Simply put:
-I’m buying a place with my OH – we each have 2 kids
-she’s putting in more equity at the onset than I am
-I’ll be paying more mortgage per moth than she is

Just to ensure all things are ‘covered’, I THINK we kinda want a sliding scale tenancy in common type agreement? I don’t think these exist, but I guess you could change it annyally.

Like, if we have to sell the house cos I die, or I’m too awesome etc etc, then the split in equity post legal fees will be:
day 1 – 70/30% (made up figures)
year 1 – 65/35%
year 10 – 55/45%
year 25 onwards 50/50%

Would we do this via changing the tenancy in common deeds each time? Or can we draw up another legal document highlighting the arrangement?

Ta!!

DrP

Bear in mind that if you really piss her off then she could sell her share to anyone she wants and there’d be nothing you could do about it!

Are you married? If not then it could be done with a cohabitation agreement, which could become a prenup agreement should you then want to get married

If you are married, I don’t know

Also people’s contributions aren’t just monetary. Say one person does childcare to enable the other to work more and therefore earn more, then both are contributing to that

NOt married to her, no

(and as of yesterday, not married to anyone!!!)

DrP

You need a proper lawyer

the other way to do the money is that in the event of a split you sell the property, you each take out of the money you get from selling the amount you each put in off the top and then the remainder goes 50/50

You do need a proper legal agreement in case you do split up

Bear in mind that if you really piss her off then she could sell her share to anyone she wants and there’d be nothing you could do about it!

Not if there’s a mortgage involved.

the other way to do the money is that in the event of a split you sell the property, you each take out of the money you get from selling the amount you each put in off the top and then the remainder goes 50/50

Perhaps in Scotland. Not in England I can attest.

You do need a proper legal agreement in case you do split up

This is good advice. You can just get an agreement put on place. Try and make it as simple as possible but worth spending a few quid now.

Perhaps in Scotland. Not in England I can attest.

If thats what you have agreed to?  But yes – its needs a proper binding legal agreement.  Its just a simpler way to do it rather than adjusting amounts every year

Me and my other half  did this but without a legal agreement in england – and when we split ( we got back together 2 years later) – we just sold up and split everything 50 / 50

Bear in mind that if you really piss her off then she could sell her share to anyone she wants and there’d be nothing you could do about it!

And just how many pence in the pound do you think that would yield her! You’d have to be a lunatic with a joy of burning your own money to ever do that.

And just how many pence in the pound do you think that would yield her! You’d have to be a lunatic with a joy of burning your own money to ever do that.

You’ve never split with a partner have you? 😀

Get legal advice to cover every eventuality, like shock horror selling for less than you paid.

Also, any improvements if you don’t go halves, who owns the added value.

Ditto first refusal of buying each other’s share and at what price.

What happens if you die.

Best of luck btw

And just how many pence in the pound do you think that would yield her! You’d have to be a lunatic with a joy of burning your own money to ever do that.

Have you met DrP’s previous wife?😆

Does tenancy in common not work in such a way that you agree a split (eg 50/50) and then you both have essentially separate mortgages with different amounts owed/ paid based on what you put in to start with?

You’ve never split with a partner have you? 😀

Sadly I have

(and as of yesterday, not married to anyone!!!)

Congratulations.

In England you can solve this with a deed of trust.
Cheap and easy to do, its effectively a contract or letter outlining the above and you both sign and have it notarized.
https://www.homewardlegal.co.uk/conveyancing/deed-of-trust

@5plusn8
Perfect! Sat here in bed with the lucky lady reading about the declaration of trust, and that looks like exactly what we need!

@cougar ..cheers! A rather underwhelming event given the time frame and faffage of the past, but nice to have closure…

@thegeneralist …. brilliant 😅😅🤣🤣

Cheers all…

My OH was wondering WHY I was asking on a ‘bikey website’ about this…. I told her this place is fab!

DrP

My OH was wondering WHY I was asking on a ‘bikey website’ about this

I hope you told her it’s also how you diagnose all your patients.

I seem to recall I found this site while looking to a solution to mice in the loft

The tenants in common ownership is what you need. By default this will be a 50/50 split of ownership. This is backed up by a deed of trust which sets out the beneficial ownership of the property. You also need to make Wills which set out in detail what happens if one of you dies. Unmarried couples cannot inherit from each other without wills in place.

Just to correct one of the comments above a tenant in common cannot sell their share of a property without the consent of the other owner or a court order giving permission so you are pretty safe on that score.

If you want a proper chat message me, details in profile.

Hope that helps