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Hi.
I really need an advise please. Together with my wife, we are about to take a mortgage together. Unfortunately, we cant get in to common sense when it comes to declaration of trust. You see, my wife is a rich person and I'm not. She will pay the deposit of 10%. The house will need many months if not couple years of work as its a very old and damaged building. Its a full renovation project from ground up. Majority of the work I will do myself because im a quite handy person. Because of the fact that she has lots of money, she is in a position to also pay for all the building materials etc, Im not. But what will add from myself is work on the house for many hours a weak for probably many months. In her opinion and solicitor she deals with, my work should not be considered as an input in an eventual valuation if we would split at some point in time. Aparently, the only input woul be her input of 10% deposit and what she would pay for materials etc during months of renovation. I just dont feel this is being fair as by doing building work myself i will save our household a lot of money and doing all this potentially for free just sounds unfair. Also, if let say, we would split after 24 months of paying the mortgage, would it be ok from my side to ask for what i paid in during those 24 months?, or just come out of the relationship with nothing? Can you please help me with this.*
Thank you*
D
I really need an advise please. Together with my wife, we are about to take a mortgage together. Unfortunately, we cant get in to common sense when it comes to declaration of trust. You see, my wife is a rich person and I'm not. She will pay the deposit of 10%. The house will need many months if not couple years of work as its a very old and damaged building. Its a full renovation project from ground up. Majority of the work I will do myself because im a quite handy person. Because of the fact that she has lots of money, she is in a position to also pay for all the building materials etc, Im not. But what will add from myself is work on the house for many hours a weak for probably many months. In her opinion and solicitor she deals with, my work should not be considered as an input in an eventual valuation if we would split at some point in time. Aparently, the only input woul be her input of 10% deposit and what she would pay for materials etc during months of renovation. I just dont feel this is being fair as by doing building work myself i will save our household a lot of money and doing all this potentially for free just sounds unfair. Also, if let say, we would split after 24 months of paying the mortgage, would it be ok from my side to ask for what i paid in during those 24 months?, or just come out of the relationship with nothing? Can you please help me with this.*
Thank you*
D
