Tenants in Common - varying percentages at a later date?
Tenants in Common - varying percentages at a later date?
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Discussion

Jamp

Original Poster:

206 posts

152 months

Tuesday 4th March
quotequote all
Hey All,

I'm looking to buy a new place with my (unmarried) partner and for various reasons it won't be 50/50, but we may wish to change it 50/50 at a later date. How difficult is that to achieve? Presumably we'd get away without paying stamp duty again (in Wales, in case it matters)? Is the change doable without lawyering up? Just a signed deed sent to Land Registry and their fee?

Sir Bagalot

6,784 posts

197 months

Tuesday 4th March
quotequote all
So one of you is putting down a larger part of the deposit?

Have whatever % drawn up now. You can discard this later and verbally agree it's 50/50

Pit Pony

10,195 posts

137 months

Wednesday 5th March
quotequote all
https://www.gov.uk/government/publications/income-...

If you were married and it was a buy to let this is how you'd tell the HMRC.

But in your case I think you draw up.a simple contract prior to purchase. Both of you get a Copy.

Edited by Pit Pony on Wednesday 5th March 01:50

Murph7355

40,332 posts

272 months

Wednesday 5th March
quotequote all
Sir Bagalot said:
So one of you is putting down a larger part of the deposit?

Have whatever % drawn up now. You can discard this later and verbally agree it's 50/50
Definitely draw up now.. But any future arrangement needs the document updating again.

Contractually it's easy.

Agreeing later could be difficult depending on how things are going.

If you're the one putting in the lower %age, just be aware of the risk that the other party won't be compelled to agree.

You *could* write something more detailed into the agreement that sets out what dictates the %age split (eg payments off a mortgage, payments between you). Make them easy to objectively prove and it will become easier to vary the arrangement later. I'd drfinitely recommend doing this.

You should also ensure you cover the run costs and upgrade costs in any arrangement. These can be substantial and if not covered properly leave one of you out of pocket.

How far down this path you go depends on how much risk you want to take. But I'd definitely advise thinking it through carefully.

"But it's a loving relationship"? Sure...but it might not be one day, and knowing exactly where you both stand will be one less thing to worry about in extremis. If extremis never happens, the document is filed never to be looked at again smile