One Deposit, Two Different Contributions: What Feels Fair to You Both?
“We’re buying together, but I’m putting considerably more towards the deposit.”
If you are contributing different amounts towards a property, have you discussed what those contributions are intended to mean?
One person may have saved for longer. One may earn more. One may have equity from a previous property or financial help from family.
From my experience as a family lawyer, the important part is making sure you both understand what you are agreeing to before the purchase is completed.
A cohabitation agreement can help put those intentions in writing.
What Should You Discuss?
How much is each person contributing towards the purchase?
In what shares will the property be owned?
How will future mortgage payments and household expenses be managed?
How should any larger contribution be treated if the property is later sold?
What should happen if one person wants to sell or leave the property?
A cohabitation agreement can record the arrangements you have reached and provide a clearer framework around the financial side of owning a home together.
For example, if one person has contributed a significantly larger deposit, the agreement can record how you both intend that contribution to be treated.
Why Put Your Agreement in Writing?
When you are buying your first home together, these may feel like very formal questions. However, property is often one of the largest financial commitments a couple will make.
In my experience, discussing these issues at the beginning can help ensure that both people enter the arrangement with the same understanding.
It also gives you the opportunity to make decisions together about what feels fair in your particular circumstances.
Are you buying a property together and contributing different amounts? Elizabeth Stocker is a consultant solicitor specialising in family law and cohabitation agreements. She can help you understand your options and put the appropriate framework in place.
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