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To be tenants-in-common now - purchased 2 years ago
DHT
Posts: 12 Forumite
Hi, this is my first post.
We purchased our current home two years ago £300K with my name and the mortgage.
Now the mortgage interest rate is rising and hard to keep up the repayment
so my partner has offered to put £75K, 25% of equity (at that time) to ease the payment.
He asked me to write a letter to say, "I will also initiate a 'declaration of trust' thereby entitling either party first option to buy the remaining share of the property at an agreed reasonable marke value....."
I was the one keeping up the repayment past two years and settling all the bills. If he were to put 25%, I thought it would be fair to ask his contribution of 25% from the start.
If anyone ever come across similar to my case, please let me know.
What is the best to split 25% / 75% after two years since we purchased the property.
Thank you.
We purchased our current home two years ago £300K with my name and the mortgage.
Now the mortgage interest rate is rising and hard to keep up the repayment
so my partner has offered to put £75K, 25% of equity (at that time) to ease the payment.
He asked me to write a letter to say, "I will also initiate a 'declaration of trust' thereby entitling either party first option to buy the remaining share of the property at an agreed reasonable marke value....."
I was the one keeping up the repayment past two years and settling all the bills. If he were to put 25%, I thought it would be fair to ask his contribution of 25% from the start.
If anyone ever come across similar to my case, please let me know.
What is the best to split 25% / 75% after two years since we purchased the property.
Thank you.
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