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transferring ownership ...possibly
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pancakes_2
Posts: 3 Newbie
I’d be really grateful if anyone can provide guidance on my situation or share their experiences.
5 years ago I purchased a flat on tenancy in common, 50-50 share, with my brother. He lived there for 3 ½ years then moved out, and I took over paying his share of the mortgage repayments as well as my own, so he has not paid anything into the flat for the last 2 ½ years.
The lock-in period on the current mortgage deal runs out in June next year. My brother and I have talked about whether I should buy him out at this point, and take full ownership of the flat (which I’m in a position to do) or whether he should keep his money tied in the flat. If he does keep his money in it can anybody tell me how this affects his share of ownership? I’m assuming if we continue as we are his share will diminish year on year so that at the end of the 25 year term he would have something like a 5% share?
Is there a straightforward way of calculating what proportion of the flat my brother would own after 6 years, 10 years, 20 years etc? I’ve also made overpayments in the last couple of years, how are these taken into account?
5 years ago I purchased a flat on tenancy in common, 50-50 share, with my brother. He lived there for 3 ½ years then moved out, and I took over paying his share of the mortgage repayments as well as my own, so he has not paid anything into the flat for the last 2 ½ years.
The lock-in period on the current mortgage deal runs out in June next year. My brother and I have talked about whether I should buy him out at this point, and take full ownership of the flat (which I’m in a position to do) or whether he should keep his money tied in the flat. If he does keep his money in it can anybody tell me how this affects his share of ownership? I’m assuming if we continue as we are his share will diminish year on year so that at the end of the 25 year term he would have something like a 5% share?
Is there a straightforward way of calculating what proportion of the flat my brother would own after 6 years, 10 years, 20 years etc? I’ve also made overpayments in the last couple of years, how are these taken into account?
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