Tenancy in common / Joint tenancy query

josephibbs93

Hello all,

For the last two years, I have had a mortgage on a property and have lived in it with my partner.  I put down 100% of the deposit two years ago and have been paying 100% of the mortgage up until now.  My partner and I have 50/50 contributed towards living costs (i.e. bills, food, etc).  My partner has been a student until now and has had very little money or savings, and two years ago I simply couldn't stand the thought of renting any more, hence why I bought the house.

Now that my partner is about to start a full time job, it is her intension to begin paying for half of the mortgage payments.  What can I put into writing that will secure my equity already paid?  She will not be being put onto the deeds of the property as I would like her to have First Time Buyer status if we were to get a joint mortgage further down the line if we were to upsize.  I understand that with a Tenancy in common (TIC), you are able to define an equity split - but in this case, she won't be officially signed on the mortgage.  In the event that we split, would she be legally entitled to anything?  

I live in Scotland, and my partner and I have been together for 5 years.  

Thanks in advance.

Comms69

Why not tell her to save the payments in a savings account so you have funds when you buy together?

That way your property is secure and she has savings

josephibbs93

Comms69 said:

Why not tell her to save the payments in a savings account so you have funds when you buy together?

That way your property is secure and she has savings

Thanks Comms69.  I've done a month-month budget, and she will still be able to max out a LISA to build up her own savings for a future purchase.

My query really is if she would be entitled to anything if we were to split, say 6 months down the line?  She would have paid 1/2 of the mortgage payment for 6 months - where does she stand legally with any rights to the property?  Does she, if she's not actually signed onto the mortgage?

Comms69

josephibbs93 said:

Comms69 said:

Why not tell her to save the payments in a savings account so you have funds when you buy together?

That way your property is secure and she has savings

Thanks Comms69.  I've done a month-month budget, and she will still be able to max out a LISA to build up her own savings for a future purchase.

My query really is if she would be entitled to anything if we were to split, say 6 months down the line?  She would have paid 1/2 of the mortgage payment for 6 months - where does she stand legally with any rights to the property?  Does she, if she's not actually signed onto the mortgage?

Its a complicated answer:
She never gets owners rights. IE right to occupy. Right to sell. etc.

But she would get a beneficial interest. The formula for which is complicated. 6 months, probably not worth much. 3 years... 

My advice with this is always the same. She saves the payments she would make. If things go wrong, she has savings to move, if they go right, you have more money for a purchase. 

josephibbs93

Its a complicated answer:

She never gets owners rights. IE right to occupy. Right to sell. etc.

But she would get a beneficial interest. The formula for which is complicated. 6 months, probably not worth much. 3 years... 

I live in Scotland, so I'm not sure if there beneficial interest in property is the same?

Comms69

josephibbs93 said:

Its a complicated answer:

She never gets owners rights. IE right to occupy. Right to sell. etc.

But she would get a beneficial interest. The formula for which is complicated. 6 months, probably not worth much. 3 years... 

I live in Scotland, so I'm not sure if there beneficial interest in property is the same?

My bad. Not a specialist in scots law - sorry. Ignore the above (though it's still the most sensible thing to do)

josephibbs93

My bad. Not a specialist in scots law - sorry. Ignore the above (though it's still the most sensible thing to do)

No problem, I appreciate your thoughts on letting her save, and will certainly give it a think!

oldbikebloke

josephibbs93 said:
I live in Scotland, so I'm not sure if there beneficial interest in property is the same?

the phrase you are looking for is "cohabitation" 
if you google that you will find your answer, for example: 

If you do not own the house but your ex partner owns it, then you have no right to claim on the house itself.  However, you can still seek to claim a capital sum from your ex partner, to take into account certain financial or other contributions you have made towards the property.  This could include things like if you have contributed towards the mortgage or any home improvements to the property during the time you lived there.

https://www.thorntons-law.co.uk/for-you/thorntons-family-law-divorce-solicitors/cohabitation-rights-in-scotland

here is another example covering wider issues that you can read for yourself 
https://scotland.shelter.org.uk/get_advice/advice_topics/families_and_households/living_together/your_rights_if_you_or_your_partner_own_your_home

nannybling

Have tenancy agreement in place with friend. We plan to sell property but she wants to add her husband to her half to cut capital gains. Not happy with this as didn't intend to own with another party.

mcpitman

nannybling said:

Have tenancy agreement in place with friend. We plan to sell property but she wants to add her husband to her half to cut capital gains. Not happy with this as didn't intend to own with another party.

And the relevance to this thread is..........

nannybling

Sorry was posing own question new to this😆