Ohio
Sally lives in a rented flat and so does Jon. Jon decides he wants to buy a house for them to live in and asks Sally if she would join him on the mortgage to enable him to acquire the loan. Sally agrees. But does not put any finance into the deal.
Sally does not move in. Sally decides to buy her own house. Sally is now unable to secure a loan with the usual ten percent deposit due to it now being her second mortgage. The loan now requires a fifteen percent deposit. Jon agrees to join Sally on the mortgage and put ten thousand pounds into the deal.
They now decide to sell both houses.
Is Jon entitled to any of the financial growth on the second house?.
Is Sally entitled to any of the financial growth on the first house?.
I would be interested to know peoples thoughts on this ...... Thanks!
Sally lives in a rented flat and so does Jon. Jon decides he wants to buy a house for them to live in and asks Sally if she would join him on the mortgage to enable him to acquire the loan. Sally agrees. But does not put any finance into the deal.
Sally does not move in. Sally decides to buy her own house. Sally is now unable to secure a loan with the usual ten percent deposit due to it now being her second mortgage. The loan now requires a fifteen percent deposit. Jon agrees to join Sally on the mortgage and put ten thousand pounds into the deal.
They now decide to sell both houses.
Is Jon entitled to any of the financial growth on the second house?.
Is Sally entitled to any of the financial growth on the first house?.
I would be interested to know peoples thoughts on this ...... Thanks!
Last edited: