I've no idea about the legal aspect, so I'll leave to others to comment. But you should be aware that this structure would mean the rent income is taxable.The rent would go to me and I would use it to pay my half of the mortgage.
Is the ownership arrangement joint tenancy or tenancy in common? If it's the latter, is the ownership 50/50?Partner and I recently separated. I moved out and partner has remained in the house.
I know there are emotional factors but it's not clear to me why you need six months to figure it out. Presence of a lodger is a factor for any decision down the line too.We then plan to either sell or do a buyout once we figure out best path forward.
Dont think so, tenant has legal status of guest when they are sharing with owner; so can't acquire any right of residence.Presence of a lodger is a factor for any decision down the line too
You're totally right and I wasn't making any kind of legal point.Dont think so, tenant has legal status of guest when they are sharing with owner; so can't acquire any right of residence.
I am not sure which ownership type it is, I assume it is whatever the standard is for a joint 50/50 mortgage.Is the ownership arrangement joint tenancy or tenancy in common? If it's the latter, is the ownership 50/50?
Notwithstanding the tax arrangements and how it is funded, it makes sense for both parties to keep paying their prior share of the mortgage for the time being. This means there is no dispute when the time comes to sell the house or one party to buy the other out.
You will also have to work out (and straight away) an arrangement for life insurance, house insurance, utilities, etc. Don't let this drag.
I know there are emotional factors but it's not clear to me why you need six months to figure it out. Presence of a lodger is a factor for any decision down the line too.
Anyway good luck, I know this stuff isn't easy.
Are both names on the mortgage?I am not sure which ownership type it is, I assume it is whatever the standard is for a joint 50/50 mortgage.
You will need to familiarise yourself with which it is and the concepts. I assume written somewhere on mortgage agreement and/or contract when purchase made.I am not sure which ownership type it is, I assume it is whatever the standard is for a joint 50/50 mortgage.
There can be a dispute over anything and everything. For example Party A doesn't pay the mortgage for a month Party B could frustrate the sale by insisting on being reimbursed for the month's mortgage cost. So my advice is that absolutely every payment is clearly split 50/50 and from day one. The other thing (and I know this is a bit contradictory) is that there are much bigger amounts at stake than over who paid for a toilet brush. A dispute over what to do can leave both of you worse off so try to bear this in mind.Is the issue with a dispute when selling or buying out only a factor of the period of time I wasn't paying the mortgage, say x months?
If you have advice to give, no harm in adding it now. Even if the OP here is sorted, it may help others who come looking for similar advice in the future.Hello. Maybe I am too late. I was in the same position. Are you still looking for an answer?
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