Muristek
We originally divided it to reflect our uneven deposits, but now I’ve paid to renovate a bathroom
Q In May 2018, I bought a property with a friend. His deposit was larger than mine although we split the mortgage equally. In the deed of trust that we signed we agreed a breakdown of ownership between us of 56% (him) and 44% (me) to reflect the uneven deposits.A year ago we had a bathroom renovation which I paid for with the agreement that we would change the percentage of ownership. Now that it’s complete we can’t work out a fair way to calculate what the new breakdown should be. Can you help?AB
A I don’t think I can because I don’t think that paying for a bathroom renovation changes the ownership breakdown. If you had paid for an extension to be built or had a loft conversion done, it would make a difference. According to Andrew Boast, the co-founder of the house-moving experts SAM Conveyancing, “more living space, more value”. “Replacing a kitchen or bathroom,” says Boast, “doesn’t increase current market value” but it does improve saleability of a property and increases the chances that “full asking price is achieved”.
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