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Mortgage in both names

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Comments

  • Pixie5740
    Pixie5740 Posts: 14,515
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    Looking at one of the OP's previous threads this appears to be a NRAM interest only mortgage so no capital is being paid off. If it was a 100% LTV mortgage and was purchased in 2007 then there is probably very little equity for the OP to be getting his knickers in a twist about.

    There are benefits other than a slice of any equity for the ex. For example, not being subject to the additional SDLT should she buy again. Access to government schemes such as HTB and shared equity. Benefits that she might not be entitled to as a home owner. So it's quite possible the ex would be willing to forgo whatever equity might be in the property just to sever financial ties with the OP.
  • myotai
    myotai Posts: 102 Forumite
    boliston wrote: »
    you could say that you have had the usage of the property but the ex has had little usage - this would need to be considered as i expect the rental vale of the property could be as much as the mortgage payments

    Hi,

    Not sure I understand your point re the rental price - but yes you're right re the cost to rent in this area. Mortgage is £750 per month...would be that to rent it!
  • AdrianC
    AdrianC Posts: 42,189
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    She would never be entitled to 50% of the sale price of the property.
    She may be entitled to 50% of the equity in the property. You bought in 2007, before the crash, when 100%+ mortgages were given away in cornflakes. Depending on where the property is and how the value has changed in that time, that may be zero - or less - or it may be a very large amount of money.

    At the end of the day, it's all about how two mature grown adults negotiate with each other, and what agreement they come to between themselves. Go wading in with a bad attitude, and you're more likely to get her back up.
  • AdrianC
    AdrianC Posts: 42,189
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    myotai wrote: »
    I/we didn't 'buy' it...'we' still owe over £180k. Thats not bought!
    You bought it. You borrowed money to buy it, but you definitely bought it.
  • myotai
    myotai Posts: 102 Forumite
    AdrianC wrote: »
    You bought it. You borrowed money to buy it, but you definitely bought it.

    Interesting...but I can't sell it now!

    :rotfl:
  • myotai
    myotai Posts: 102 Forumite
    AdrianC wrote: »
    She would never be entitled to 50% of the sale price of the property.
    She may be entitled to 50% of the equity in the property. You bought in 2007, before the crash, when 100%+ mortgages were given away in cornflakes. Depending on where the property is and how the value has changed in that time, that may be zero - or less - or it may be a very large amount of money.

    At the end of the day, it's all about how two mature grown adults negotiate with each other, and what agreement they come to between themselves. Go wading in with a bad attitude, and you're more likely to get her back up.

    No bad attitude here I assure you. Just an abject disbelief thats all. I am aghast to be honest.

    Moral is this:-
    • Bag a bloke
    • Leave
    • Reap 50% of profit on property without lifting a finger!

    like I said....nice!
  • Pixie5740
    Pixie5740 Posts: 14,515
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    Are you being deliberately obtuse?

    I'm going to ask one last time, how much equity is in the property?
  • AdrianC
    AdrianC Posts: 42,189
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    myotai wrote: »
    Interesting...but I can't sell it now!

    :rotfl:
    The joint owners certainly can sell it.

    The joint owners are you and your ex, just the same as they were when you bought it.
  • marliepanda
    marliepanda Posts: 7,186 Forumite
    myotai wrote: »
    No bad attitude here I assure you. Just an abject disbelief thats all. I am aghast to be honest.

    Moral is this:-
    • Bag a bloke
    • Leave
    • Reap 50% of profit on property without lifting a finger!

    like I said....nice!


    Bag a bloke who is daft enough to let you own half a property despite according to him, having no income, causing him to pay all the mortgage.

    Not many out there! She got lucky.

    Why do you think she SHOULDNT be entitled to half of the equity in a property she owns? She owns it as well as you. Its not yours alone, its BOTH of yours. You did that, she didn't do it by herself.

    YOU can't sell it, as it doesn't belong to you, you BOTH could sell it as it belongs to you BOTH.
  • myotai
    myotai Posts: 102 Forumite
    Pixie5740 wrote: »
    Are you being deliberately obtuse?

    I'm going to ask one last time, how much equity is in the property?

    What a lovely manner you have - I am an EXTREMELY busy nurse and have limited time to reply.

    To answer your question, around 50k
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