Separated from partner, can I get my deposit back?

beaver07

That's great, i'm overwhelmed by the speed and the amount of information people have on here.

From what I can see then:

I am entitled to my 10% deposit back (£13,750 + 50% of the £6,100 left over from the equity once my deposit has been away?

It's not in a legal document that I paid the whole deposit, just a bank statement entry of the transfer to the solicitor at the time.

beaver07

FBaby wrote: »

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

No, this was a deposit match loan provided by the building company to be paid over 10 years. So in 4 years I will have to pay half of this. Or will I?

AdrianC

It's a debt that you took on together with your ex, so - yes - you are partially liable for it, imho.

Whether you view it as being 50/50 or factor in the six of ten years is between you two. As I said last year - you're both grown adults, sit down and talk about what's fair and reasonable between you. Given that she's clearly struggling to raise the finances to stay in the place, a bit of latitude would, imho, be entirely appropriate.

theartfullodger

You should carefully read the Shelter booklet
http://england.shelter.org.uk/__data/assets/pdf_file/0020/23393/ShelterGuide_RelationshipBreakdown.pdf
- on your rights, what you can do & how to enforce those right. It's a complex subject (booklet is 48 pages)

Then if ex does not agree talk to a family law solicitor and/or start court action. Good luck!

beaver07

AdrianC wrote: »

It's a debt that you took on together with your ex, so - yes - you are partially liable for it, imho.

Whether you view it as being 50/50 or factor in the six of ten years is between you two. As I said last year - you're both grown adults, sit down and talk about what's fair and reasonable between you. Given that she's clearly struggling to raise the finances to stay in the place, a bit of latitude would, imho, be entirely appropriate.

Thank you AdrianC. Do you take the fact she is struggling for finance from the rejection of 88% and 90% offer of mortgage?

G_M

Look at it this way:

* mortgage payments over the time you were there are irrelevant. You got to live there, and if you hadn't been paying the mortgage you'd have been paying rent somewhere else. Ignore that money.

* The deposit.

Either this was a loan to 'the investment' (ie yourselves) which was always intended to be returned (or equlised by her later paying half the amount to you)

or it was an investment in the property. Which means if the property increases in value, you get more back, if it loses money, you get less back. But the deposit itself is not guaranteed

beaver07

G_M wrote: »

Look at it this way:

* mortgage payments over the time you were there are irrelevant. You got to live there, and if you hadn't been paying the mortgage you'd have been paying rent somewhere else. Ignore that money.

* The deposit.

Either this was a loan to 'the investment' (ie yourselves) which was always intended to be returned (or equlised by her later paying half the amount to you)

or it was an investment in the property. Which means if the property increases in value, you get more back, if it loses money, you get less back. But the deposit itself is not guaranteed

Thank you, the bottom paragraph makes more sense as it was an investment in the property. So basically I am getting the correct amount of £12,650 as I have to take the hit of the house reducing in value.

getmore4less

If there is a secured loan you need that sorting as well.

the lack of clear info does not help.

to do equity seems there was your 10% the secured loan 10%(paid 50:50?) so 80% mortgage(paid 50:50?).

to do the calcs, you split the equity 55:45 then pay off your shares of the debts that will tell you what is due to you and you no longer have any liability.

can the ex raise the funds to take over what's left of both debts?

Oli.s

I think you need to play it carefully as the email from her financial advisor implies if push comes to shove your only get half the equity and nothing else. You need to establish if she is able to afford to take the property on herself, not that you or she thinks it's arfordable but that a lender will give her a mortgage. If she can't then your looking at selling and probably splitting any left over equity one the home buy loan is repaid plus any fees from solicitors etc etc, there might not be much left if it ends up being unamicable.

You should probably get some proper legal advice, if she feels like she's loosing out of being put in financial difficulty she may well start playing hardball as already intimated in the financial advisor email when it's pointed out about the negotiation with you based on your entitlement only to a 50/50 equity spilt.

beaver07

getmore4less wrote: »

If there is a secured loan you need that sorting as well.

the lack of clear info does not help.

to do equity seems there was your 10% the secured loan 10%(paid 50:50?) so 80% mortgage(paid 50:50?).

to do the calcs, you split the equity 55:45 then pay off your shares of the debts that will tell you what is due to you and you no longer have any liability.

can the ex raise the funds to take over what's left of both debts?

Apologies about the info.

House Price was £136,250

I put 10% deposit down (£13,625)
Building company matched the £13,250 with a 10 year interest free loan (of which 4 years remain and I have no problems paying my half in 4 years when it is due).

Requiring us to get an 80% mortgage which was circa £108,000.