Hi and welcome to my first post! (im a newbie, please be nice! )
Anyway...me and my girlfriend have just purchased our first IP and are very excited! We’ve been making sure we haven’t missed anything and are doting all our I’s and crossing all our T’s.
We sat down the other night and maturely asked each other the question about “what if we break up?” We both agree that some form of contract should be in place if that in fact happens. (of course we have no intention of doing so....but it’s the old question, what if?!)
So, being that we are not married and have purchased a property (and mortgage!) 50/50, or as joint tenants, what would some of you experienced players suggest we put in our “break-up contract”?
I guess my questions are;
Do we just sell, pay out the mortgage and split the profit 50/50?
Do we add a option that one may buy out the other?
If we have this drawn up, does it/will it/should it be extended to other properties (planning on buy another IP within 2 years and PPOR 2 years after that)?
What happens if we get married? Would this contract become void or does that condition have to be written in?
And finally, does something like this have to be drawn up officially by a lawyer or can we do it ourselves?
Thanks for your help!
Anyway...me and my girlfriend have just purchased our first IP and are very excited! We’ve been making sure we haven’t missed anything and are doting all our I’s and crossing all our T’s.
We sat down the other night and maturely asked each other the question about “what if we break up?” We both agree that some form of contract should be in place if that in fact happens. (of course we have no intention of doing so....but it’s the old question, what if?!)
So, being that we are not married and have purchased a property (and mortgage!) 50/50, or as joint tenants, what would some of you experienced players suggest we put in our “break-up contract”?
I guess my questions are;
Do we just sell, pay out the mortgage and split the profit 50/50?
Do we add a option that one may buy out the other?
If we have this drawn up, does it/will it/should it be extended to other properties (planning on buy another IP within 2 years and PPOR 2 years after that)?
What happens if we get married? Would this contract become void or does that condition have to be written in?
And finally, does something like this have to be drawn up officially by a lawyer or can we do it ourselves?
Thanks for your help!