seperated from partner,advice please.

999gsi

Looking for advice please people...2 years ago my partner and i bought a house,partner put down the deposit..we have a joint mortgage and are both on the deeds...Sadly she now wants to be alone,and i moved out and in rented.we both have children,hers are teenagers mine are under 8..I contributed towards the bills,mortgage maintanence etc etc..my partner earns alot more than me and can afford the mortgage alone,however she wouldnt have got the mortgage with my income,my questions are,am i entitled to any money from her,what sort of costs are involved at removing my name from deeds and mortgage..i need to see a solicitor..but came here first to get an idea of what to expect. sorry to write an essay...thanks..

fluffnutter

Basically you own half a house. It might be useful to have a little more info first before people can answer fully.

Does your ex want to continue staying there? Has the house been revalued? Is it worth less, the same or more than when you bought it? Have you continued paying your half of the mortgage (or any other bill) since you left? Was anything agreed to at the time of buying in respect of protecting your ex's deposit?

I'm also assuming you weren't married and that you don't have children together (despite both having children). Can you confirm?

999gsi

thanks fluffnutter..partner is staying in the house,mortgage less than half her wage...No children together..i moved out on !st feb and stopped paying a penny.i couldnt afford to as i was renting..I gather i need to get the house revalued<how can i be entitled to half when she payed more towards bills and put the deposit down ?..Nothing was agreed at time of purchase re protecting her deposit..as bitter as i am,im not out to take her to the cleaners..i just want to know if im entitled to more than the colour tv and some crockery,which i was left with... thanks

Person_one

What we did when I split with my ex...

He bought me out, so we got the place valued, and the equity was split in half. He paid me that half and a solicitor drew something up to say I was giving up my interest in the house in return for £xx, the bank took me off the mortgage.

The first people to speak to are the mortgage company, as they might not let her take over the mortgage on her own, they'll need to assess her income.

As you are no longer contributing, add up the cost of what you would have been paying (half of each monthly payment I presume) and knock that off the final sum she owes you to buy you out.

If there's no equity or the bank won't let you off the mortgage it becomes more complicated.

mgdavid

999gsi wrote: »

.....<how can i be entitled to half when she payed more towards bills and put the deposit down ?........

them's the rules!
BTW you say 'partner' - are you married?

999gsi

sorry forgot to add.not married.......never again...

bouncydog1

Take value of house now, less outstanding mortgage (which she will take over), less value of her deposit and what she has paid since you moved out, and divide by 2.

E.G. value £100k less outstanding £50k = £50k - £10k deposit - £2k repayments =£38k divide by 2 and you each get £19k.

So in the illustration above she would have to pay you £19k to buy out your share of the equity.

Whatever you paid in bills etc whilst you lived there is irrelevant really, because you both contributed.

Difficulty will come when you can't agree and get solicitors involved which will have to be paid for.

19lottie82

If you bought the house 2 years ago, will there actually be any equity in the property? It would have had to have made a LOT in this short period of time for you to be entitled to anything, if she paid the deposit.

If it's in negative equity, you could owe her money!

Given the state of the property market in this day and age, you'd prob be best walking away. It sounds like it could be a lot of mess for very little (or no) gain.

999gsi

thanks for your replies...we got the house for a good price and we have done a lot of work on it....so hopefully it has increased in value..

downsizer3

Well - the lawyer is the first step, along with a valuation.
I'd try and put together a list of all your joint and seperate payments relating to the house - ie her deposit, the works you've carried out / bills relating to maintenance etc.
Once the valuation is done its a matter of taking away half the equity - the list really is for your own use - to show what you've paid out. If you want to be fair you can take the deposit out of the equation but only if there is sufficient equity.

Be warned - she may not get a mortgage for the property on her own - and interest free isn't so easy to get these days. If thats the case it'll have to be sold.
Whatever you do - don't allow her to live there without getting off the deeds - that can get very complcated!

Sorry for your broken relationship - its hard dealing with all the practical stuff when you're also reeling from that.

Person_one

999gsi wrote: »

thanks for your replies...we got the house for a good price and we have done a lot of work on it....so hopefully it has increased in value..

Just remember that estate agents always overvalue! Nothing sells for asking price at the moment so if you get three valuations from thee agents you can knock at least 10% off, possibly 20% depending on the area, to get the true value.

Have a look at zoopla or similar to see what similar properties nearby are actually selling for, not what the asking price was!