Paying for a conservatory

[LovelyQuiche]

Me and dp (not married) live together in a house we bought 4 years ago. We are tenants in common with me owning 80% and him 20%.
We’ve been together 14 years and have a daughter.
I’m about to spend £50k on an extension to the house, what do I need to do to protect that money in case we split? Just visit a local solicitor? Can I draught up my own agreement or is that not legally binding?
Thank you

Bump

There is, presumably, a Declaration of Trust in place specifying that you own 80% of the property. That cannot be amended, but you can get a supplementary Declaration of Trust referring to the original Declaration, setting out what has happened to change the situation (i.e. you are paying for an extension) and what the shares are now.

Thank you. I was thinking that in the event of a split, with the equity I would be entitled to £50k and then 80% of the remaining amount?

Wouldn't it be a percentage

House is worth say 400, you own 320, and he own 80
House now worth 450, so you would own 370, and he owns 80?

Would that work?

@dfendyr

Wouldn't it be a percentage

House is worth say 400, you own 320, and he own 80
House now worth 450, so you would own 370, and he owns 80?

Would that work?

That would mean he got 20% of my £50k which I would have put in after the house purchase

How would he have 20% of your 50?

House is worth say 400, you own 320, and he own 80
House now worth 450, so you would own 370, and he owns 80?

Just factor the 50k into the house price then

@dfendyr

How would he have 20% of your 50?

House is worth say 400, you own 320, and he own 80
House now worth 450, so you would own 370, and he owns 80?

Sorry I misunderstood your comment originally. Yes so he only is entitled to 20% of everything outside the £50k

@LovelyQuiche

Thank you. I was thinking that in the event of a split, with the equity I would be entitled to £50k and then 80% of the remaining amount?

I'm afraid that is wrong. If the declaration of trust says he owns 20% of the house, he will be entitled to 20% of the equity on sale, including the conservatory.

@prh47bridge

unless OP gets it changed legally which is why s/he is asking here?

@dfendyr - I told the OP how to change it legally in my first post on this thread. She responded and my last post answered her response.

@prh47bridge

There is, presumably, a Declaration of Trust in place specifying that you own 80% of the property. That cannot be amended, but you can get a supplementary Declaration of Trust referring to the original Declaration, setting out what has happened to change the situation (i.e. you are paying for an extension) and what the shares are now.

Out of interest (as you can tell I am not legal at all)

Could they disolve the original trust and re-do with new details?

Could they disolve the original trust and re-do with new details?

That is effectively what a supplementary declaration of trust does.

@prh47bridge

Could they disolve the original trust and re-do with new details?

That is effectively what a supplementary declaration of trust does.

ah thats clearer - thanks

Can DP not put in 20% of the value of the extension?

Thanks for the reply all
I’ve thought about it - I’ll prob just leave as is - he’s going to buy a solar battery for the house which will be about £6k which although is not 20% is still a significant sum

Do you monitor how much each of you spend like this all the time?

No, just for big ticket items in the 10s of 1000s