HELP! ex turning nasty over house sale

SouthCoast

Is the money from the parents documented as a loan or a gift?

g0009348

it was not documented, the only proof would be the transfer from her bank to mine to the shared account. I no this is far from ideal and never again will this happen. I am usually quite careful with money and things but just got caught up in the excitement of buying a house and didn't think it would end up how it has.

SouthCoast

g0009348 wrote: »

it was not documented, the only proof would be the transfer from her bank to mine to the shared account. I no this is far from ideal and never again will this happen. I am usually quite careful with money and things but just got caught up in the excitement of buying a house and didn't think it would end up how it has.

What did you put on your mortgage application form under source of deposit?

Gift from parents or loan from parents?

xyellowx

op -if ex takes legal advice i would of thought she would be told to go down the path of the 15k off your parents was a gift and now you split up they want it back
might be best you try and sort the figures out yourselves even if you do think the deal favours her

g0009348

cant remember exactly, i would think personal savings tho

sonastin

DVardysShadow wrote: »

There are 2 ways to do this correctly

• Pay parents back in full and then split the remainder equally
• Split the whole lot back equally and each pay back half the loan.

What she is doing effectively, is a hybrid of these 2 possibilities.

^^This is what I was going to say.

Assuming house is worth 167k, mortgage is 124k, loan amount is 13k...

Either
parents get 13k from her and you get 15k (167-124-13 = 30k left to share)
or
parents get 6.5k from her and you get 21.5k (167-124 = 43k left to share). You pay your parents 6.5k from your 21.5k (if they want it back).

angelsmomma

The money to your parents should come out of the house first. After that your deposit and hers.

The problem is she would need to get a mortgage to cover all this eg £124000 plus £13000 to your parents plus £14000 to you. Total mortgage required £151000.

Even if the House is valued at the £167000 you paid that only leaves £15000 as a deposit for the remortgage, I doubt the bank will give a mortgage of £151000 with only a £15000 deposit.

Also does your ex earn enough to even get a mortgage for those kind of figures on her own.

Blacksheep1979

Ok for all of you saying she only owes 6.5k on the loan to mum+dad you're right and the OP owes 6.5k to mum and dad, but the 6.5k he owes he's put down as part of the deposit so in effect he's put down 6.5k form m+d and 14k of his own. Now he should get this 20.5k back and she should refund the 6.5k to mum+dad. That is assuming price is all still the same etc.

RAS

g0009348 wrote: »

it was not documented, the only proof would be the transfer from her bank to mine to the shared account.

So you "paid more of the deposit" than she did? But you did not get a proper trust deeds set up at the time.

How long ago did you buy the house?

I think you need to consider an order for sale.

What is your exs salary?

surreybased

I would get yourself some legal advice - pronto. Your parents may need to make a declaration that they have an interest in the house in order to get the deposit back.
Try to keep the principle simple - mortgage company have 1st charge on sale, then mum & dad and then the remaining is split equally between you both.

The other factor to consider is what is his worth to you to fight it - yes she may get away with a larger share, yes it may not be fair but if it last for years will it prevent you from moving on? Only you can answer that. You may also like to consider that the mortgage costs were equal to rent for the last 18months so you are prepared to let some of it go.

Sometimes the experience and knowledge we get in life has a cost but are valuable in other ways.

Your post may help others out there who are considering the same path reflect on what they can do.