Cause

fleur8

Thanks guys 

Slithery

fleur8 said:

If I buy a property with my partner and he owns 70% and I own 30%, what do I need to do in order for me to own 50%?

Get a solicitor to alter the percentage split.

fleur8 said:

If he put down £70k and I put down £30k (so £100k as a 15% deposit of the property price), would it be possible for me to pay him another £20k to have a 50/50 share or would I need to pay him 50% of 15% of the value of the property at the time?

Completely up to the two of you to decide.

Alter_ego

If you are married 50/50 is assumed as a basis for divorce.

hannah021

fleur8 said:

If I buy a property with my partner and he owns 70% and I own 30%, what do I need to do in order for me to own 50%? 

If he put down £70k and I put down £30k (so £100k as a 15% deposit of the property price), would it be possible for me to pay him another £20k to have a 50/50 share or would I need to pay him 50% of 15% of the value of the property at the time? Hope this makes sense. 

I would really like for the property to be 50/50 by the time we marry in case of divorce as I don’t think I’d be able to buy him out. I think we will have a prenuptial agreement to leave me the house with any children but I’d have to buy him out. 

You do need a solicitor to work this out, don't hand over large sums of money without a record. If you get married, things change entirely. Right now, you can't assume you'll get married.

If what is paid so far is 100K sharp (no interest incurred), and you paid 30K, then a 50/50 means you need to pay 70K also just like your partner, so you are short of 40K. This makes the total 140K. Of the 40K you pay, 20 goes to the deposit, and 20K to refund your partner... then you would have paid 50K for the deposit, he would have paid 50K also. and that's 50/50.

If you only pay 50K and he paid 70K, then the percentage becomes 41.7% for you and 58.3 for him of 120K.

This is given that you've not mentioned any incurred payments (as these often have the interest to be paid) , and how much payments have gone forward, what % is your contribution of these payments, who's making these payments, as well as in who's name this mortgage is taken out

Edit: There is an error in my calculations, she only needs to pay him back 10K not 20K... that will balance it out to be 60K each, which is 50/50

BikingBud

  Surely the OP's £20k goes to balance up the contributions to the deposit. You have added another £40k that might be beneficial in the longer run but is not necessary.

[Deleted User]

You mention deposit so will there also be a mortgage? How are those payments going to be split? 

There are hundreds of threads on the forum about joint ownership and how to split equity so have a search to see the various ways it could be done. 

badger09

hannah021 said:

fleur8 said:

If I buy a property with my partner and he owns 70% and I own 30%, what do I need to do in order for me to own 50%? 

If he put down £70k and I put down £30k (so £100k as a 15% deposit of the property price), would it be possible for me to pay him another £20k to have a 50/50 share or would I need to pay him 50% of 15% of the value of the property at the time? Hope this makes sense. 

I would really like for the property to be 50/50 by the time we marry in case of divorce as I don’t think I’d be able to buy him out. I think we will have a prenuptial agreement to leave me the house with any children but I’d have to buy him out. 

You do need a solicitor to work this out, don't hand over large sums of money without a record. If you get married, things change entirely. Right now, you can't assume you'll get married.

If what is paid so far is 100K sharp (no interest incurred), and you paid 30K, then a 50/50 means you need to pay 70K also just like your partner, so you are short of 40K. This makes the total 140K. Of the 40K you pay, 20 goes to the deposit, and 20K to refund your partner... then you would have paid 50K for the deposit, he would have paid 50K also. and that's 50/50.

If you only pay 50K and he paid 70K, then the percentage becomes 41.7% for you and 58.3 for him of 120K.

This is given that you've not mentioned any incurred payments (as these often have the interest to be paid) , and how much payments have gone forward, what % is your contribution of these payments, who's making these payments, as well as in who's name this mortgage is taken out

??
Total deposit £100k. 50% of £100k is £50k.
OP has paid £30k so she 'owes' partner £20k.
Partner has paid £70k. OP gives him £20k. Partner has now paid £50k.

I have ignored question of whether OP should pay more to reflect any increase in value by the time she pays him in order to correct your calculation

elsien

Pre-nups aren’t legally binding, although may be taken into account in any dispute.
There’s also whether you would be financially able to buy him out at that point (as in eligible for a mortgage) and whether the house would need to be sold anyway to ensure he got his fair share. 

hannah021

badger09 said:

hannah021 said:

fleur8 said:

If I buy a property with my partner and he owns 70% and I own 30%, what do I need to do in order for me to own 50%? 

If he put down £70k and I put down £30k (so £100k as a 15% deposit of the property price), would it be possible for me to pay him another £20k to have a 50/50 share or would I need to pay him 50% of 15% of the value of the property at the time? Hope this makes sense. 

I would really like for the property to be 50/50 by the time we marry in case of divorce as I don’t think I’d be able to buy him out. I think we will have a prenuptial agreement to leave me the house with any children but I’d have to buy him out. 

