Separated from partner, can I get my deposit back?

theartfullodger

Have you read Shelter's booklet??

silvercar

If she has moved a new partner in to the property, could he go on the mortgage? Would that increase affordability? Maybe then they could borrow more?

While you have moved out and she is living there, are you getting any rent from her occupying your share of the house?

On the other hand having a complete financial separation, may be worth compromising on the payout to be rid of any liability to the joint debt. Certainly, as part of removing your name from the mortgage, I would want to know that your legal liability for the Wimpey home loan is also removed.

getmore4less

If doing equity at purchase you own 55%

That's 55% of the £135k less 1/2 the mortgage and the debt.

£74.25 - £48k - £6850 = £19400. and you owe nothing.


In the mean time while you pay 1/2 the mortgage they owe you 1/2 market rent.

beaver07

Yes I have read the booklet albeit briefly.

No I have not asked for rent for her use of my half of the house. I wasn't aware I could. It's not an avenue I would persue I don't think.

I am expecting paperwork this week agreeing for me to receive £12,650. Just need to make sure I'm not throwing money I am entitled to away. Or should I dig my heals in and ask for more if I am entitled to do so.

getmore4less

If the offer on the table is £12650 you are getting robbed if you are still expected to pay the secured debt in 4 years.

Even a straight 50:50 you should get £12650 and have the both debts paid off or £19500 with 1/2 the secured debt to pay

beaver07

That makes sense.

So if I take the 12,650, she should take the full loan on as my half of the loan is helping her pay for the house.

Or

She gives me the half of the loan that I owe plus the 12,650. That way I can pay my half in 4 years and she can remortgage again to find her half closer to the time its due?

pinkshoes

My calculation counts the loan as debt not equity.

She should be giving you £13,915 and you therefore have no further involvement in the house, mortgage or loan.

getmore4less

pinkshoes wrote: »

My calculation counts the loan as debt not equity.

She should be giving you £13,915 and you therefore have no further involvement in the house, mortgage or loan.

Problem is you have the debt as 55:45 should be 50:50

beaver07

Ok, for those that have been following this thread. I approached my ex partner today and told her I was not happy with the offer of £12,650 and I wanted back what I put in (£13,625). After much kicking and screaming she agreed to pay me the extra £1000.

Now, 2 options that I can see. Should I continue without advice of a solicitor and accept the £13,625 and walk away

Or

Get advice from a solicitor to make 100% sure what I am entitled to and to see where I am with regards to the interest free loan which I have mentioned previous?

ethank

You cannot pay back the secured loan in four years if you come off the mortgage now, then the secured lender will want to maintain their interest in the property.

They will need to agree for the changes to be made at the land registry.

Can you settle your half of the loan now? Or are you expecting that she will take this on?