    #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    godtabh wrote: »
    if you are going to be forking out €70k get independent legal advice

    +1000! It would be different if you were both going 50/50 on the mortgage but I personally know of a similar situation where the couple split up and seeing as neither could afford to buy the other out, they had to sell the house. In this case the girl had put down the majority of the deposit (about 50k iirc) which she didn't get back because the sale of the house just about covered the balance of the mortgage.

    When I bought my apartment with my husband we weren't married at the time. I remember we drew up a pre-nup type agreement stating that debts/assets were to be shared equally if we were to split. Our solicitor told us that if it came to court, it might be taken into consideration, but it had absolutely no legal standing whatsoever. Same as a pre-nup.


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