Seperation - Equity Split - 2 Kids

daniel_owen_uk

My partner split from her ex 2 years ago, they had been living in a jointly owned property for 5 years, during which period they had two children (now 3 and 5 years old). As far as I am aware they are joint tenants not tenants in common (believe this could be relevant).

The house is worth approximately 100k and the mortgage on the propery is around 90k

They have 2 joint bank accounts both with £500 overdrafts (at their limit) and a loan with a balance of £1700.

My partner has been making the mortgage payments, loan payments and interest payments on the bank accounts for the past 2 years.

1. I am wanting to know what the law states in terms of the equity split regarding the house. Is her ex entitled to 50/50 split in the house despite him not paying anything towards the mortgage for the past 2 years and her having two children live with her for over 95% of the time.

2. Is her ex liable to pay just the balance of the loan? Or is his liable for the payments he has not made.

3. Similar question with the interest on the bank accounts, is his liable for just 50% of the balance or does have have to pay half of the interest that has been paid by my partner.

Thanks in advance

RAS

Hi

Can't answer on the house but the situation on the accounts depends on who owns them. If they are joint accounts then both partners are fully liable for the whole amount (what is called jointly and severally liable).

She really would be best to get her own separate bank account intro which she pays everything and to ask the banks to ensure that any further withdrawals from either bank account are authorised by both signatories. Other wise she can clear the OD and he can run it up again and she is liable.

galvanizersbaby

daniel_owen_uk wrote: »

My partner split from her ex 2 years ago, they had been living in a jointly owned property for 5 years, during which period they had two children (now 3 and 5 years old). As far as I am aware they are joint tenants not tenants in common (believe this could be relevant).

The house is worth approximately 100k and the mortgage on the propery is around 90k

They have 2 joint bank accounts both with £500 overdrafts (at their limit) and a loan with a balance of £1700.

My partner has been making the mortgage payments, loan payments and interest payments on the bank accounts for the past 2 years.

1. I am wanting to know what the law states in terms of the equity split regarding the house. Is her ex entitled to 50/50 split in the house despite him not paying anything towards the mortgage for the past 2 years and her having two children live with her for over 95% of the time.

2. Is her ex liable to pay just the balance of the loan? Or is his liable for the payments he has not made.

3. Similar question with the interest on the bank accounts, is his liable for just 50% of the balance or does have have to pay half of the interest that has been paid by my partner.

Thanks in advance

Hi
Hopefully somebody will be along with more info for you soon but I believe if they are joint tenants the ex probably would be entitled to 50/50 re the house legally but if he hasn't been contributing to the mortgage payments (and she has proof she has been paying) it is unlikely he would get 50/50 - taking the children in to account also a settlement figure re the house may be a lot less.
I would second the advice re getting herself her own bank account asap

tanith

It almost certainly won't be 50/50 split as the children will come into the equation , whoever has them most of the time will have to be left with enough to adequately home them , our equity split was 33/66 roughly two thirds to the parent with the children one third to the other parent.. even though that parent still had to provide a suitable home for the time they spent with them..

MrsTinks

daniel_owen_uk wrote: »

My partner split from her ex 2 years ago, they had been living in a jointly owned property for 5 years, during which period they had two children (now 3 and 5 years old). As far as I am aware they are joint tenants not tenants in common (believe this could be relevant).

The house is worth approximately 100k and the mortgage on the propery is around 90k

They have 2 joint bank accounts both with £500 overdrafts (at their limit) and a loan with a balance of £1700.

My partner has been making the mortgage payments, loan payments and interest payments on the bank accounts for the past 2 years.

1. I am wanting to know what the law states in terms of the equity split regarding the house. Is her ex entitled to 50/50 split in the house despite him not paying anything towards the mortgage for the past 2 years and her having two children live with her for over 95% of the time.

2. Is her ex liable to pay just the balance of the loan? Or is his liable for the payments he has not made.

3. Similar question with the interest on the bank accounts, is his liable for just 50% of the balance or does have have to pay half of the interest that has been paid by my partner.

Thanks in advance

Assuming we're talking a split and not a divorce (very different things!) of a married couple?
2 - If the loan is in both names then BOTH are liable - ie if she stops paying it then both of them will have their credit files marked and both can be jointly or singularly chased for the debt - the creditors and their goons usually go for whoever they think is more likely to cough up...
3 - ditto

ANYTHING in joint names will be the same thing - if anything is in just one name then it is only the person who's name it's in that is liable...

as for 1 - get him off the mortgage asap! Especially now whilst the property price is likely to be lower than when they bought it with the market doing badly... chances are there are less equity than she thinks...

MrsTinks

Oh and as for the kids then he has a duty to help provide for them, I take it he hasn't? Has she gone through the official channels to get him to pay maintenance?

daniel_owen_uk

Bank account is already sorted, she has her own person current account and there is a freeze on the joint accounts, she is only putting in the interest (so no money to remove anyway).

It's a co-habitting seperation not a divorce.

Am I right in think that if he is jointly liable to pay a loan and she has been paying it for x amount of time, he may have to pay the remainder (assuming it's less than she has already paid).

One more question he has been to see a solictor (we went but only had a brief consultation), the next course of action will be to get 3 independent valutions on the property, does she have to pay for them?

He has been paying maintenance during this period.

Oldernotwiser

If it's a joint loan then they're both equally liable and the lender will come after both of them if it isn't paid.

You don't have to pay anything for a property valuation, but from what you say, there doesn't actually sound as though there's much equity to divide when you allow for legal costs and EA's fees.

MrsTinks

daniel_owen_uk wrote: »

Am I right in think that if he is jointly liable to pay a loan and she has been paying it for x amount of time, he may have to pay the remainder (assuming it's less than she has already paid). No you're not. Morally yes, but legally no. They are still BOTH legally liable for the remainder of the debt.

One more question he has been to see a solictor (we went but only had a brief consultation), the next course of action will be to get 3 independent valutions on the property, does she have to pay for them? Depends... who are you planning on getting to do them? Estate agents do them for free unless a lot has changed recently If you have to get ones you pay for then I would have thought the cost should be deducted from any equity so say there is £5000 equity - you pay £200 for the valuations then splitting both by 50% would leave £2400 for each and ultimately £2400 would be a fair price to buy out the ex... He may or may not agree to that btw... he could in theory demand whatever he wants to sell his share if he wanted to be difficult...

He has been paying maintenance during this period.

Ultimately you need to go back to the solicitor and get a proper session with advice on what he should and shouldn't get... it would actually have been easier if they'd been married as any joint debt would have been decided on by a judge...

daniel_owen_uk

Would have been easier if they never bothered in the first place

We are expecting a letter from his solicitor so will probably have to get one anyway.

My partner is part time employed but unfortunately earns too much to get legal aid, what likely to be the damage for a session with a solicitor?

daniel_owen_uk

Had an interesting one today, one of the joint bank accounts with a £500 overdraft limit, has had my partners name removed! Surely this is not the cleverest move by her ex as it means he is liable for the whole of this debt?

Why would he do that?