HELP! ex turning nasty over house sale

g0009348

Hi,

I have recently split up with my partner and moved out of the house we brought together. I have said if she can afford to buy out my share of the house and I get my deposit back and some money towards furniture I have no problem in selling as the quicker i can move on with my life the better.

our deposit was 42k

14k mine
14k hers
15k bank of mom and dad (which we have been paying off over time).

So in order to buy me out I have said i would want my 14k back, plus the balance of the outstanding for my mom and dad i.e

14k+ 15K(less money payed back already which is about 2k) so i want 27K

She has said is it completely wrong and she shouldn't be lumbered paying of my debt to my mom and dad but will give her part back, so she wants to give me

14K+ 6.5k = 20.5K and then i should give my mom and dad the extra 6.5K out of my deposit leaving me 7.5k

I have tried to explain to her that that would still leave my mom and dad with equity in the house, to which i get a mouthful of abuse and more legal talk she has obviously picked up from a solicitor.

I hope my above explanation is clear enough as I am beginning to doubt myself over what I am asking, I thought I was being reasonable however the treatment I am receiving from her suggests she is correct however it just doesn't add up for me.

Can anybody recommend a good lawyer in the midlands area as I think I may need to get somebody acting on my behalf.

Thanks for you help.

poppysarah

What does the paperwork for your bank of M&D loan say? Is there any?

Mallotum_X

What was the house worth when you bought, whats it worth now?
Was anything drawn up at the time?

You will need to see a solicitor to get things sorted out properly.

If shes happy to talk to do a deal then keep the two loans seperate. Between you you both owe your parents 15k, she seems happy to repay her half, so thats step one. Get that in writing if you can.

Then with that aside whats the house worth, you own half, whats half of it now? from that half you would have half the mortgage, which may or may not give you enough for your deposit and your share of the loan form your parents.

Can she afford the mortgage on her own, if she is unable to raise a mortgage to buy you out then you could be stuck, with the easiest solution to sell onto a third party.

But really you should consider getting legal help.

johnbusby

My thoughts are that your ex is right. For simplicity think of it as your parents loaned you both 7.5k each then surely it is only fair that she would pay 'her part of the loan back', otherwise she would also be covering your liability

Edit: Of course this assumes that the house is still worth what you paid for it (unlikely?) in which case you are also going to have to take a hit on the lost equity

Beckyy

From my point of view it would depend on how your Mum and Dad agreed to lend the money. Was the loan 'offcial' with paperwork and their names on the deeds of the house? If not, then they won't have any equity in the house at all - they will just be owed money on a personal basis.

If that how it was done, then it does sound like the remaining loan should be split £6.5K each, because it was to both of you and everything else has been split jointly.

puddy

how will your mum and dad still have equity in the house? are they on the deeds?

theartfullodger

In these circumstances (as with all other property sales..) it's down to negotiation and arriving at a price BOTH parties are happy with. You can't force her to sell - not any any price..

Negotiate: If relationships are so bad maybe ask a neutral friend to act as a communication channel??

btw I think ex is right..

adouglasmhor

I think the ex is wrong, she keeps the house so she returns the deposit less her contribution and what has been paid back already.

xyellowx

op you need to put some figures up what you paid for property/value now if you have only paid 2k off the mortgage at a guess i would say its a more than fair offer as the property value may be a lot less now than when you purchased it

adouglasmhor

xyellowx wrote: »

op you need to put some figures up what you paid for property/value now if you have only paid 2k off the mortgage at a guess i would say its a more than fair offer as the property value may be a lot less now than when you purchased it

It was 2k of the deposit money from his mum and dad not off the mortgage.

g0009348

no nothing is is writting I would hope morals and principles would prevail - maybe they are famous last words........

I am not asking her to pay my part of the loan, all i am asking is that as the deposit is paid up of my money 33%, hers 33% and my parents 33%, in order to buy me and my parents out we would need 66% ish back. I would not expect initial value amounts if the house has decreased. I would be flexible on this, the house is only worth what it is worth. if i am only given 33% back, then have to pay half of my parents 33% this would only leave me with literally half the amount i put in.