Floating Share Declaration of Trust
Just wondering if anyone has successfully got a Floating Share Declaration of Trust for their purchase? We spoke to our conveyancers and they seemed baffled by the fact that the person with the larger deposit will be paying the smaller amount in mortgage and overpayments.
Basically what it says on the tin.
Our deposit is being split 60:40 with my partner contributing the larger share (100.5k:67k)
Due to the difference in our incomes, I'll be contributing 2/3 of the monthly mortgage payments (550:1100 monthly)
I'm likely to be making more overpayments due to some side income (up to 10k per year).
Realistically within three-five years, I'd expect our shares to approach 50:50 anyway, at which point we're expecting to get married and would be happy to treat everything as 50:50 from there on out anyway. We just want everything firmed up for the meantime.
The solicitor seemed unable to suggest any form of documents that would allow splitting the property based on ACTUAL contribution amounts, and is only able to write one with fixed percentages. Should the worst happen and my partner split, the result would be one of us getting screwed in one way or another. I would have assumed it's simple enough to get a document that ringfences the initial deposit, and then just apportions the remainder of the property against actual repayment amounts that would be irrefutably available from lender bank statements.
Is this something that is actually possible to get done? Or is the solicitor just trying to rinse us by saying we'd need to come back and get a new deed drawn up every 12 months to reflect the changing contributions over time? A quick Google search suggests floating shares are common, but our solicitors seem to never have heard of this sort of arrangement.