You do need a solicitor to work this out, don't hand over large sums of money without a record. If you get married, things change entirely. Right now, you can't assume you'll get married.

If what is paid so far is 100K sharp (no interest incurred), and you paid 30K, then a 50/50 means you need to pay 70K also just like your partner, so you are short of 40K. This makes the total 140K. Of the 40K you pay, 20 goes to the deposit, and 20K to refund your partner... then you would have paid 50K for the deposit, he would have paid 50K also. and that's 50/50.

If you only pay 50K and he paid 70K, then the percentage becomes 41.7% for you and 58.3 for him of 120K.

This is given that you've not mentioned any incurred payments (as these often have the interest to be paid) , and how much payments have gone forward, what % is your contribution of these payments, who's making these payments, as well as in who's name this mortgage is taken out

??
Total deposit £100k. 50% of £100k is £50k.
OP has paid £30k so she 'owes' partner £20k.
Partner has paid £70k. OP gives him £20k. Partner has now paid £50k.

I have ignored question of whether OP should pay more to reflect any increase in value by the time she pays him in order to correct your calculation

We have both made the same error there... she only owns him 10K not 20K... because then her total contribution would be 70K (the 30K + 20K to complete the deposit + make up the difference between his payment and hers, which is only the half), whereas his total would have dropped to 50K... if she only pays him 10K... both will have a total 60K each... leads to the end result that the OP wants to own 50% of the house after all.

That is:

Hers = 30K + 20K = 50K (her deposit contribution)

His = 70K deposit contribution....

difference between the two is now 20K... if she pays him 10K, now her contribution is 60K and his contribution is 60K. This extra 20K is part of the overall payments, not just the deposit

badger09

hannah021 said:

badger09 said:

hannah021 said:

fleur8 said:

If I buy a property with my partner and he owns 70% and I own 30%, what do I need to do in order for me to own 50%? 

If he put down £70k and I put down £30k (so £100k as a 15% deposit of the property price), would it be possible for me to pay him another £20k to have a 50/50 share or would I need to pay him 50% of 15% of the value of the property at the time? Hope this makes sense. 

I would really like for the property to be 50/50 by the time we marry in case of divorce as I don’t think I’d be able to buy him out. I think we will have a prenuptial agreement to leave me the house with any children but I’d have to buy him out. 

You do need a solicitor to work this out, don't hand over large sums of money without a record. If you get married, things change entirely. Right now, you can't assume you'll get married.

If what is paid so far is 100K sharp (no interest incurred), and you paid 30K, then a 50/50 means you need to pay 70K also just like your partner, so you are short of 40K. This makes the total 140K. Of the 40K you pay, 20 goes to the deposit, and 20K to refund your partner... then you would have paid 50K for the deposit, he would have paid 50K also. and that's 50/50.

If you only pay 50K and he paid 70K, then the percentage becomes 41.7% for you and 58.3 for him of 120K.

This is given that you've not mentioned any incurred payments (as these often have the interest to be paid) , and how much payments have gone forward, what % is your contribution of these payments, who's making these payments, as well as in who's name this mortgage is taken out

??
Total deposit £100k. 50% of £100k is £50k.
OP has paid £30k so she 'owes' partner £20k.
Partner has paid £70k. OP gives him £20k. Partner has now paid £50k.

I have ignored question of whether OP should pay more to reflect any increase in value by the time she pays him in order to correct your calculation

We have both made the same error there... she only owns him 10K not 20K... because then her total contribution would be 70K (the 30K + 20K to complete the deposit + make up the difference between his payment and hers, which is only the half), whereas his total would have dropped to 50K... if she only pays him 10K... both will have a total 60K each... leads to the end result that the OP wants to own 50% of the house after all.

That is:

Hers = 30K + 20K = 50K (her deposit contribution)

His = 70K deposit contribution....

difference between the two is now 20K... if she pays him 10K, now her contribution is 60K and his contribution is 60K. This extra 20K is part of the overall payments, not just the deposit

No. We have not both made the same error.
Total deposit is £100k
He has paid £70k
She has paid £30k

If she gives him only £10k as you suggest
He has paid £70k-£10k = £60k
She has paid £30k+£10k = £40k

KP20

Even if your partner puts down 70% of the deposit, that should not equal a 70% share of the property, unless he is also paying 70% of remaining mortgage, repairs, maintenance etc.
The deposit is 15%, the remaining mortgage is 85%. You are putting in 30% of the 15% deposit = 30K, he is putting in 70K
30% of 15% = 5% (approx)
70% of 15% = 10% (approx)
Balance of home = 85%/2 (you state mortgage will be shared 50/50 so balance of house value should also be split 50/50) = 42.5%
Your ownership = 5 (deposit) + 42.5 (mortgage) = 47.5%
His = 10 + 42.5 = 52.5%