Dividing the house

Mad_Gran

Hi all,

I'm coming to accept that it is over between me and my OH.

I will need to move out at some point, he has not asked me to leave as he wants it to be my decision to leave so that he does not come across as the bad guy, but he does say that we can't carry on as we are.

The house is almost paid off (joint mortgage, paid by him) and is in both our names.

My question is, Is he obliged to buy me out or sell the house to raise the cash to give me my share?

It will not be an amicable arrangement as I have contributed little to the house financially so he feels that I am not entitled to any of it, but the deeds state that it is 20% mine.

I don't want to rip him off (which is what he will think), but I have no capital to pay for a rent deposit or buy furniture and since I started attempting to get myself out of debt I now have no credit cards to use. The only way I can afford to leave is with that money available for a roof over my head.

Any advice?

FBaby

If the deeds say you are entitled to 20%, that's what you are entitled to. What was the rationale behind it though if you didn't put anything towards it and didn't pay towards the mortgage?

Why didn't you contribute? Did you have children and you and your OH agreed that you would be a SAHM hence contributing to the household that way?

As it stands, he can't kick you out. You can leave, he continues to pay the mortgage fully, but goes for a deed of Trust that says that from now now, you are not entitled to any further equity. Or he can buy you out. The sum to be agreed between you. Or you both agree to sale the house and you get your 20%. If he doesn't agree to that, he would need to take you to court and convince the judge that the 20% was a mistake, but he better have a very good argument as ultimately, that's what he agreed to and went along with until things went wrong.

duchy

Are you married or cohabiting ?

If married then you are entitled to 50% of the marital assets including the house (it doesn't matter about to 80/20 split - everything you BOTH own is put into one pot and split) possibly more if you didn't work during the marriage. If you have pensions their value also need to go into the pot too

So yes he'd need to remortgage or sell to provide your half

If cohabiting then the 20% you own needs to be paid to you (no 50/50 split)- so again he could sell, remortgage or borrow from another source.

Even if you could afford to you shouldn't move out until this is settled.

EDIT I realize you have had some possibly conflicting advice (in the space of 2 posts ) so I would advise you to either visit CAB or a solicitor that does free first appointments to get the correct info for your specific situation.

FBaby

My advice was on the basis that they were not married (always think as OH as partner, but indeed, open to interpretation). If married, totally agree with duchy.

Guest101

Depends how long the marriage was too...

Entitled to (regardless of gender) is dependant really on leaglly and morally - hopefully whatever the agreement is will match both those criteria.

BigAunty

The Shelter website has basic info in their relationship breakdown section to help you understand your options. You need to see a legal expert to get an idea of your rights and likely settlement.

As a joint owner, you aren't obliged to leave the property - you have a right to remain there while you are on the deeds unless you voluntarily leave or the other party secures an occupation order to give them exclusive rights to live there.

TBagpuss

Are you m,arried, and of so, how long have you been together and do you have any children?

If you are not married, and on the basis that you won as joint tenants with a 80/20 split, then you are entitled to 20 of the net equity. You need to work out how much that is, so you can start yo look into whether that is going to be sufficient to use as a deposit to rent or buy somewhere

Mad_Gran

Thanks all,

Not married. Both been there, done that.
I insisted on being on the deeds as he refuses to make a will, meaning that his share will go to his children on his death, I was concerned that if anything did happen to him I could potentially be homeless and penniless.

His kids would not turf me out through badness, but if it happened at a time when one or both were struggling financially themselves, then I wouldn't expect them to let me sit on money they needed.

We negotiated on the percentage for a week or so as I recall.
20% probably won't get me my own place, but it will be ample to rent somewhere and buy the basics as it is almost paid off.

Mad_Gran

And he paid the mortgage, I paid the utility bills.

DUTR

Mad_Gran wrote: »

And he paid the mortgage, I paid the utility bills.

The answer to your question is that he is not obliged to buy you out.
Buying the other party's share is just one of many options available.

justme111

I see. I think he is cheeky in not volunteering what he would offer to you . If I were you I would not go after "20% share". I would tell him I would love to move out and will do it as soon as he can five me a couple of grand to start with. So that it is not you going after his house which in my opinion would be disgraceful. But you needing and wanting him to participate in you moving out which is very right -again ', in my opinion. Just make sure the word "house" is not mentioned and he will not have right to see it as a rip off.