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Buying a house with my sibling - how to share my 50% of the house with my partner? Advice needed!
Comments
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If your partner pays any contribution towards the mortgage, maintenance or improvements, I would consider him to be effectively buying his way into the house over time, so if you ever split he wouldn't be entitled to just his money back. He'd also be entitled to any increase in value on 'his' share of the house. As he'd be increasing his share each month, that could get complicated!
Instead, I would suggest that he puts his contribution into a savings account, which he can then use towards a deposit if you ever decide to buy together, or if you decide to sell a share of the house to him. If he buys into your house with a lump sum, you will be able to sell to him based on current market value and work out with your sibling whether he is buying part of your half (e.g. sibling continues to own 50% and you split your share with him) or whether he's buying some from you both (e.g. 1/3 each). Then any further increase in value of the house can be split according to his share and any house costs split the same way.
With three of you living together, he should pay 1/3 of the other household bills - utilities etc - so that it's fair for your sibling, but nothing bricks and mortar.1 -
The question raised by the OP was very specifically around their desire to further split their proportion of the total mortgage payment.hazyjo said:
But surely the extra third person should be paying some rent/bill share to them both. Not just the person whose room they share. Why is the other sibling getting naff all?SpiderLegs said:
The one that pays half, owns half.AnotherJoe said:So there are three people living in a house, and one of them pays half?Err, no.No mention of general house expenses, however since they say they are still in discussions around any renovation costs, I assume they are also discussing splits of other expenses.
Edit:
just to add, I will say that this whole proposed arrangement will almost inevitably become a complete nightmare, but I guess that’s the ‘modern’ way of doing things 🤦♀️1
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