Tenants in common splitting up
Rosie1989
Posts: 15 Forumite
Im so confused right now and in a mess. Initially I bought our house and put down the £20,000 deposit as my ex had no savings. He contributed to the mortgage payments, until 2 years ago he wanted to be added to the mortgage, so I got a trust deed done at the solicitors to protect my deposit.
We've split up on holiday and I've flown home, he's still there enjoying himself, he says he wants to get a new mortgage and pay me out my deposit and equity and take on the house, i.e. This possible? He has no savings right now. I work near the house and have to work my 4 weeks notice, my plan is to move back home to my family (an hour and a half journey by car) I don't know what to do but I feel like he ill try and screw me over with the money
We've split up on holiday and I've flown home, he's still there enjoying himself, he says he wants to get a new mortgage and pay me out my deposit and equity and take on the house, i.e. This possible? He has no savings right now. I work near the house and have to work my 4 weeks notice, my plan is to move back home to my family (an hour and a half journey by car) I don't know what to do but I feel like he ill try and screw me over with the money
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so I got a trust deed done at the solicitors to protect my deposit.
What does that say about splitting the equity.
to work out something equitable that also complies with the trust deed will need the time line and numbers.
eg.
start £20k deposit(what about the other costs) mortgage £X
how was the mortgage payment split?
any overpayments
any refurb work etc.
2 years ago when he got put on the mortgage did anything change like payment split.
if there were changes value of property and outstanding mortgage at that time
value of property now
outstanding mortgage now.
type of mortgage rate and term any ERC
estimate of his income and credit to see if a buyout is viable.0 -
The mortgage payments between us aren't much £350 a month, he could afford it on his own on his wage, he gets paid well, but I don't know whether he could afford to borrow more to pay me my £20,000 and my share of the house. I bought the house for £93,000 in 2012, it's been valued recently at £150-160k we've spent the last 5 years doing it up together and each paying equally to do it up, although he does still owe me £800 for some gates we had fitted that he couldn't afford at the time. The monthly payments have always stayed the same since we bought it, and he's paid half the monthly payment since we bought it. In 2015 I decided to add him on seeing as it was only fair as he was paying the monthly payments, but I had the deed of trust drafted at that point.0
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There's no over payments and the outstanding mortgage is £72,000 he earns about £30,000 per annum, I earn less than him at £24,000 but I would need to leave my job and get another job when I move back home to my family0
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what does the trust deed say?0
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It says that I put the £20,000 deposit in myself and if we split I would get it back0
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summary.
Purchase £93k (how/who paid the fees?)
you £20k Mortgage £73k paid 50:50
now house worth £150k-£160k outstanding mortgage £72k
That's seems high for 5 years what rate/term?
eg £73k 3.1% 25y is £350pm after 5y £69k
There are 2 basic options.
as the deed says you get your money back first we go with that
(the other way is it bought £20k of the house)
get the deposit back and split 50:50
(£150k - £72k)=£78k, you get £20k + £58k/2 = £49k + up to £5k more if worth £160k
He needs a new mortgage £121k-£126k a 4.1ish multiple on £30k
That's the starting point you can adjust for not paying selling fees etc.
plenty of threads that have argued that part, have a search to see what the various opinions are.0 -
He's putting his preferred option to you, and whether it will be possible to do that will depend on affordability re mortgage lender. It might be possible, and it's looking very tight. He needs to see a broker. Since you wisely had a clear deed of trust drawn up he can't screw you out of any money. But he can make it difficult if he can't get a mortgage or raise sufficient funds elsewhere to buy you out and drags his feet on selling the property. Hopefully, it won't come to that.0
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So we've had 3 valuations, one said they would put it on at 160k and expect to sell for around 155k upwards, one said they would put on for 157k and the other said 155k and expect to get 150k, months ago another estate agent said she would put on for 160k. He's trying to book valuations without me and trying to pick fault in the house saying things don't work and there's damp etc, which there isn't! Hence the lower valuation today. He is saying he can't afford to buy me out for more that 145k, which doesn't seem fair to me! He's also said that I won't get any of the white goods as they are including in the kitchen and house sale, so he gets the keep the double fridge freezer, double ovens, washer, dryer, dishwasher, induction hob, pop up extractor (that alone cost £1200) it just seems like he's trying to rip me off, we've paid half each for all the goods in the house, apart from the front gates which he still owes me £750 which he said I won't get back. I don't know what to do! If I get solicitors involved it could get expensive, but I'm worried he's trying to rob me. Please help! By the way he earns 28k basic salary not including his bonus, he will have about 2k left to pay on the kitchen finance when I leave the house, and his car finance which is about 2 grand owing, surely he can afford a mortgage for 155k?0
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Could call him out,
He says £145k you say £150k on the same terms and you get to buy him out and keep any profit on the sale.0 -
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