Yet another potential breakup thread

Debt_Free_Chick

My understanding is that if it states nothing else, then the property is held 50/50 as Joint Tenants. In other words, if it were held as TIC and/or in unequal shares, that would be stated. So ... if nothing, it's 50/50 as Joint Tenants.

Rosie1970

Another question because i am not sure if i have got this right, what would he be entitled to, half the equity left over after the mortgage is paid off? or half the total value of the house?

cheers

vaio

Rosie1970 wrote: »

Another question because i am not sure if i have got this right, what would he be entitled to, half the equity left over after the mortgage is paid off? or half the total value of the house?

cheers

Half the equity with maybe a bit more because he paid a bigger share of the deposit.

So, assuming a current price of £124k, knock off the mortgage of £84k leaves £40k equity so £20k for him.

Getting a current valuation is your next port of call, remember that in a falling market EAs will be desperately trying to talk the market up so you might end up with an inflated value.

A mate was in this position back in the early nineties, they had a valuation of say £100k and his Mrs wanted her share based on this. He actually put it on the market and they were getting offers £85 & £90k. What he did was got agreement to sell at the best offer by the end of the month, this was £90k and then he just topped it so effectively paid £91k.

Might be worth waiting a while, prices are still falling

Rosie1970

Is work carried out on the house counted? I have done the vast majority of the heavy work in the house i.e. tiled bathroom floor to ceiling, tiled kitchen floor, tiled conservatory floor layed carpet in dining room all on my own etc etc, does anything like that count towards who is entitled to what?

vaio

Rosie1970 wrote: »

Is work carried out on the house counted? I have done the vast majority of the heavy work in the house i.e. tiled bathroom floor to ceiling, tiled kitchen floor, tiled conservatory floor laid carpet in dining room all on my own etc etc, does anything like that count towards who is entitled to what?

If it gets to the nasty legal stage then it might be worth throwing into the pot, but it’s very hard to put an increase in value to things like this and maybe looks like petty bickering.

If you are agreeing the split amicably face to face then by all means use it but how much does a tiled floor add to the value? Often things like this are replaced by the new owner because they don’t like lime green floors (or whatever)

Rosie1970

It is not so much the value of the floor it is the physical work carried out on the house by myself.

vaio

Rosie1970 wrote: »

It is not so much the value of the floor it is the physical work carried out on the house by myself.

Yep, but how do you propose to translate thet into £?

Rosie1970

Yea yea I know it's just desperation of a person who will have to hand over half of the only thing she owns in the world plus all the furniture to someone who can go and buy another house with no problem at all for the SECOND time in my life. I will effectively be without a home, there is nothing on the market here for less than 100k, nothing at all, not even a flat, if i move i loose my job. I am in panic mode now thats all

vaio

Don’t see where the furniture comes into it...... That does go on a who paid for it basis.

TBH it doesn’t look that bad, you can afford to take over the mortgage by yourself, the only problem is paying him the 10 or 20k for his share and in a falling market that share is getting smaller every day, sit tight for another year and he’ll probably have to pay you to take it off him.

Rosie1970

Wish I could be that optomistic
He bought most of the furniture so that would be going too.
I can not even apply for an account with a debit card, i have a basic cash point account with no overdraft.
The very maximum I could borrow on my wages would be 85k and that is based on someone with an excellent credit history according to an online calculator. It is more and more dawning on my that it cant be done, a 10 or 20k loan may not be much to some but on top of a maximum mortgage I can't see it happening especially in the current climate.