OHbaby! Forums : Confused - need advice https://www.ohbaby.co.nz/forum/ Copyright (c) 2006-2013 Web Wiz Forums - All Rights Reserved. Thu, 09 Apr 2026 18:14:09 +0000 Mon, 02 Feb 2009 21:04:21 +0000 http://blogs.law.harvard.edu/tech/rss Web Wiz Forums 12.05 360 https://www.ohbaby.co.nz/forum/RSS_post_feed.asp?TID=24213 <![CDATA[OHbaby! Forums]]> https://www.ohbaby.co.nz/forum/forum_images/web_wiz_forums.png https://www.ohbaby.co.nz/forum/ <![CDATA[Confused - need advice : Man it took me awhile to get my...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=604202&title=confused-need-advice#604202 Author: pikelets
Subject: 24213
Posted: 02 February 2009 at 9:04pm

Man it took me awhile to get my head around.........linzy and lilfatty are right.   Pretty much he would get half the rent as we are buying half of his share.

Bummer really as 75% of the rent would be much better for us of course

We have a property agreement which we will get altered.

Thanks ladies for your replies. It was a real brainteaser! lol
]]> Mon, 02 Feb 2009 21:04:21 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=604202&title=confused-need-advice#604202 <![CDATA[Confused - need advice : 75:25. That way if you don&#039;t...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=604141&title=confused-need-advice#604141 Author: busymum
Subject: 24213
Posted: 02 February 2009 at 8:14pm

75:25. That way if you don't get tenants in for whatever reason, you cop it. On the other hand, if you rent it out for higher than hoped, you pocket it.]]> Mon, 02 Feb 2009 20:14:54 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=604141&title=confused-need-advice#604141 <![CDATA[Confused - need advice : I would have thought he would...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603670&title=confused-need-advice#603670 Author: lilfatty
Subject: 24213
Posted: 02 February 2009 at 11:17am

I would have thought he would get 50% .. as he owns the bottom and you own the top ..

So if you buy half of the bottom part then he owns half of it, so therefore gets 50% of the rent.



]]> Mon, 02 Feb 2009 11:17:40 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603670&title=confused-need-advice#603670 <![CDATA[Confused - need advice : I was going to say 75:25 too,...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603556&title=confused-need-advice#603556 Author: weegee
Subject: 24213
Posted: 02 February 2009 at 9:37am

I was going to say 75:25 too, but Linzy's post makes perfect sense to me too!

But I second getting legal advice - you at least want it in writing somehow that the shares in the property have changed. It might cost you $500 now but if you don't get the legal advice it could cost you tens of thousands down the line. (And the cost of the lawyer should be split between you and the BIL!)]]> Mon, 02 Feb 2009 09:37:32 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603556&title=confused-need-advice#603556 <![CDATA[Confused - need advice : lol i didn&#039;t make much sense!...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603550&title=confused-need-advice#603550 Author: blondy
Subject: 24213
Posted: 02 February 2009 at 9:30am

lol i didn't make much sense! i was meaning if you were trying to buy a 1/4 share from him, using only rent money, then it might be better to fix a value and pay that all off, then subsequent rent would be at a 75:25% ratio.

otherwise (if you were just giving him 25% of the rent money without any other payment), it's like you're saying you own 75% of the house but your BIL wouldn't have been given a 1/4 payment, so in theory would still own 50%.

sorry, not making much sense again! i was just thinking that if you didn't set a value on the 1/4 share, you could be paying him a portion of the rent forever (not counting the 25% he should receive long-term), rather than paying off the value of the 1/4 share.

if you were to buy him out of the 1/4 share first, then any rent should be split 75:25. ]]> Mon, 02 Feb 2009 09:30:56 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603550&title=confused-need-advice#603550 <![CDATA[Confused - need advice : you now own (or will own) 75%...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603538&title=confused-need-advice#603538 Author: mrshouse
Subject: 24213
Posted: 02 February 2009 at 9:14am

 you now own (or will own) 75% of the house.so he should only get 25% of any profit made from the house.....

]]> Mon, 02 Feb 2009 09:14:40 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603538&title=confused-need-advice#603538 <![CDATA[Confused - need advice : Star wrote:We have spoken to...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603521&title=confused-need-advice#603521 Author: clover
Subject: 24213
Posted: 02 February 2009 at 8:42am

Originally posted by Star Star wrote:

We have spoken to the bank but we would need 20% equity in the property as banks are only lending 80% now.

Sadly we do not have 20% equity.


There are still providers lending on less than 20%, just shop around.]]> Mon, 02 Feb 2009 08:42:44 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603521&title=confused-need-advice#603521 <![CDATA[Confused - need advice : If you need professional advice...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603364&title=confused-need-advice#603364 Author: myfullhouse
Subject: 24213
Posted: 01 February 2009 at 8:27pm

If you need professional advice then try Citizen's Advise, they weren't able to help me with a legal question but gave me the number for a free legal service.

