buying out my ex from jointly owned house

newcomer59

My ex partner (we weren't married)own our home as joint tenants - he now says he wants to sell up now even though I live there with our daughter who is still a dependent child (17 yrs old in full time education). I also have a son of 21 at university. The house is worth £450-500K and there is an outstanding mortgage of about £91K - it would be lower but when he left, my ex added £65K to the mortgage to pay for a houseboat where he's been living since he left (late 2008). I don't want to move, at least until my daughter is older and settled, so would like to buy him out if I can. My income is quite low (about £27Kpa while he earns about £100k) but I've just had an inheritance of about £100K and I'm thinking of making a cash offer of less than half - presenting it as an option of either waiting until I'm ready to move, or taking a lower offer now, as he seems suddenly to be in a hurry. Not sure how this will go down as he's insisting he's entitled to more than half because he paid for a loft conversion while we were still together. I'm not looking necessarily for detailed answers here, but just want advice about where I can get professional advice to guide me about how to juggle the figures and work out what I can comfortably afford, what (to be honest) I might be able to get away with - how the ownership of the boat fits in (it's on our joint mortgage but he owns it) etc. I spoke to a solicitor but he just pointed me at caselaw. Who can I go to for some overall advice about my situation? Hope someone can help.

Ms_Chocaholic

My first thought reading your post is, does your ex know about your recent inheritance and would he be entitled to a share of that on divorce.

pimento

Didn't the OP say (in the first sentence) that they weren't married?

newcomer59

Thanks - yes that's right, we weren't married. I agree with the Red Adair quote absolutely, I just don't know which professional is best placed to help me (not necessarily looking for a recommended person, but what type - financial advisor/mortgage broker/solicitor??? Any opinions or advice gratefully received.

Ms_Chocaholic

Sorry, note to myself to read posts properly in future.

greyteam1959

See a solicitor ASAP.......one specialising in Family Law.

mgdavid

have you already made a financial agreement with him, or agreed any settlement in principle? If you had been married he could force a sale when younger child reaches 18 or completes secondary education, seems reasonable a similar view applies here, therefore there is not a huge advantage for him in taking a (very) low offer now. Get the house valued, so you know how much the equity is, sounds like >£350k, his half is £175k so you seem to be a bit short? or am I missing something?

Treevo

Who's paying the mortgage?

greyteam1959

HE owns the Houseboat on a JOINT MORTGAGE.....you are joking !!!
I don't think so !!
Has he taken out an Equity Release Loan ??
P.S.
Just read your first post about the solicitor you spoke to & the 'case law' bit...tosh !!
My 3 daughters have been through this senario........you MUST see a Family Law solicitor ASAP.
It is far & away more complicated than you might think & MUST be done right to protect yours & your childrens interests.
Ask around friends & work colleagues somebody will have a recommendation I am sure....you may also feel more comfortable with a female solicitor.
Your first half hour will normally be free.....

FBaby

Treevo wrote: »

Who's paying the mortgage?

I think that is a key question. How long were you together and how long have you been separated? There are a lot of elements that could be taken into consideration depending on timescales, who put what into the deposit, who paid the mortgage, who paid for the extension, the boat etc...

I am not very clear about the boat. Are you saying that he released some money by increasing the mortgage? Surely you would have had to agree to this as both would have needed to sign?

You do need to get to a solicitor very quickly as the way forward won't be black or white. He could take you to court and request the sale of the house, and in light of the age of your children, it would quite likely to be agreed, especially if you've been separated for a whilst and he can come up with a story why he really needs the money. This would be costly though, so you need to guess whether he would be prepared to go that route.

Count all what he could prove he has put in and what you can prove you have put in, what was before, during and after the separation and see if you think what you are offering him is in line with what he would be likely to get going to court minus court costs.

newcomer59

Thanks for all the comments. In response to questions - we were together 13 years, then he left for about 4 years, then came back for a couple of years, then went again about 4 years ago! He has paid the mortgage since he left, as part of our (informal) agreement about child support. Up till now he's been very reasonable, although given his high income (which I'm just guessing at, was about £80K he could probably have paid a bit more child support
The house deposit (about £20k) was paid by him with proceeds of our previous home, which was owned by him but I had contributed to the mortgage since moving in (ie for about 6 years). I worked part-time because of the children so my income was lower, therefore my financial contribution was lower than his.
The boat was bought (by mutual agreement) by increasing the mortgage.
I think (as suggested) my best bet is to see a family law solicitor but still interested in any pointers