Shared ownership

Matt_belfield

Afternoon! 18 months ago me and my ex girlfriend purchased 25% of a shared ownership property. We paid for our solicitor fee's on a credit card which we have added to and are currently paying back. However we split up a few months ago and i have been living here since. We are both on civil terms at the moment because she is going through the process to take the mortgage on herself. We are currently talking at the moment about a kinda reimbursement for me for money Ive put in as a desposit and furniture which is more than what alot of people get i know. Now i don't want to sound greedy but we both want to rule out certain things for arguments sake. Would the solicitors fee's and interest paid off the mortgage be a bridge too far? I only ask because i have no idea and dont want to seem like an idiot!

BitterAndTwisted

What you get back is whatever the two of you have agreed between you.

To be honest, after only 18 months of ownership it's unlikely that you would have paid down any of the original loan, so there would be nothing to give you out of the equity.

In your position I would consider having paid half of the mortgage and other expenses to be equal to what you would have paid in rent elsewhere, so I would consider being free of the mortgage responsibility in exchange for being free to walk away a fair deal.

In your ex's position I'd be pretty naffed off I if was asked for anything back whatsoever when I'm willing to take on the mortgage alone.

Matt_belfield

Im greatful that we can both talk about finances and she is happy to pay me back some of the money i invested into the property i just wanted to rule certain things out so we can both say we looked at it properly and nothing can be covered there. I dont want to take the mick out of her and rip her off because we still get on and she doesnt want to see me go without either. As both of us have no knowledge on the matter i thought it would be better to clear it up rather than coming back and going "Oh i paid you this and that and i shouldnt have?!" But thank you for your reply.

NervousHomeowner

Did you set up a Deed of Trust or anything when you bought? If not, did you put in anything for the deposit? Personally, I think the solicitors fees would be unfair seeing as you both put them on the credit card and you didn't pay for them yourself. Did you pay for the survey or anything else yourself?

I would ask for your share of the deposit (If you put some in) and however much you have paid towards the mortgage in the past 18 months. If you paid for the survey or an electrical report or anything, I'd ask for the money for that back too. Then decide on an amount for the furniture separately if she wants to keep it, as that is kind of a different matter.

ViolaLass

NervousHomeowner wrote: »

I would ask for your share of the deposit (If you put some in) and however much you have paid towards the mortgage in the past 18 months. If you paid for the survey or an electrical report or anything, I'd ask for the money for that back too. Then decide on an amount for the furniture separately if she wants to keep it, as that is kind of a different matter.

That seems a bit much. Surely the OP should get half of whatever equity they have earned, not half of what they put in.

Kynthia

You are unlikely to have gained any equity in the last 18 months so view most of your contributions to the mortgage as rent to have a roof over your head. So I think you should get your deposit back and some money for the furniture but not much else.