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History: Home UK Divorce Forum
Topic:
Divorce - 3 people on house tenancy agreement - rights? (2 Posts)
Started By:
Date:
06 January, 2017 12:26PM
Divorce - 3 people on house tenancy agreement - rights?
Ricky - 06 January, 2017 12:26PM
Hi there, this is my first post on the forum.

I'm getting divorced from my wife of 4.5 years (we have been together since 2008). Divorce is her decision and i have come to terms with it and now happy to move on.

Im in full time employment and my wife has her own very small business which she runs from home (i earn about 8 times what she does).

We purchased our house in 2014. As my wife wasnt employed at the time, and therefore showed no earning, although my salary is pretty good, we couldn't have got mortgage approval for the value of house we wanted (£500K). So we included my brother to use his salary to get the mortgage into the property purchase. I could easily afford the mortgage payments myself and we knew my wife would be restarting her home business in the coming months. We have no kids, or no other investments/properties, just this house.

To date, i have paid every single monthly mortgage payment myself (£1,500/month), and my wife pays for utilities (about £400/month). We have been separated for 5 months, i moved out, and i have continued to pay for the mortgage till date.

The deposit was £125K, of which i put in £80K and my wife £45K. Our conveyancing lawyer discussed the agreement with us and we put myself and my wife as 49% each, and my brother as 2% on the agreement.

What id like to know is that what entitlement does my brother have to the property sale proceeds. Is it 2% or an equal third?

My plan and aim is to reach an amicable agreement with my wife, where we sell the house and from the proceeds we take our original deposits back, and then half equally the amount that is left (the house has gone up in value by about £150K and i have paid off about £25K of the mortgage). Im hoping she will agree to this way of splitting the house sale funds.

However on the chance that she does not, id like to know if my brothers name on the property ownership holds any weight at all - hopefully it doesn't need to come to this, but would be good to know.

Many thanks in advance for any advice.



Edited 1 time(s). Last edit at 06/01/2017 03:44PM by Ricky.
Re: Divorce - 3 people on house tenancy agreement - rights?
davidterry - 06 January, 2017 05:34PM
>>What id like to know is that what entitlement does my brother have to the property sale proceeds. Is it 2% or an equal third?

Probably nothing. He did not contribute to the deposit or the mortgage payments. His interest is nil or negligible.
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