How do I work out what he's entitled to on Mortgage?

BitterAndTwisted

Another way of looking at the situation is that the children in this relationship need to be housed, and housing them adequately is the responsibility of both parents. Once a split of equity is agreed this could mean that the partner will not be taking on his share of this responsibility. In some cases, it's agreed as part of the divorce settlement that the property is not sold until the last child reaches the age of financial independence and until then both parties share the mortgage-payments equally. How would the ex fancy having his equity tied up for the next decade or so?

dimbo61

When I got divorced my EX goy 70% equity in our! property as we had one child and were in the words of the judge " to be on an equal footing"
IE I earned more than my EX and she only worked part time so she could only take on a smaller mortgage while I could take on a larger mortgage.
I also had a responsibility to provide a roof over my childs head
Offer him £10K and his name off the mortgage or "see you in court and I wont sell or move until the youngest is 18" IF you can remortgage for the extra to pay him off and get a mortgage in your own name ( please check this first!)

amandarosina

Hi there,

yeah, really sorry, I did get the wrong end of the stick regarding the 10 grand, sorry. I'm a bit frazzled these days - ex has put me through hell and back several times this year! I had no idea of the 10 grand increasing in value so to speak, that's just fab.

We were together 13 years, not married, have 2 kids 12 and 10. I'm ready to go with the mortgage, already sorted, it's just the quotes for work needed and house prices that I'm sorting now.

Ex has messed me around something chronic, one minute he'll sell to me to make sure 'kids are ok' then he's saying he might hold on until house prices rise 'as he's got to do what's right for him'.

I really don't want to wait for the kids to be older, he's bad news. He owns his own business and is paying himself cash in the hand, so it doesn't show on the bank accounts. He's almost £20 grand in debt, long story, but I found out, and I'm worried sick he'll have no money to pay his share of mortgage.

Offering him £10 grand sounds just perfect and think he should not get a penny more, but we'll see.

I'm also in a position of having a bit of land at back of garden. Had it valued between £40 and £50 grand (with planning permission, not yet even applied for). Ex said if I give him land he'll let me have the house!! He knows full well that land was going to be sold to help put the kids through Uni. He has admitted to me he knows this and I've said he's not getting it, but I know deep down he might push for this to get himself out of yet another huge debt his caused himself, deary me!

olly300

OP whether you are married or not your children need to be housed and you both need to pay for that housing. As suggested go over and post this on the relationships board.

BitterAndTwisted

You've got land that might be worth £50k? You'll never be able to pay him off with ten grand. Never.

amandarosina

There's no guarantee planning permission will be granted for this land, there is an issue with access to any new property. Our neighbour who has same sized garden had his valued at £30,000 with planning permission (he's not gone for it either due to the access issues).

In it's current state (just as a garden) the land is worth nothing.

poppysarah

Is access ever possible to this bit of land?
How much would a house there devalue your own house (as it'd have a smaller garden and closer neighbours?)

sonastin

If he pays himself undeclared cash, you have another weapon in your armoury. An investigation from HMRC could tie him up until he is too busy to fight with you. Even if they can't find anything, the inconvenience of the investigation could make the threat pretty potent and I'll bet that he's not 100% certain that his "papertrail" (or lack thereof) is so watertight that he'll get off scott-free.

And the rest of us can benefit from another tax-cheat being stopped in his tracks...

neas

Assume sale price of 90k these figures will change by x/2 where is is difference beween actual price and 90k i.e. 100k will be 5k more for him etc.



You paid 10k into the house, but he has maintained it for 10 years as well. What you should get is 10k back and then the equity remaining split in half as you have both decreased mortgage together as a couple and the house price increase you both have maintianed house for 10 years so both deserve an equal split.

So Assuming 90k sell price and 36k mortgage which means you have 54k of 'equity' in the house. I'd take your initial 10k off that price (leaving 44k).

I'd take this 44k and split in two... giving you both 22k and you get 10k more back.

So 22k for him, leaving you 32k of equity.

If it was worth 100k and thats what he was after he would get 27k and you 37k.

No way would i accept 10k and you have 42k lol...Regardless of his affairs or cheating he has equally maintianed the house.. and if you dont get out of your head he only deserves 10k.... then you will both go to court and spent 20k a piece on solicitors and then both end up with 2k and 12k.... Doesnt sound good does it?

amandarosina

Hmmm, I honestly don't have the 10 grand stuck in my head. I would quite happily give him his full fair share, that is why I asked the quetion as to how I work it all out so I can be totally fair, his dodgy money situation makes it all very difficult. I am certainly not taking his wayward behaviour into account, that has nothing to do with any of the workings out - but now I'm totally on my own, I'm trying to keep a roof over mine and my childrens heads, so, if I can keep my offer down I certainly will.