Tenants in Common minimum percentage.

[PSidders]

My partner and I have been living together for 6 months, and intend to buy a house together in another 6 months time. My partner is separated, but not divorced. He has been separated for 18 months.

I am contributing a £50,000 deposit to the mortgage, and he will not be contributing anything.

He and his estranged wife have 2 houses between them of very similar value. She lives in one and has the mortgage in her name. He was living in the other which has a mortgage in his name. They intend this to remain the same in their financial split. He left his house 6 months ago, and it now stands empty while awaiting sale. He pays the mortgage for this property, which we hope he will sell by the time we buy a house.

The only reason we want to get a mortgage together is so that we may borrow a larger amount, otherwise we would be happier to do the easier option of me getting a mortgage on my own. To protect my large deposit and to prevent his estranged wife having any claim on his ‘share’ of the property we intend to get a mortgage as tenants-in-common.

As tenants-in-common we want to split up the value of the property so that we own unequal shares. For example would we be able to get a mortgage as tenants-in-common but with my share of the value of the property as 98%? And if so would this effect the amount we can borrow as a couple?

We are keen to do this so that his wife, if she chose to do so, would only be able to claim 2% (or the minimum possible) of the property value. Or would it only be 2% of the properties equity that she could claim?


As Tennants in Common is there a minumum defined percentage our unequal share of the property can be set at? and will this protect us?

[Lee Young]

You could go 99/1 but this would not change what his wife could claim against. Essentially she could claim against anythihng that is his - the reality maybe an 80/20 split for example and calling it a 98/2 split doesnt change that. I am not a divorce lawyer so you should check with a divorce lawyer just in case doing this (from a divorce point of view) makes no sense. Best advice is to get the financial arrangements of the divorce sorted before you take the next step.