Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • HowieLO6
    • By HowieLO6 6th Oct 17, 12:39 PM
    • 9Posts
    • 0Thanks
    HowieLO6
    Property advice post-separation
    • #1
    • 6th Oct 17, 12:39 PM
    Property advice post-separation 6th Oct 17 at 12:39 PM
    One long-time reader, first-time poster here, and one who appreciates that this might not be the right forum for this, but I figured it was worth a try!

    To give a little context, I bought with my now-ex three years ago. The initial equity was around a 57/43% split in her favour, with her also being the bigger earner, and thus contributor to the mortgage. To date, she's paid c.22k and I've paid 11ks worth of mortgage. To add to that, the past year I've been back studying, so she has paid the entire mortgage, whilst I've been contributing c.£120 pm for certain bills. I've been paying said bills whilst living away from the flat since moving out in April.

    I'm not here to discuss why she couldnt resist her friend's brother (I know, but had to be clear that I'm trying to remain positive, etc), but I'm in a position where I need to know my legal rights with regards to whether or not I can insist that the property be sold, and what my rights are to any income from the flat, given my stake in it.

    With regards to my rights as to insisting the flat be sold, its (maybe) a little petty of me, I know, but I spent some serious time over the summer redecorating (at a time when I foolishly thought that we could work through her indiscretions), including rebuilding the kitchen for her, to give her some calm space in which to live. I've also handbuilt fitted kitchen and bathroom furniture, and I don't really want her to enjoy it with her new beau. So, despite her paying the mortgage this past year or so, can I refuse any attempt for her to buy me out and insist that it goes onto the open market?

    Regarding the income, I know she intends to rent out the second bedroom, so as to ease the mortgage burden. I've no problem with her wanting to do that, but given that I own a certain percentage of the property, am I entitled to any share of that?

    Obviously a bit of an odd subject to be discussing on this forum, but I'm not sure who else to ask. She is, I suspect, already well lawyered up, given her circle of City friends and family, but I'd like to know if I have any rights.
    Thanks all.
Page 1
    • pmlindyloo
    • By pmlindyloo 6th Oct 17, 1:12 PM
    • 10,900 Posts
    • 12,783 Thanks
    pmlindyloo
    • #2
    • 6th Oct 17, 1:12 PM
    • #2
    • 6th Oct 17, 1:12 PM
    How do you own the property? Joint tenants? Tenants in common - what split?

    Are both your names on the mortgage?
    • HowieLO6
    • By HowieLO6 6th Oct 17, 1:21 PM
    • 9 Posts
    • 0 Thanks
    HowieLO6
    • #3
    • 6th Oct 17, 1:21 PM
    • #3
    • 6th Oct 17, 1:21 PM
    How do you own the property? Joint tenants? Tenants in common - what split?

    Are both your names on the mortgage?
    Originally posted by pmlindyloo
    I'm not entirely sure if I'm honest; I'm the manual labourer, the chef, the cleaner, she's the accountant! I suspect its a TIC agreement, with her accounting for 57% of the initial equity.

    And yes, both names are on the mortgage.
    • Comms69
    • By Comms69 6th Oct 17, 1:23 PM
    • 1,227 Posts
    • 1,010 Thanks
    Comms69
    • #4
    • 6th Oct 17, 1:23 PM
    • #4
    • 6th Oct 17, 1:23 PM
    Check, if tenants in common, that would be the split. So you'd be entitled to 43% of the equity.
    • chesky
    • By chesky 6th Oct 17, 4:48 PM
    • 874 Posts
    • 1,257 Thanks
    chesky
    • #5
    • 6th Oct 17, 4:48 PM
    • #5
    • 6th Oct 17, 4:48 PM
    I don't see how you could insist on the house being sold on the open market, rather than her buying you out, if it was a reasonable offer based on a realistic valuation. If you tried to insist it might end up in court and you might then find not only the judgement going against you, but having to pay court costs. It would depend on what the court thought was a reasonable settlement.
    • FBaby
    • By FBaby 6th Oct 17, 6:56 PM
    • 16,116 Posts
    • 40,010 Thanks
    FBaby
    • #6
    • 6th Oct 17, 6:56 PM
    • #6
    • 6th Oct 17, 6:56 PM
    You can't expect rental income if you are not paying a penny towards the mortgage.

    You either agree to sale and come up with an agreement on who gets what if different to the initial equity split.

    Or she buys you out at a cost you've agreed (if she can afford it)

    Or you agree that you continue to pay a share of the mortgage and you get a share of the rental and if that share is equal to your share of the mortgage payment, it means that you are getting a free(ish) investment, although of course, this is only delaying the decision of what to do when you don't want to invest in it any longer.
    • Pixie5740
    • By Pixie5740 7th Oct 17, 8:51 AM
    • 11,196 Posts
    • 15,643 Thanks
    Pixie5740
    • #7
    • 7th Oct 17, 8:51 AM
    • #7
    • 7th Oct 17, 8:51 AM
    Ex what? Ex-wife? Ex-girlfriend? It does make a difference. I'm going to go on the assumption that she is an ex-girlfriend. If she can afford to buy you out then just let her buy you out so you can move on with your life.

    You can insist that the property is put on the open market to be sold but equally as a joint owner she can veto any sale. Then if it gets messy and goes to court it could well go in her favour because she offered to buy you out and you kept refusing meaning you could wind up with all the courts costs.

    If the whole flat were to be rented out then as a joint owner you may be entitled to some of the rental income but for her to get a lodger in you wouldn't be entitled to anything.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • barbiedoll
    • By barbiedoll 7th Oct 17, 9:52 AM
    • 4,797 Posts
    • 13,192 Thanks
    barbiedoll
    • #8
    • 7th Oct 17, 9:52 AM
    • #8
    • 7th Oct 17, 9:52 AM
    You should just take the path of least resistance here, make sure you get what is due to you and let her buy you out.

    I wouldn't worry too much about her enjoying the new kitchen etc, with "her new beau".....the new beau is now shacked up with a cheater, so just imagine him sitting in your splendiferous kitchen, wondering why she's "working late" yet again.

    I feel your pain, I really do, but sometimes you have to just let things go and not look back. Don't let her rip you off, but don't spend time and money trying to force an open market sale, you may well end up far worse off.
    "I may be many things but not being indiscreet isn't one of them"
    • Pixie5740
    • By Pixie5740 7th Oct 17, 11:25 AM
    • 11,196 Posts
    • 15,643 Thanks
    Pixie5740
    • #9
    • 7th Oct 17, 11:25 AM
    • #9
    • 7th Oct 17, 11:25 AM
    There's a duplicate thread on the House Buying, Selling and Renting board.

    http://forums.moneysavingexpert.com/showthread.php?t=5723329
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5,095Posts Today

9,462Users online

Martin's Twitter