Joint ownership vs. Tenants in common with proportional shares

boldaslove

getmore4less said:

Bills fall into two categories
1.Ownership
2.Living in the place.

Typically in a rental
1 would fall on landlord (owner)
2 would be tenants.(occupation)

Maintenance, improving.... at ownership %

 utility council tax food... 50:50.


For 7% difference I would look at a side loan and own 50:50 keeping it simple.

Are we looking at 46.5% 53.5%

That's £3.5k per £100k to even up.

Yes it seems a small amount in the grand scheme of things and a whole load of paperwork for not much benefit. I had some advice from family who similarly encouraged me to make up the gap to 50% it just feels fairer, simpler and there’s no weirdness over someone owning a slight bit more. I’ve also had a good chat with my partner about laying some boundaries down and he’s had a chat with his parents so it’s feeling a lot less awkward now.

Happy to say we’ve had the offer accepted on the house too so things are looking much more positive now! Thanks to you all for your advice and thoughts, it was very helpful when I was feeling a bit outnumbered!

getmore4less

That's good if you can bridge the current gap as long as the cashflows going forward are affordable and sustainable at 50:50
Keeps everything much simpler.

Still worth the chat on a few things

can't pay won't pay scenario where one of you has issues like a job loss.
the other side of that one want to overpay more of the mortgage

buyout sell conditions should one of you want to cash out,  say 1 years to buy out or must be sold.
if one moves out what are the terms on thing like rent, lodger, mortgage, bills.
(some go with the rent==mortgage so occupier pays everything, they can get a lodger if  they need.)

The big one is what happens should one of you die.
Examples there might  be  the survivor
gets it(joint tenants works for that), 
life interest(protects a share but has tax issues if not married),
survivor must buy out so the "money" stays with blood family