please help am i entitled to profits on house sale

redhed101

Hello

I'm a complete newbie so apolgies if this has already been talked about but I have looked and couldn't find anything similar and would really appreciate some advice.

I've been with my boyfriend for 6 yrs and we bought a house together last Feb but we have just split up and so need to sell the house. BF put down deposit of £24k but my name is on the deeds of the house as well as his and we have a joint mortgage of which I have paid half since the beginning and we have also split all the household bills jointly. We had lived in rented accommodation previously and therefore had to buy all the furniture and washing machine when we got the house which I paid for. My question is and sorry if I sound like a gold digger but will i be entitled to any of the money after we sell the house? Or can BF take the £24k from the profits which will probably leave me with about £2k if that after repaying mortgage EA and solicitors fees?

Many thanks for your help

redhed101

Me_Myself_2

Seems reasonable to me. He put it in and has lost out on interest over this time.

adr0ck

if its not stated in any contract documents that he alone paid the 24k then yes you can be mrs mccartney no problem at all

F_T_Buyer

Your BF should be able to claim the deposit back, to be fair. Also, you should be able to claim the furniture back as you paid for it. All of this would be after costs of selling.

If you're are not happy with this, it's looks like you need to go to court to argue your case. But any judge would reasonably distribute the assets based on who paid what. But don't forget any other things you have paid.

The best thing to do is talk to your BF about it, and come to a reasonable solution.

Edit: Assuming you can prove you paid for the furniture, and your (ex) BF can prove he paid the deposit.

rchddap1

Wouldn't seem fair to me that he puts in £24k as a deposit, you put in no deposit....and then try to get your hands on some of that cash. After all the fees I'd allow the ex bf to take out the £24k, then split the remaining cash equally on the condition that you get the furniture (as you paid for it).

[Deleted User]

In my mind, your bf is entitled to the %age he put in back, not the 24K, so if your house sells for more than you paid, he should get his investment back. After that, split the money that's left and you should then get the furniture if you paid for it. Thats the fair way to do it.

irnbru_2

ringo_24601 wrote:

In my mind, your bf is entitled to the %age he put in back, not the 24K, so if your house sells for more than you paid, he should get his investment back. After that, split the money that's left and you should then get the furniture if you paid for it. Thats the fair way to do it.

Agreed, the ex-BF is entitled to a greater % of the profit due to the deposit. The OP is in a stronger position than most since their name is on the mortgage.

Regards the furniture, make sure you have proof of purchase so no comeback from the ex-BF.

You'll need to speak to your solicitor to draw up the paperwork for when the money arrives. Best to sit down with the ex-BF before seeing the lawyer and sort out what % goes to whom after all costs have been covered.

Good luck.

hazeyj

I dont think your a gold digger at all and would do the same and bear in mind that even tho your BF put down the deposit he may not have been able to pay the mortgage had it not been for your wages. Good luck

Gorgeous_George

The house is not owned 50/50 because your bf paid the deposit.

Profit = (SalePrice - SellingCosts - BuyingCosts) divided by CostPrice

Bf is entitled to £24K x (1+ Profit)

Remainder should be spilt 50/50

The furniture will have depreciated and you should expect bf to share this cost.

Do you have a mortgage tie-in or redemption penalty? If so, a small gain could turn to a loss quite quickly.

Until the house is sold you are both responsible for mortgage repayments and maintenance. Sell it quickly.



GG

star1_2

George is right ....

I went through a similar split and division of property .... and like your ex-BF put in considerably more of a deposit into the purchase than my ex. This was allowed for, after all deductions (agents selling fees, mortgage redeption costs etc), the remaining equity (profit in the estate), as divided accordingly).

Also as George mentions - you have a legal obligation to continue paying the mortgage - if you don't you risk substantialy reducing what you're entitied to at the time of settlement.

Really you must do the following :-

a) keep a diary of all events, the date you purchased the property and how it was funded, how bills and mortgage was funded from each of you (provide evidence of it). Prove how day-to-day utilities and food were paid for - proving what proportion of your respective incomes were paid into the place (and to keep it running).
b) Work out if you want to or can afford to "buy your ex out" from the property, if he can, or if the property must be sold for you to each get your settlement.
c) Write to your ex, and explain what you've decided aboove. (Don't make financial offers or talk figures, but ask him to suggest somthing), if you make mention of numbers - these could be refered to in a court - so be careful !
d) If you're unable to negoitate a "buy out" or mutually agreeing to sell the property - you may need to go to the court to get an "order of sale" that forces the sale of the property.
e) you would also be well advised at this state to get the property valued in writing by three local agents - as a "reference point" from the time you seperated.

I could go on wriitng loads more .... but that should get you started !!

ps - I've self-managed a number of legal matters and came out of them reasonably "Ok" without a huge solicitors bill, in less time .... I would strongly recommend you try the DIY approach (after seeking the appropriate advice and research), you can always involve a solicitor later if things get tricky ! or for an initial meeting to gain their prospective on your situation.

redhed101

Thanks very much for all your advice. I did think that BF would be entitled to deposit back as you say it is only fair but well a girl can hope and I was feeling in a particularily bad mood yesterday! Neither one of us is in a position to buy the other out and as I don't have a deposit to buy my own place I will have to flat share for awile so maybe BF could give me some money for the furniture as he will be buying his own place. We are both still living in the house and therefore paying the mortgage and bills. Let's hope we can sell quickly and move on. I was looking at the site yesterday and picked up good advice about dealing with estae agents and using the housenetworkco.uk site. There is an early payment redemption fee of £8k on the mortgage so need to make savings in any way we can.

Thanks again for your advice.