Advice on Selling with spiteful Ex-Partner

ModdedMotor

I own a mortgaged property, which has a joint-mortgage on it. I am approaching my 3-year period on my mortgage and am looking to move home.

I seperated from my ex-partner over 2 years ago. As such I have been living with my new partner for 2 years and together we have been paying the mortgage on the property.
The names on the mortgage are mine and my ex-partner. My ex-partner has had a £10,000 debt asigned to the equity on the house, and now that he knows I am planning to sell has demanded that what equity is left over he wants 50% of it. Can this be right?

I have 2 children (my ex-partners) who live with me full-time and my new partner who has been living with me for 2years now.

We estimate that the equity in the house is £30,000 (not including the £10,000 debt asigned to the equity for my ex). Also, my ex-partner took a lot of things of value when he left including a £6,500 car that was bought with the mortgage money, and other things. He also said previously that he wanted nothing more from the house, but now has changed his mind. We was told by a solicitor that even if we had that declaration in writing, it wouldn't be considered a legal statement.

My question is, is my ex-partner entitled to 50% of the equity that remains after the £10,000 debt has been taken off or not? Please also bear in mind that the £10,000 is in HIS name only and is not a joint-debt.

Any advice would be greatly appreciated. We was looking to move to a better location for a better life for our children, but with this news it is looking like we cannot afford to do that.

Richard_Webster

You are talking about a difference of £5,000 as as far as I can see.

He will presumably not sign a transfer deed to you and new partner unless he gets what he wants or is ordered to do so by the court. Getting a court order could cost nearly £5,000.

Radiantsoul

Richard_Webster wrote: »

You are talking about a difference of £5,000 as as far as I can see.

He will presumably not sign a transfer deed to you and new partner unless he gets what he wants or is ordered to do so by the court. Getting a court order could cost nearly £5,000.

It is £10k I think as I assume she is saying that he previously didn't want any of the equity and should stick to that. The equity is £20k and if he gets half she will only get £10k.

It strikes me the most equitable solution is for them both to have equal equity in the property and the loan to be repaid from his share. This leaves him with £5k and her with £15k. In addition any the capital contributions since he left should vest with her too. If I were the OP I would try and negotiate a split with him receiving around £5k and her £15k. Although as you say after costs it probably isn't worth going to court over...

pinkshoes

Why don't you agree with him to put the house on the market, and split any equity 50/50 when it's sold?

If this gets messy, it could cost you £1000s in solicitors fees. Losing out on £10k is nothing if it means a peaceful life and a clean break from your ex.

ps - you split with your ex 2 years ago, and your current partner moved in 2 years ago? That's not much of an overlap... perhaps your ex is bitter and suspicious you moved on so quickly?

poppysarah

It's only equity when you sell...
In todays market...

ModdedMotor

pinkshoes wrote: »

ps - you split with your ex 2 years ago, and your current partner moved in 2 years ago? That's not much of an overlap... perhaps your ex is bitter and suspicious you moved on so quickly?

It was a relationship that was over long before the 2yrs ago. It was 2yrs ago that someone came along. I know he is bitter, but he was unfortunately always like that lol.

mlz1413

Set yourself out two lists, the first: value of house less value of mortgage as at time of split and add underneath the things and values that ex took with him.

Second list current value of house and current mortgage value.

Compare them and make any notes needed so that you clearly have set out what values ex has already had and what is available now. Ignore what bills have been paid since he moved out as they are running costs and your ex hasn't been living there.

Can you then have a civil discussion with your ex in a netural enviroment? Or can a family member act as mediator between you both? You need to let your ex see the list and then arrange a meeting with him to discuss what each of you want from the house sale and for the future.

If he decides he wants £X and you don't agree then either you will have to stay in the house until the children are 18 or compromise.

Good luck its a hard situation to be in as it is so personal to all parties involved.