Joint tenants in common questions?!

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This is all obviously worst case scenario thinking and have no current reason to believe OH would be unfair but you never know what the future holds.

Buying a property
Joint tenants in common with unequal shares

70% to me - paid in all cash
30% to my OH- all mortgage

But what would happen if a year in we spilt , would he get 30% of my cash when he had only paid a year of the mortgage ?

Also could he change his will at any time to leave for example his mother 20% of our property and I'm forced to sell it if he dies - is there a document we can get to insure on death our percentages will go to our partner.

Thanks for any advice !

Are you joint tenants, or tenants in common? You seem to have merged the two phrases.

If tenants in common then yes he can leave his share to whoever he likes in the event of his death.

If you sell then yes he is entitled to whatever percentage you stipulated/ agreed when buying the property. I don't really understand what you mean about your 70% being cash and his being all mortgage. Don't the percentages usually reflect how much each person paid into the deposit?

Make sure you have a deed stating that the full deposit (70% current equity is provided by you) and ring fence that.

Do you mean that you are having a joint mortgage but in reality he will pay for all of that? (You will still legally be liable for paying even if he is paying but fails at any point to do so) so I wouldn't automatically say he has 30% if that's the case but there should be a mechanism whereby you get credit for any mortgage payments you make.

Further it should set out how any increase in equity is also split after your protected deposit is taken by you.

Yes as tenants in common he can leave his share to anyone by will so definitely make sure there is life assurance to pay off the mortgage should he predecease you as you would remain liable to pay anay joint mortgage.

I think these are questions you need to ask your solicitor. By the sounds of what you have described, you are buying, say, a house for £100k, you put in a £70K deposit and the remaining £30K will be mortgaged. He is taking that mortgage out solely in his name and will be the one paying for it. You are both on the deeds. Is that right?

If that is the case, you need to make sure that your £70K is ringfenced so you get that back, and then the equity after that should be split in a fair way. If he is the only one paying the mortgage, then his equity will come from what is paid in, less the increase in value of your initial £70K deposit investment. What actual percentages you decide you use are up for discussion.

Yes he would own 30% of the house. If the equity rose he would get 30% of that once the mortgage was paid of in a split

why is he taking on all the mortgage - surely ringfencing your deposit as yours in the case of a split then splitting the remainder 50/50 includ8ng the mortgage is fairer and means you can be joint tenants and it reverts to each other

https://www.gov.uk/joint-property-ownership

Explains difference in Joint tenants and Tenants in common - though it pretty much says what PP have.

70% to me - paid in all cash
30% to my OH- all mortgage

Wouldn't you be better of taking to solicitor when you buy the house -

https://www.samconveyancing.co.uk/news/conveyancing/can-you-have-unequal-shares-in-a-property-4387

Legal Agreement for joint owners - protects more than just money!When owning a property with someone else, whether friend, family member or a flat mate, you should have a legal agreement drawn up to protect your interests - especially if you own the property in unequal shares. The legal agreement should cover if:

• You fall out;
• Someone dies or disappears;
• You get repossessed (your share of anything left once the mortgage is repaid);
• Someone becomes bankrupt (Read about Joint Owners in Bankruptcy);
• You leave, how much you benefit from any increase in the property's value.

It goes through an example with three people - and yes if property goes up in price their % of house selling price stays same.

I think you can also ring fence your deposit with declaration of trust documents
https://ridleyandhall.co.uk/should-you-as-a-joint-buyer-of-a-property-ringfence-your-deposit/

Basically make sure you take legal advice.

Are you married? You need to speak with your solicitor and ensure you fully understand how this works OP.

Why is it just him on the mortgage? Have you actually applied and been acceptedfor a mortgage, as I think it will be difficult for you to be on the deeds without being named on the mortgage. Very few lenders will allow it.

Yes you can ring fence your deposit to be returned upon the sale of the property should the equity be available in the current market value of the house, you will get it back after the sale. He would get what cash he's paid in to the mortgage (eg if he left after 1 year, whatever 12 months mortgage payments are) plus a share of any uplift in the property value, less any selling fees or mortgage penalties. Bear in mind that neither of you own the house outright in this arrangement, there's still a mortgage on the property so if you wished to keep the property if he left, you would need to buy him out or take on your own mortgage to fulfil that.

He can leave his stake to whoever he likes in his will in theory, as is his right. If he's paying for works on the property he can make a case for those costs + any increase in value they add also.

Hi , thanks everyone!

@BrassOlive Sorry yes I mean I am paying 70% of the house value in cash and he is paying 30% with the mortgage and that how we will split the shares and also to clarify I am on the mortgage but currently a SAHM and he will be paying the monthly mortgage payments in full himself.

@Quartz2208 this is interesting , ring fencing the deposit and splitting the remainder including mortgage, how would this work for example if we split and I wanted to remain in the house with our children ? I would have to take on remaining mortgage and pay him back what he had paid on mortgage payments ?

I will be seeking legal advice but just trying to get my head around what I actually want to make sure is covered.

You need a deed of trust to protect your deposit, that automatically I think makes you tenants in common (if unmarried) and then as you are both on the mortgage you can split the remainder as you wish

either way of you split you would still need to pay him back his share of the equity (which yes in theory includes what he has paid back in that it is now equity plus any rise in the house prices which can definitely happen).

you need proper legal advice though as if he has a 30% share that is a 30% share in the value of the house!