3 owners, one needs to borrow more and also got married

Sheveko

getmore4less wrote: »

some of the debt is theirs in your name,

Quite an import fact missing from the first post as it is not just you borrowing to pay the debt they are also borrowing to pay you back.

No, the level of debt is not split equally three ways. This is dealt with in the deed of trust. We each owe different amounts and it's calculated as a percentage for the purposes of paying it off. In the event that one of us borrows more, then their percentage goes up. Conversely if somebody makes an overpayment on the mortgage that isn't met by the others (at their corresponding percentage) then their percentage goes down.

Sheveko

Mojisola wrote: »

Why do you need to change the deed of trust?

You own one-third of the property. If you die, she will inherit it.

Not as simple as that. As far as I understand it married partners have certain rights if we were to split up. We need to get legal advice on exactly what this entails but the other two are keen to remove these rights with the deed of trust.

Sheveko

getmore4less wrote: »

what does your trust deed say, if it did not cover marriage/partner for any of you and other people moving in, when set up it was incomplete.

yes there's a good argument for that. despite having a very good lawyer write our deed of trust I don't think we were advised to deal with this at the time. no big deal but would have been better if we remembered to revise it when I got married!

The other two are a couple (unmarried) and the deed of trust simply says their 2/3 share will be split between them in the event of sale.

Ordinary tenants is simple enough. We all pay rent (owners and tenants), which is then split three ways between the owners. My wife actually pays this rent too (although I give her back the little bit that I make out of it) and currently has no interest in the house and does not pay anything toward the mortgage.

Mojisola

Sheveko wrote: »

As far as I understand it married partners have certain rights if we were to split up.

But that applies to everything owned by both partners in the marriage. Capital and assets don't have to be in joint names.

Sheveko

My co-owners don't want to be put in a position, for example, that they can't sell the house because my "ex-wife" disagrees, or something like that.

I don't even know if such rights, if they exist, can be removed by a deed of trust. It's probably not as black and white as that but it seems to me we need to clearly state our intentions somewhere.

Mojisola

Sheveko wrote: »

My co-owners don't want to be put in a position, for example, that they can't sell the house because my "ex-wife" disagrees, or something like that.

All three of you are in the same situation.

If one of other owners died, whoever inherited from them may prove awkward.

Sheveko

Like I said, "if we were to split up", not if I die.

getmore4less

If she is paying money then she is building up equitable interest along side the marital interest.