Are you going to loan the money from the bank to buy the extra 1/4 share? If so then I would think that he would get 1/2 of the rent from downstairs. Currently you own it 50/50 so let's say for arguments sake you own upstairs and he owns downstairs. You are going to buy half of the downstairs off him and rent the whole of the downstairs out. As he still owns half of the downstairs he is entitled to half the rent you get from it. Well that's the way I see it.]]> Sun, 01 Feb 2009 20:27:37 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603364&title=confused-need-advice#603364 <![CDATA[Confused - need advice : Lawyers are expensive so trying...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603319&title=confused-need-advice#603319 Author: pikelets
Subject: 24213
Posted: 01 February 2009 at 7:58pm

Lawyers are expensive so trying to avoid that if at all possible.

blondy I dont quite understand what you mean. Are you thinking of rent to own?]]> Sun, 01 Feb 2009 19:58:21 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603319&title=confused-need-advice#603319 <![CDATA[Confused - need advice : i would have thought that if you...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603306&title=confused-need-advice#603306 Author: blondy
Subject: 24213
Posted: 01 February 2009 at 7:37pm

i would have thought that if you came to an agreed value for the extra 1/4 share, then you would pay your BIL all of the rent until that value is paid off?

may be best to talk to a lawyer! in my experience these family situations can get messy! ]]> Sun, 01 Feb 2009 19:37:16 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603306&title=confused-need-advice#603306 <![CDATA[Confused - need advice : Na he gets 25% coz thats his share....]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603300&title=confused-need-advice#603300 Author: jjands
Subject: 24213
Posted: 01 February 2009 at 7:32pm

Na he gets 25% coz thats his share. Or he could rent out downstairs and collect the full rent :) good luck]]> Sun, 01 Feb 2009 19:32:48 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603300&title=confused-need-advice#603300 <![CDATA[Confused - need advice : I agree 75:25 as that is how you...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603281&title=confused-need-advice#603281 Author: mummy_becks
Subject: 24213
Posted: 01 February 2009 at 7:10pm

I agree 75:25 as that is how you have the house split.

]]> Sun, 01 Feb 2009 19:10:54 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603281&title=confused-need-advice#603281 <![CDATA[Confused - need advice : We have spoken to the bank but...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603280&title=confused-need-advice#603280 Author: pikelets
Subject: 24213
Posted: 01 February 2009 at 7:08pm

We have spoken to the bank but we would need 20% equity in the property as banks are only lending 80% now.

Sadly we do not have 20% equity.]]> Sun, 01 Feb 2009 19:08:36 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603280&title=confused-need-advice#603280 <![CDATA[Confused - need advice : Sorry not sure but had to comment...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603278&title=confused-need-advice#603278 Author: nictoddie
Subject: 24213
Posted: 01 February 2009 at 7:05pm

Sorry not sure but had to comment as there have been views, you may be best to contact a lawyer for advise, Would it not be easier to try and buy his share have you talked to the bank??]]> Sun, 01 Feb 2009 19:05:55 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603278&title=confused-need-advice#603278 <![CDATA[Confused - need advice : I&#039;d split it 75:25 as that...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603277&title=confused-need-advice#603277 Author: fire_engine
Subject: 24213
Posted: 01 February 2009 at 7:04pm

I'd split it 75:25 as that is how the property will be split.]]> Sun, 01 Feb 2009 19:04:15 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603277&title=confused-need-advice#603277 <![CDATA[Confused - need advice : Hi ladies, DH and I own 1/2 share...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603268&title=confused-need-advice#603268 Author: pikelets
Subject: 24213
Posted: 01 February 2009 at 6:47pm

Hi ladies,

DH and I own 1/2 share in our house with DH brother. He owns the other half and he has decided to move out as doesn't want to live here anymore.   (Which we are looking forward to as soo hard to live with!).

Anyway, as house prices have dropped if we sell the house now and go our separate ways then we would all lose alot of money the time we take in the loss of what we paid for the house (which is min $25,000) plus real estate fees.

So we thought it would be a good idea to buy another 1/4 from him and rent out out a room to help us pay for it.    (he is downstairs with own bathroom, lounge, bedroom, we all share laundry,kitchen)

Therefore we would own 75% of the house and brother 25%.

Hope I haven't lost you so far   

So what I am confused about is.........if we rent out downstairs:

Do we give him 25% of the rent because he now only owns 25% of the house

or

50% of the rent because we have bought half of his share which will now be rented out.

DH and I have different opinions so wondered what your thoughts are.

Thanks ]]> Sun, 01 Feb 2009 18:47:21 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=24213&PID=603268&title=confused-need-advice#603268