Hi. I purchased a property with my former partner (approximately 6 months ago) and have just now become aware that he made the ownership Tenants in Common instead of Joint Tenants and made the percentage split 90% to him and 10% to me. The mortgage is in both of our names, but it is paid by me as he does not work. How can I fix this issue?
Vasectomy? You signed the mortgage & contract of sale, so you agreed that was the nature of the deal.
You will need to check with a lawyer, I'm afraid it is a legal question. I'd assume that it will end up being 50/50 at the end of the day but don't quote me on that as I'm making a guess
Depends on date of seperation..... The earlier the better for you, as you can claim back your contributions "after" seperation. Prior to seperation you may need to wear the loss. After seperation it will look like you are meeting the mortgage while he is not paying anything ! Hope you have notified the bank that this is in dispute and no redraw or refinance is to be done, and you now have seperate bank accounts ....
Wouldn't you just fix it as part of your overall division of relationship assets? Why would you need to do anything special just for this?
What exactly do you want to fix - to change it to 50-50? Where’s the property located? Assuming you both still want to keep the property, as you both are no longer together if you want to change this you may have to pay stamp duty for the additional 40% you are getting and your ex-partner would have to pay CGT on any gain. If you are selling I guess you and the ex-partner can agree to split the profits 50-50. Go speak to your property lawyer.
Fix in what sense? Was it a mistake? if so you might be able to transfer title to fix the mistake without duty being incurred. Are you wanting a greater share of the property in a family law property settlement? If so changing it now probably won't matter. Why would you assume that?
As I said, I’m no lawyer and just guessing. My understanding is that under the family law, even properties under a trust can get split between parties so maybe here is the same.
