Domestic Nightmare finance dilemma!!!

HelpWhereIcan

lotto-dreamer wrote: »

Just a word of caution -having seen a similar scenario at work recently - one of the couple ran up substantial debts so that a creditor took out a charging order against the property. The creditor would not give permission to discharge the additional charge over the property (which held up exchange of contracts) until the undertaking was forthcoming. The split therefore was not 50/50 and the bulk of the equity went to settle the debt of the one partner who actually had contributed the least.

Agree with the majority of your post, but have to add that, afaik, the fact that property is owned as tenants in common rather than joint tenants will mean that any lender would only be able to secure a charge against the partner's 50% share rather than the whole house. Add the fact that they are not married and things may be better on this aspect than it might appear.

As has already been said, take steps to dis-associate yourself from your ex financially. Cut her off financially close all joint accounts and consider adding a notice of disassociation to your credit file.

As expensive at it may appear at first, the best option is to get a solicitor involved as it could save money in the long run.

I have a customer/friend who was in a remarkably similar position and (against my advice and that of the remortgage solicitor who did the transfer of equity) decided to DIY a private agreement "to keep things amicable."

Not only did he end up giving her all she wanted to buy her out of the equity she did not contribute to, he also ended up having to settle some joint debts that they had agreed she would pay from her share. She has now returned a year later and is accusing him of ripping her off (I know the figures involved so know he did not) and threatening him with all sorts of action if he does not cough up another £20k because she believes he deliberately undervalued the house as part of the remortgage.

Whether she will be legally able to do anything or not, it still adds to the hassle and stress and he is having to employ a solicitor now just to check out what the position is.

It will be tempting to see solicitors as an unneccesary expense but they offer a lot of security in this kind of situation.

Good Luck

Generali

HelpWhereIcan wrote: »

It will be tempting to see solicitors as an unneccesary expense but they offer a lot of security in this kind of situation.

Better to hate paying the lawyers when you get the bill than to regret not getting them each time you open your bank statement!

jayoh

I agree with most people here: I would aim to sell up, split the profits and start a new life where she has no claim over anything of yours.

Incidentally, she has no claim over anything other than the house you share anyway so on this score you have been very forgiving! If she doesn't want you she can't want what you have either!!

As others have said, make a note of how many months you have solely been paying the mortgage and go to a good family solicitor