Separated from partner, can I get my deposit back?

getmore4less

What will it sell at the mortgage valuation may be low

getmore4less

have there been no payments on the loan?

beaver07

getmore4less wrote: »

What will it sell at the mortgage valuation may be low

It has been valued at £135,00.
She has been offered a mortgage of £114,750.

Does this help:

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.

There are no repayments on the loan, we agreed to wait until the 10 year point then pay it off. She says she is going to use the £6,100 to pay her half off.

beaver07

Oli.s wrote: »

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.

Am I entitled to suggest she gets another valuation or another lender?

Is it likely to make much difference?

AdrianC

beaver07 wrote: »

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

Absolutely that.

FBaby

I think there might be an issue with the loan. It is a secure loan, so if you transfer the house to her, she pays her half of the loan, how does it remain a secure loan for you to pay against a house you don't own any longer?

If I was her, I would ask that the full amount of the loan is repaid from the equity. Then of course, you can argue that this is fine, but then you want the difference in terms of your deposit.

beaver07

FBaby wrote: »

I think there might be an issue with the loan. It is a secure loan, so if you transfer the house to her, she pays her half of the loan, how does it remain a secure loan for you to pay against a house you don't own any longer?

If I was her, I would ask that the full amount of the loan is repaid from the equity. Then of course, you can argue that this is fine, but then you want the difference in terms of your deposit.

So from this I take that once the house is hers so is the loan? Theoretically it is secured against her house and not my name?

AdrianC

beaver07 wrote: »

So from this I take that once the house is hers so is the loan? Theoretically it is secured against her house and not my name?

It'll almost certainly be in joint names, secured against the property.

pinkshoes

Value of house = £135,000
Mortgage owed = £96,000
Loan owed = £13,700

Equity = £25,300

You own a 55% share, so you get £25300x0.55 = £13,915.

You are also saving on EA fees, so you ought to put a contribution back in due to this saving.

beaver07

pinkshoes wrote: »

Value of house = £135,000
Mortgage owed = £96,000
Loan owed = £13,700

Equity = £25,300

You own a 55% share, so you get £25300x0.55 = £13,915.

You are also saving on EA fees, so you ought to put a contribution back in due to this saving.

So, I am well within my rights to ask for 55% of the Equity?