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hannah021

badger09 said:

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

No read what you quoted, I said "Hers = 30K + 20K = 50K" this 20K is part of the deposit + 10K refund to the guy... = 60K total payment from her account... and he paid 70K, she gives him 10K = 60K

again that 20K above deposit goes towards the payment of the house since the guy already paid the deposit and the payments are still ongoing.

ftb_1995

I think you have a few options. The first option to split the rest of the house 50/50 not including the deposit. So if you do sell the house - you get the first 30k, he gets 70k and the rest you split evenly. Problem with this is what happens with negative equity.

Second option is to split the house 50/50 from the beginning and make an agreement that you will pay them back 20k over a period of time if your partner is ok with it. So that you split 50/50 on mortgage payments and then will become even on deposit contribution after you've paid him back. It will be less confusing to keep that 20k separate rather than integrating it with the mortgage payments but you can of course work it out that way. My partner and I have agreed to do this although there is only a 5k difference in question as opposed to 20k. 

badger09

hannah021 said:

badger09 said:

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

No read what you quoted, I said "Hers = 30K + 20K = 50K" this 20K is part of the deposit + 10K refund to the guy... = 60K total payment from her account... and he paid 70K, she gives him 10K = 60K

again that 20K above deposit goes towards the payment of the house since the guy already paid the deposit and the payments are still ongoing.

Nobody has paid any deposit yet!

In order to pay £100k deposit to solicitor...
HE sends £70k from his bank to the solicitor
SHE sends £30k to the solicitor
Solicitor sends £100k to vendor's solicitor.
Deposit now paid.

If OP wants to have paid 50% of the deposit (and to own 50% of the house) SHE needs to pay HIM £20k

AdrianC

Slithery 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%?

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.

^ THIS is the only correct answer.

To change the ownership split, you need to get the split changed at the Land Registry.

As to what you and your spouse-to-be decide is a fair split to enable you both to agree to instruct the solicitor to do that, the two of you need to sit round the kitchen table with a glass of wine or a cup of tea, and just chat it over. We cannot make that decision for you.

If you cannot come to that mutually-acceptable agreement between yourselves, are you sure you should be getting married and buying a house together?

getmore4less

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 also have to take account of the debt.

You own the first 15% 70% 30%    but the rest 50% 50%  with equal mortgage payments  

the actual  starting point  is 53%  47% with each owing 1/2 the debt

Often the simple solution is the OH makes you a £20k loan on the side so you have £50k each to put down and pay the mortgage 50:50

Decide how to pay that loan back separately from the house.

getmore4less

LAnd registry does not care about beneficial interests  they deal with legal interest,

Slithery

fleur8 said:

AdrianC said:

Slithery 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%?

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.

^ THIS is the only correct answer.

To change the ownership split, you need to get the split changed at the Land Registry.

As to what you and your spouse-to-be decide is a fair split to enable you both to agree to instruct the solicitor to do that, the two of you need to sit round the kitchen table with a glass of wine or a cup of tea, and just chat it over. We cannot make that decision for you.

If you cannot come to that mutually-acceptable agreement between yourselves, are you sure you should be getting married and buying a house together?

Uh I think you’ve completely misunderstood my question. I suppose you scanned through my OP very quickly. I’m not asking what a fair split is at all. If you read my post, then you’d know that. I’m asking if it is common to top up a deposit based on the current market value (when I decide to equal out our deposits) or based on the value at the time of the sale. WE *BOTH* *DON’T KNOW* the answer to this question, hence my post. Your reply makes it sound like we can’t come to an agreement about deposit split yet I haven’t alluded to this at all. I hope you can see that you’ve misread my post and offered an unhelpful answer. Many thanks.  

AdrianC didn't misunderstand you at all. Both ways are common, it's completely up to you to agree on a method that you both think is fair.

Meh123

You start this question with an ‘if’....

Wouldn’t it just be easier to just be joint tenants when you purchase the property? 

MalMonroe

You may be better just contacting a solicitor. There's a lot of conjecture here but no real solution. And, as you say, people are starting to make sarcastic comments which, sadly, I've seen happen a lot on this site.

I'm sure you will get things sorted out. But I don't think it will be on here. 

getmore4less

fleur8 said:

AdrianC said:

Slithery 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%?

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.

^ THIS is the only correct answer.

To change the ownership split, you need to get the split changed at the Land Registry.

As to what you and your spouse-to-be decide is a fair split to enable you both to agree to instruct the solicitor to do that, the two of you need to sit round the kitchen table with a glass of wine or a cup of tea, and just chat it over. We cannot make that decision for you.

If you cannot come to that mutually-acceptable agreement between yourselves, are you sure you should be getting married and buying a house together?

Uh I think you’ve completely misunderstood my question. I suppose you scanned through my OP very quickly. I’m not asking what a fair split is at all. If you read my post, then you’d know that. I’m asking if it is common to top up a deposit based on the current market value (when I decide to equal out our deposits) or based on the value at the time of the sale. WE *BOTH* *DON’T KNOW* the answer to this question, hence my post. Your reply makes it sound like we can’t come to an agreement about deposit split yet I haven’t alluded to this at all. I hope you can see that you’ve misread my post and offered an unhelpful answer. Many thanks.  

Part of the problem is that is not really how to do it and your assumption you own 70:30 at the start is wrong.

Go with OH loans you the £20k difference at the start to keep it simple. You pay back £20k whenever you want uner any terms you see fit. 

Another option which works is don't split the mortgage 50:50 use that to balance the ownership to 50:50 and then pay off your share of the debt from your 50% of the ownership.
You effectively pay off the debt a bit at a time paying the mortgage rate as interest.