Separated from partner, can I get my deposit back?

19lottie82

can your ex afford (in the eyes of a lender) to take the mortgage on alone?

Prothet_of_Doom

With regard to discussing as adults, make the final agreement, a toss the coin moment. If you would happily take the deal your ex is offering you, and your ex is happy to take the opposite offer, if forced by the toss of a coin, then you both know that it's probably fair.

There used to be a motor racing series, where any other competitor could offer £5K for the car of the winner of the championship, and he'd be forced to sell it to them. That way they would limit the ammount of money people were prepared to spend.

googler

Mattygroves2 wrote: »

Get it valued by 3 estate agents and take the average as a starting point for negotiations then do as BitterandTwisted has said.

Get it valued by an RICS Surveyor, then do as ...

If there's any legal argument over the value, solicitors and courts will accept a surveyor's valuation in preference to EAs anytime.

No point in wasting three agents' time, too....

beaver07

19lottie82 wrote: »

can your ex afford (in the eyes of a lender) to take the mortgage on alone?

Yes, she has spoken to them today regarding a remortgage, they have advised her to get a solicitor to discuss it further.

beaver07

Ok, so quite a bit down the line from the posts above. Delay due to being away with work etc. I moved out permanently in Dec 14. Still been paying my half of the mortgage while she lives there, and has since moved her new partner in.

I received the following email regarding the remortgage offer she has received:

I have received my copy of the offer and will detail the issues below:
When we initially applied for your mortgage of £124,900, we had the value of your property at £147,000. This meant that the mortgage equated to 85% of the value of the property.
You passed Natwest credit scoring for that loan to value.
Because your property was valued lower than expected at £135,000 that meant that the maximum mortgage at 85% would be £114,750.
Because we wanted more, we asked Natwest to review your case for 90% borrowing which equated to £121,500 but unfortunately you failed their credit scoring at this level.
I asked them to review at 88% but it still failed so they have issued the offer at 85%, £114,750
This is the maximum Natwest can lend to you.

This would mean that you would clear your current mortgage of approx. £96,000 and have extra borrowing of £18,750.
Because the property valued less than expected, you could approach your ex partner to accept less of a pay out, as by rights he should only be entitled to 50% of the equity which, including the Wimpey Secured loan of £13,700 is only £25,300, half of this is £12,650.
This would then leave you £6,100.

Now I think I understand it. We agreed on me getting my deposit back of £13,650 but as the value of the property has gone down, I am only entitled to £12,650? Is this correct?

One more question. As put the full 10% deposit down personally, am I entitled to 60% of the equity? Therefore £15,180.

I have not once consulted a solicitor, I have let her do the leg work and just keep me updated.

Apologies for the long winded post, I just need to make sure I get this 100% correct.

Many thanks

Oli.s

Reads to me like your just looking at 50% of equity back not the deposit on top.

beaver07

Oli.s wrote: »

Reads to me like your just looking at 50% of equity back not the deposit on top.

Thanks, so would you say I was entitled to my 10% deposit plus 50% of the equity?

Angie_B

beaver07 wrote: »

One more question. As put the full 10% deposit down personally, am I entitled to 60% of the equity? Therefore £15,180.

I have not once consulted a solicitor, I have let her do the leg work and just keep me updated.

With regard to the above point, no you would not be entitled to 60%, it would be 55%. You put in 10% and the other 90% was shared equally. Therefore it works out at 45% each, plus your 10% makes 55% for you, 45% for her.

I would definitely consult a solicitor for the final outcome, even just to ensure a clean break which you are both happy with and that neither one of you is coming back to years later thinking it was unfair.

Edit: the more I think about it, what seems fair to me is you take 10% of the current value of the property (equal to the 10% you put in to start with) then the two of you split the rest of the equity (or loss) 50/50.

Looking at your figures, it doesn't look as though there is any equity left in the property after you take your 10% out (I wouldn't count the Wimpey loan as equity) as the price has gone down to £135k. Therefore you would get £13,500 and nothing else...

Savingdad

In the grand scheme its not a huge amount of money your talking about so if you happy to and you ex agrees you could take the deposit back and split the few thousand left 50/50 between you.
Yes you both paid the motprgage but you both lived there so see it as rent, the house hasn't shot up in value so you not missing out on a lot of capital gains and there is only so much your ex can do financially to deal with this.
I think I would take my deposit, split the remains bslancecand walk away amicably cos if you get into a battle for the sake of a few months wages then you may end up forcing a sale and having to settle for even less.

FBaby

including the Wimpey Secured loan of £13,700

Is that your deposit? It doesn't sound like it. Do you know what that is about?