Impossible calculation of ownership in deed of trust

00ec25

Qwerty456 wrote: »

is there a way to word it to reflect that OH portion is in his share of mortgage and any increase in value thus being able to separate/protect the equity I've invested from any claims made on his business for example. This is painting a bleak picture but i want to understand all possibilities.

you are not married

his business affairs are not linked to your financial standing so if his creditors come after him all they can do is come after what he owns, not what you own. Yes that means they can chase his % of the property and if he does not enough cash on hand to cover that then his creditors could take him to court to force him to sell up (or into bankruptcy), but that is such an extreme outcome you'd have left him long before then given yours is not a relationship founded in expectation of longevity and you have already had experience of what to do in a failing relationship

you have already been given the answer on how to legally protect what you own in that event

AdrianC

Qwerty456 wrote: »

Help! My partner and I imminently complete on a property but cannot agree how to fairly divide ownership as tenants in common. The property is £437k which we funded with a £250k joint mortgage. The rest of the capital I was able to raise by remortgaging my first property to an interest only mortgage as it had gone up in value. In addition I am solely paying for the stamp duty of £24,950 (my partner also has a flat so it's second property stamp duty) and i will be paying for the initial work to make it habitable for us and our children estimated to be around £8k. It's been a long drawn out purchase in difficult circumstances and we have been talking of splitting up (!) But having already exhanged and paid the deposit of £43,700 (me), we need to agree on how we will divide ownership at the point of signing contracts on completion for an uncertain future. However I'm anxious that all financial risk is on me alone - he has threatened not to complete if he doesn't consider the deal fair which would lose my deposit. He also has historically stopped paying his share of co-purchases such as the car we agreed to buy together so I want our deed of trust to be as watertight as possible. Any advice would be welcome

Sorry, let me just get this all straight...


The +3% SDLT is entirely because of you BOTH own other properties, but YOU are paying it - and you're remortgaging your first property to raise the equity, and he isn't contributing?
HIS idea of "fair" is where YOU take all the risk?
HE has a history of stopping payments when he doesn't get his own way?


Relationship forum is that way ---> https://forums.moneysavingexpert.com/forumdisplay.php?f=24