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Equity/Property ownership shares

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  • Equity/Property ownership shares

    Hi everyone,

    My partner and I have made an offer on an apartment and are now in the process of waiting for the mortgage survey to be carried out and going through all our financial arrangements.

    As my income is considerably lower than my partner's income -We have agreed as follows:

    My partner pays 75% of deposit
    I pay 25% of deposit

    My partner pays 75% of of mortgage repayments
    I pay 25% of mortgage repayments

    All other fees and bills we split 50/50

    My partner owns 75% of the property/equity
    I own 25% of the property/equity

    However:
    Someone has suggested that we should pay the mortgage repayments 50/50 - my partner has asked me if I would consider this.

    Though I am on a lower income than my partner I don't mind this arrangement but feel that my share of the equity should increase proportionately if I pay 50% of the mortgage repayments?

    Am I correct in thinking this?

    FYI The mortgage is a repayment mortgage.

    Also whatever we decide is this something that we get drawn up with the solicitor handling the conveyancing arrangements?

    All advice is most appreciated.
    Many Thanks Justine

  • #2
    Re: Equity/Property ownership shares

    I think you'll need proper legal advice. The solicitor handling your purchase should be able to help you.

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