Charge on house after split

Paddy29_2

Oh and she hasn't incurred any costs of living elsewhere. She lives with her parents rent free!

G_M

Paddy29 wrote: »

Oh and she hasn't incurred any costs of living elsewhere. She lives with her parents rent free!

So presumably has had to pay out rent elsewhere or rely on the goodwill of friends/family for a home?

Personally I'd hate to move back in with my parents. They'd have me in a crisis, of course, but they'd hate it too!

It's not just about hard cash. You've kept your home!

Thrugelmir

Paddy29 wrote: »

The problem with selling would be that we would both end up with virtually nothing. Another option is for me to make a 'without prejudice' offer so as to avoid all the expensive legal fees

At the moment your ex has nothing other than a liability on a mortgage. That could cost her a considerable sum of money. So quite reasonably she wants out.

zzzLazyDaisy

I don't understand why she needs a charge on the house.

A remortgage from joint names into your single name is a transfer. It is, in effect, a sale from the two of you, to you on your own. At the point of transfer, the trust deed must be followed, unless you have come to some other, private arrangement, where she agrees to relinquish any rights she may have. Whatever you and she might have agreed in the past, she has made it clear that she is not willing to abide by that earlier agreement, and she wants her £5k back. The trust deed is sufficient to achieve that - so why not give her the £5k and move on? If you can get a mortgage to transfer the property, an extra £5k on the mortgage shouldn't be impossible, unless you are cutting things very close.

zzzLazyDaisy

Paddy29 wrote: »

Oh and she hasn't incurred any costs of living elsewhere. She lives with her parents rent free!

She owns part of a house that she is unable to live in. She has joint liability for a mortgage on that house that she can't live in. If she wishes to buy another house, on her own or with someone else, she won't be able to while she has liability for the mortgage on your house.

In short, she is unable to move on with her life. She continues to be tied to you.

It is not surprising she wants out.

One thing you should be aware of - as long as she stays on the mortgage and on the deeds of the house, she is entitled to a 50% share in any increase in value when the house is eventually sold, if you don't buy her out now. Okay house prices are not rising much at the moment, but still, do you really want that hanging over you? Do you really want to feel that every improvement you make to your home is potentially going to line her pockets?

You have the opportunity for a clean break, if you can afford to pay her off, £5k is a small price to pay (IMHO).

BitterAndTwisted

Oh, it might not be the case that she can't live in it but may have chosen not to. Moved out of the property to go back to live with Mummy and Daddy after only eight months. Leaving the OP to shoulder all of the mortgage and other outgoings alone. She agreed informally that he get a lodger, so she could feel better about leaving her ex in the !!!!!!. And now she's being difficult. I'd be mad as hell as well. Unless the OP was violent or equally uncongenial and drove her out.

OP, sell up and draw a line under it all. It stinks but that's what happens when people undertake serious joint-financial obligations which are far more honourous and longer-lasting than most marriages.

Giddytimes

Does the mortgage company valuation show any equity at all in the property? If so I'd offer her a payment for a share of the equity, proportional to her share of the total deposit.
If she doesn't want to accept this then you may have no option but to sell up and cut ties.

Emmzi

How much is it worth, to you, to be shot of her once and for all?

You know you would lose around £5k in EA fees, solicitors fees etc if you sold. At least £3k anyway. So you're arguing over how much exactly?

She has not asked for half the income from the lodger; the lodger replaces her income.

Give her the money. Stop being petty for what, in the grand scheme of things, is a very trivial amount. Plus you have a trust deed. so she doesn't need a charge, she can just refuse the transfer if she wants. Your next gf is going to love that....

stop using the house as a way to "punish" her, or hang on to her, or whatever. It didn't work out. That sucks. But you can very easily be out of this situation.

I swear. In five years you will look back and not be able to believe you were arguing over such trivia.