#2775

well kind of.
I think if you were just unofficially paying all the mortgage and things did go south between you, you wouldn’t be entitled to anything to do with the value of that property.

Ideally you’d probably want to buy half of the property from her via a lump sum and then you continue to split the mortgage 50/50.

#2776

I… see.

I suppose I can see how that would work for some people. But really it’s a situation where you shouldn’t be prescribing general rules because… relationships, maaan

(Maybe on the proviso that the other saves an equivalent amount each month. Helps me build a deposit for the next place and keeps everything clean legally.)

#2777

Obviously it’s something that depends entirely on the people involved and their natures. But I think that’s going to be a factor in any seperation.

My sister bought her first place before her partner (now husband) moved in. They looked at remortgaging or whatever to get him involved but she said it was an administrative nightmare and they decided to leave it until they moved.

#2778

Haha EXACTLY. All depends doesn’t it. I can imagine myself in that scenario continuing to pay all the mortgage but it. depends. I mean if your partner moves in and you can split the mortgage 50/50 say then that frees up money the owning party can spend on bigger and better holidays for instance. There’s no golden rule for this shit.

#2779

This has reminded me of my wife’s friend who wanted to get on the property ladder but couldn’t afford to by herself, so ended up doing shared ownership with a FRIEND. Less than a year later she met a guy, fell in love and wanted to move in with him… but of course neither one could buy the other out or anything, so they were in a real fix. At least if you buy with a partner you have an expectation of being together for the long term, I’ve no idea what these two were thinking.

#2780

I don’t think it’s too tricky?

You just go and apply for a new mortgage just you two, probs with the same lender. Then the solicitor changes the name over with the land registry and then on that you agree to any sum you pay to own half of the property. Then your new mortgage starts (or continue with her existing one but adding your name to it).

I know of some people going through a horrendous divorce because he moved into a property she owned which they then sold to buy their new property together. Shit got MESSY.

#2781

What I’m getting from this discussion is that if the worst were to happen, marckee and I would make one hell of a power couple.

3 Likes
#2782

I bought with a friend. We are no longer friends.

4 Likes
#2783

Shouldn’t have shit in their milk.

#2784

Did they have to pretend to be a couple?

Sounds like a terrible sitcom

#2785

This is what I had. Bf and his brother bought a place together. A year later, he met someone and wanted to move out and we were at the stage where we wanted to live together too but luckily I had the money to be able to buy him out.

Everyone (apart from the brothers) seemed to be of the impression they were going to live there together forever and seemed shocked/confused they both wanted to live with their girlfriends??? They should have just rented really.

2 Likes
#2786

Don’t think so. I don’t know the full ins and outs tbh. IIRC at the moment the other friend still lives there, but Mrs HYG’s friend is still a co-owner, but has rented her room out to cover her half of the mortgage.

#2787

Thinking about it my sister’s was a Shared Ownership, which probably would’ve made it trickier.

I suppose ultimately it depends on if you want to spend £xxx on it, which will depend on how much the property is worth, how long you intend to be there.

#2788

Which is probably breaking their lease/terms. Whoops!

This thing writes itself.

1 Like
#2789

If only there were some kind of legal instrument that could be put in place that would set out the consequences of these various scenarios occurring in advance.

I suppose we just don’t have the technology yet.

#2790

You’d think, but if you look closely you’ll notice he’s secretly inserted a clause that gradually leeches all your money away.

#2791

shatner.jpg

#2792

I know a guy. £750+VAT no questions asked. Meet me in xylo’s railway arch lair.

1 Like
#2793

On the face of it it’s not that bad an idea really. Think it makes sense to get an agreement between you of the minimum length of time you want to keep the property for. Like say 5 years (coinciding with a fixed rate mortgage) and if everyone behaves in accordance with that then fine. Of course, people don’t do they and that’s where problems arise.

I’d have questioned this more from a financial sense point of view. If you’re buying 50% of a shared ownership place (so 25% each) then the split capital appreciation + equity won’t really be that high and the next time you buy you won’t be a FTB so your stamp duty bill will be pretty fucking big. You might just about cover the stamp duty and fees with the profit you get back which means the exercise will have been largely pointless. I dunno.

#2794

I mean, I think even in writing that post you put more thought into the entire process than they did.

3 Likes