Calculating percentage split of property

smaggs260

Hello, please can someone help with the following question about calculating how to share a property?
3 years ago, my partner moved into the house that I have owned for 18 years and for which the mortgage term is due to finish in 5 years.
We are now trying to arrange a fair ownership by either becoming tenants-in-common via a re-mortgage, or by going straight to a solicitor and obtaining some sort of cohabitation order and will. Either way, it is really difficult to calculate the percentage of the share of the property.
Here are the figures:
I bought the house 18 years ago for £66,500 and when my Partner moved in 3 years ago she bought £46,000 into the house from the sale of her house which she sold for £119,000. According to historical data (Zoopla) of similar house sales in my road, my house price at that time was around £165,000. So I had already acquired quite a bit of equity in the house.
Before my partner moved in, I was most of the way through building an extension, which I funded through my own money and we used some of the £46,000 to complete the extension. We used the remaining cash to further renovate the house. So I would say any equity increase above £165,000, from the extension/renovations was due to joint funding.
When she moved in, I continued to pay the mortgage myself and she paid for the shopping (which is a fair bit less than the mortgage). We pay 50/50 for bills.
So how do we calculate the percentage split, bearing in mind that the remaining mortgage term is only 5 years.
Thank you for any advice.

Thrugelmir

smaggs260 wrote: »

So how do we calculate the percentage split, bearing in mind that the remaining mortgage term is only 5 years.

For any particular purpose?

Have you written wills?

Linton

Hows about this.....


Anything that happened before your partner moved in is irrelevent. What she sold her house for is irrelevent. The fact that your purchase was funded by a loan you took out is irrelevent. You should be paying all the mortgage since its your loan.


When she moved in the house was worth £165000 of your money. She bought £46000 worth from you making the split £119K (72%) to you and £46K (28%) to her.


Now we have a problem. You paid for the extension and renovation. But we dont know by how much (if anything) the value of the house was increased beyond what would have happened anyway; it is quite possible that the costs of the work exceeded the increase in value. Since 72% of the house was yours it is reasonable that you pay most of the costs. Plus she pays for some things.



So I suggest with no further information you make the split 72%/28%.


Or get married and "with all my earthly goods I thee endow".