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Buying into partners house

Un86
Posts: 1 Newbie
My partner has owned his house for 6 years and I've lived with him for 3.5 years paying 'rent'. There was a lodger living with us for about 18 months.
We've decided that due to our current financial situation and the fact we have a baby on the way, I will buy into the property as we aren't going to be able to move for a few years.
We have worked out how much I need to pay in in order to own the property 50/50 with the following calculation:
Value of house minus mortgage equals equity. We split the equity 50/50 and that's how much I put in.
However, other people have said I should put in the same amount of deposit my partner did 6 years ago and match his mortgage payments.
Anyone able to offer any advice as to how we work it out??
We've decided that due to our current financial situation and the fact we have a baby on the way, I will buy into the property as we aren't going to be able to move for a few years.
We have worked out how much I need to pay in in order to own the property 50/50 with the following calculation:
Value of house minus mortgage equals equity. We split the equity 50/50 and that's how much I put in.
However, other people have said I should put in the same amount of deposit my partner did 6 years ago and match his mortgage payments.
Anyone able to offer any advice as to how we work it out??
0
Comments
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Your calculation is correct assuming you also take on the outstanding mortgage jointly.
The mortgage co will need to approve this and you will probably need a solicitor to set it all up. Depending on the amount you are paying in cash plus the 50% of the mortgage you will be responsible for, stamp duty may be payable by you.
There will be some fees involved which you can either split or you pay as your partner will have paid all the fees when they 1st bought the property.0 -
Value of house minus mortgage equals equity. We split the equity 50/50 and that's how much I put in.
However, other people have said I should put in the same amount of deposit my partner did 6 years ago and match his mortgage payments.
Anyone able to offer any advice as to how we work it out??
So yes
* whatever cash (mis-named 'deposit') partner put in you should match
* whatever mortgage payments partner puts in you should match (or rather he should reduce by 50% which you match)
* whatever running costs, maintenance, improvement costs etc he puts in you should match
If /when you sell, the mortgage gets paid off and whatever is left over is split 50/50.
When your name is added to the title, you'll need either
* the mortgage lender's consent to add your name to the mortgage agreement, or
* to pay off the mortgage and replace it with a new, joint mortgage.
Also when your name is added to the title, you'll need to decide wither to own as 'Joint Tenants'or 'Tenants In Common'.0 -
the deposit he originally paid simply created equity in the property which belonged to him. He then obviously paid the mortgage and (assuming a repayment loan) that meant he paid off some capital and therefore slightly increased the amount of equity he has in the property
so, as stated by Tom99, you paying him 50% of the current equity will put both you and him in the position of having owned the property 50/50 from the outset. The money you pay to him will give him back 50% of the money he put in to date (his deposit + loan capital repayment) and 50% of the increased value.
The alternative suggestion appears to be people failing to notice you have paid "rent" whilst living there. Obviously his mortgage payments to date cover both capital and interest. Splitting 50/50 based on equity does not give him back the interest he has paid, BUT you have already contributed to that by paying the "rent". So the suggestion you pay half of the mortgage to date is unfair on you, since you'd then be paying twice for the same thing, ie the mortgage interest paid to date.0 -
Hi,
If you want security why not just get married/civil partnership and pay half each from here on in. What is the point of trying to buy half of a house from your own partner when you will be a family not a business.
Tlc
Edit if you do buy into the house I would think half the current equity for half the value. After all if he sold 100% of the property a new buyer is not a jot interested in what he has paid in the past. But as above if you go part time or stop work to raise a family (or he does) you do not need to put 50:50 into the mortgage and bills to be an equal partnership with equal claims on the home. That just puts the lower earner under completely unnecessary strain.
- I have just spotted you have been paying rent for 3.5 years. Was this only to cover utilities and council tax or have you already been paying towards the mortgage? You shouldn’t be paying it twice.0
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