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Original poster

tenants in common - what happens in the event of a split

13 replies

EssexMummy123456 · 15/10/2018 21:25

Hello,

I would really appreciate if someone can tell me what happens in the event of a split here, my partner and I own our property as tenants in common with a trust deed set up, its 46% in my name and 54% in his name. In the event of a split my preference would be to sell, pay the mortgage off and split the remainder as per the above - but what if he say's 'no' can he just force me to leave and lose my share of the capital which i would need for a deposit on a new place?

thanks in advance for any advice

OP posts:
mumblechum0 · 16/10/2018 18:44

No, you've done the sensible thing by signing a declaration of trust. When it's sold, you each get out what you agreed in advance. You will probably also have stated what happens to any increase in value. You certainly won't lose your investment

elifant · 16/10/2018 18:49

Why has it been split so pedantically? What's wrong with the default 50:50? Sorry but it rings alarm bells a little for me (personal experience). In any case as previous poster said is correct, I'm just curious why not 50:50.

SassitudeandSparkle · 16/10/2018 18:52

I assume the uneven split is due to the money going in to the purchase - but no, I don't think you'd lose your side of things. If the relationship ends, surely one side would either have to buy the other out or the property would be sold (assuming no orders are made about children living there until a certain age).

elifant · 16/10/2018 18:55

I got that, but it just doesn't feel very relationship-y. It's not just a business transaction, it's a home too.

Original poster
EssexMummy123456 · 16/10/2018 19:08

It was because of an uneven amount of money going into the deposit. I am worried though that in the event of the relationship breaking down (kinda at that point) he is going to refuse to sell or buy me out and I wouldn't be able to afford a deposit on a new place. Does anyone know what I could do in that scenario?

OP posts:
elifant · 16/10/2018 19:11

It worries me that you are already thinking about that. In that case OP, if he refuses to sell, you take him to court to force the sale. Do you really think he will be that unreasonable? Why are you worried now?

Original poster
EssexMummy123456 · 16/10/2018 20:01

because i am seriously thinking about splitting up and i think there is a good chance he will tell me to leave if I want to but he won't leave or sell or buy me out - and taking him to court would cost thousands and take months wouldn't it?

OP posts:
elifant · 16/10/2018 20:20

Do you have DC?
Yes indeed it would cost thousands, but with property law it's pretty black and white so nothing to dispute there, you'd get your share back - but not without a lot of aggro.
Prepare yourself for the worst and then anything short of that is easier to deal with.

Original poster
EssexMummy123456 · 16/10/2018 21:58

Many thanks elifant, yes do have dc and he has PR but i wouldn't want to remain in the house - I would prefer to buy a place with a mortgage i could afford to pay on my own.

OP posts:
Lazypuppy · 16/10/2018 22:54

@elifant i don't understand your logic. If they put different amount of money in, then the %'s they own are different.

At the moment our house is 50/50 but when we buy our next one my partner will be putting his inheritance in as more of a deposit so obviously he will have a larger % of the property.

If we break up,he should get his money back, its not mine so why should i profit.

And when biying a house with someone it is so important to think about what happens in the event of a break up.

elifant · 16/10/2018 23:14

In a business partnership, yes, 100%. But in a relationship with children? No, I don't agree. Anyway that's irrelevant now, OP has her 46% protected but she has to hope he cooperates since they are not married. Securing a new home for her kids could be hard if he refuses to move out or sell up.

CornishMaid1 · 18/10/2018 13:30

If you get married it will be different as it will dealt with in divorce (where things like a home for children is taken into account).

Otherwise, you sell, pay off the mortgage and split the property between the shares.

Do you have a separate trust deed? If you do, it may say what is to happen if you want to end the trust - it may say one can buy the other out but otherwise you sell within x months.

If you don't have that and want to sell, either your partner would have to agree or you can take him to Court for an order for sale (i.e. the Court says that he has to agree to sell) and sell that way.

Even if you just walk away and leave him there, the property share is still yours so you do not forfeit it - you would still get that share when you sell or when he buys you out.

Collaborate · 18/10/2018 13:51

If he won't agree to sell up you can take him to court. It might cost a few thousand (should be around £5k if there's no reasonable objection to sale) and he might be ordered to pay towards your legal fees.

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