Tennant's in common

ARich0411

Hello. My husband and I are in a second marriage. When we purchased our home we had unequal deposits. We purchased our home for £247,500 his deposit £160,000 from the sale of the house but mine was only £10,000 from my divorce. That gives him 65% and me 4%. 

We are wanting to put in place a document to secure our interests for our children from previous marriages. 

The house is now worth approx £475,000 and we have paid 50/50 since buying the house. 

Is there a certain sum we should be doing so that we both benefit from the price increase yet my husband who was the major investor also receives a good return from his majority deposit. 

Many thanks. 

BarelySentientAI

He gets 65%, you get 4%, rest is split 50/50?

Keep_pedalling

The document you need is a deed of trust which really should have been put in place at the time of purchase. Do you know if you purchased as joint tenants or tenants in common?

if joint tenants then you both own 100% of the property and ownership passes by succession to the surviving spouse. If TIC with no deed of trust then the assumption is ownership is 50/50. The split in ownership can changed by mutual agreement although legally you can’t be forced to give up your 50%. 

If you don’t have wills in place that deal with this appropriately then you need to sort that out alongside a deed of trust, so an appointment with a solicitor should be sorted ASAP.

ARich0411

The house is a tenants in common and a will is in place which refers to the deed but we are now trying to work out the deed particulars. 

Flugelhorn

ARich0411 said:

The house is a tenants in common and a will is in place which refers to the deed but we are now trying to work out the deed particulars. 

You could settle for the percentages as at the time of purchase  

ie his "ownership of the property" at the time would have been 160 (deposit) + 38.75 (mortgage) - approx 80% 

and yours 10+38.75 = 48.75 ie 19.6%  approx  20%