Being Forced to Sell

g0009348

the funny thing is she thinks I am trying to rip her off she cannot understand the difference between her buying me out and keeping the property and us selling to somebody else.

She understands and agrees that if we sell to a third party, we pay off the mortgage, pay my parents back then split the rest 50/50

however

if I sell to her, she thinks she only has to give back 50% of what we loaned from my parents plus my deposit. When really she should have to give my parents all there money back and me my deposit. She thinks that the other 50% to pay my parents should come out of my deposit. Our deposit was made up of 15k from me, 15k from her, plus 15k from my parents. She has offered 15k to me and 7.5k to my parents, and thinks the other 7.5k for my parents should come out of my deposit leaving me with 7.5k for the 15k i put in, and leaving 7.5k of equity in the house which isnt hers

Whirlee

Going to see a solicitor doesn't mean you have to go to court, it just means getting some proper advice taking into account all the variables. Often a sharply worded letter for £50 will get the job done.

Thrugelmir

g0009348 wrote: »

She understands and agrees that if we sell to a third party, we pay off the mortgage, pay my parents back then split the rest 50/50

Do you trust her? As there's no obligation for her to pay your parents back. The net proceeds will be paid 50/50 to each of you after the mortgage is cleared.

Tr1pp

g0009348 wrote: »

She thinks that the other 50% to pay my parents should come out of my deposit. Our deposit was made up of 15k from me, 15k from her, plus 15k from my parents. She has offered 15k to me and 7.5k to my parents, and thinks the other 7.5k for my parents should come out of my deposit leaving me with 7.5k for the 15k i put in, and leaving 7.5k of equity in the house which isnt hers

hang on, that seems fair. shes paying back the half that was "gifted" to her and you bay back the half "gifted" to you. thats very satisfactory agreement. I thought she was trying to get out of paying her share back to your parents...if she actually does it, as said above she has no obligation to do this

DVardysShadow

Various threads on this issue by the OP. https://forums.moneysavingexpert.com/discussion/3438003 is probably the best one to start with.

OP, please stick to the one thread. The history of all this is very relevant

Thrugelmir

DVardysShadow wrote: »

Various threads on this issue by the OP. https://forums.moneysavingexpert.com/discussion/3438003 is probably the best one to start with.

OP, please stick to the one thread. The history of all this is very relevant

Thanks.

Seems as if we are treading the same ground.

timmyt

g0009348 wrote: »

Hi, me and my partner have split up and she wants to buy the house from me and keeps threatening to go to the solicitors if I do not accept her offer. We used some of my parents money to top up our deposit - did your solicitor at the time know about it, and what does his file say, as solicitors are duty bound to report such third party gifts/loans to your original mortgage company and she is claiming, after advice from her solicitors, that is was a gift hard for her to prove if your parents say it is and remains a loan not a loan...unless you told your previous solicitor otherwise. AS co-owners, did you not sign a declaration of trust when you bought...again what on earth was your previous solicitor doing! Unfortunately I never got any paperwork drawn up to detail this either way, only bank statements can prove we have been paying it back. The funny thing is up until she spoke to her solicitors she never once denied it was a loan.....

She has offered to pay me back all of my deposit plus half of what my parents gave us to buy me out of the house. I think that this is not enough as it would leave approx 7 grand in the house which is not hers. She says if she goes through her solicitors she could easily end up giving me nothing (dont belive this) My question is, if I called her bluff and said ok then let the solictors sort it out, could I be forced to sell to her or would a court decide that is best to sell the house to somebody else. She has already agreed that if we sell the house the money to my parents gets paid off first and then the remained gets split 50/50 which is the scenario i prefer.

your last para seems fair...what is your objection?

timmyt

g0009348 wrote: »

the funny thing is she thinks I am trying to rip her off she cannot understand the difference between her buying me out and keeping the property and us selling to somebody else.

She understands and agrees that if we sell to a third party, we pay off the mortgage, pay my parents back then split the rest 50/50

however

if I sell to her, she thinks she only has to give back 50% of what we loaned from my parents plus my deposit. When really she should have to give my parents all there money back and me my deposit. She thinks that the other 50% to pay my parents should come out of my deposit. Our deposit was made up of 15k from me, 15k from her, plus 15k from my parents. She has offered 15k to me and 7.5k to my parents, and thinks the other 7.5k for my parents should come out of my deposit leaving me with 7.5k for the 15k i put in, and leaving 7.5k of equity in the house which isnt hers

you are not telling us enough.

how much is the house worth, and what are the current borrowings?

poppysarah

g0009348 wrote: »

because I want it done and dusted, I am fed up of the nasty lies she is spouting all across facebook etc

also i dont want to risk losing my parents money

delete your facebook account.
Let her be the whinger.

puddleduck

Tr1pp wrote: »

hang on, that seems fair. shes paying back the half that was "gifted" to her and you bay back the half "gifted" to you. thats very satisfactory agreement.

I agree with this. If she's giving her half of what your parents lent back to them, then that's fair and would be exactly the same situation if you sold the house (although if you sold you'd have other costs like estate agent fees to take out of the selling price too). What you said originally about the parental money being a gift and her not giving it back isn't actually true if she's said she is intending to give her half back to them. She shouldn't have to pay your half of your parents loan as well surely?

An example:

Purchase price: 145k
Made up from:
Mortgage: 100k
Parents: 15k (7.5k to each of you to keep the house as 50/50)
You: 15k
Ex: 15k

If you sell to a third party, say at 132k:
Money allocated:
Mortgage: 100k (assuming not much paid off yet)
EA: 2k
Parents: 15k
Amount left to split 50/50: 15k (7.5k each)


I don't think you'd get anything but a bill if you go to court over this. She seems to be being reasonable, and if you end up selling the house you could end up with a lot less than the lowest EA's valuation so it would be risky and no guarantee you'd be any better off.

Get a solicitor to draw up a proper agreement about it all so she can't wriggle out of actually paying you your 15k and her half of your parents' 15k (7.5k).