Ex-partner won't allow me to exit the mortgage

Caz3121

How much equity are we actually talking about (assuming there was no documented unequal split)
eg purchase £109k with his deposit meaning mortgage of £100k
current value £x
equity = £x minus outstanding mortgage
amount to split - equity less selling costs
50% = ?
then look at lawyers fees and court costs

I went through something similar but getting my name off the mortgage was far more important to me than the £s......my ex trashed the property before valuation meaning the property lost £100k (40% of value) from less than a year before - however (due to a wrongly redirected letter opened in error) it had reclaimed that £100k+more for his new mortgage valuation
Could I have made use of the £50k...hell yes
Was it frustrating...of course
Did I fight to get my share...no, my priority was to cut all ties...worth every 1p...
It took months and threatening to force sale before he would agree to buy out (up until then I was paying my rent plus 100% of mortgage as he wouldn't even though he was living there)

the £4k on furnishings will not have increased the equity of the property, second hand furniture has a low value...has he refused to let her remove anything? are they contributing to the mortgage payment 50/50?

SicariusD

Their mortgage is £140k. I have suggested an Estate Agent give my partner a proper evaluation estimate in writing so we're clear on how much money is potentially locked up in the property. Basic estimates based on the sales of properties in the area that are identical in layout and structure suggest the property to be worth in the region of £200k. He hasn't refused to allow her to remove anything, but then my partner hasn't suggested she is going to, owing to there being no where to put it. (this includes selling things)

Deducting all the usual costs involved with the sale of a house, a rough estimate of around a £25000 is what we quickly estimated each shareholder to receive. Of course, that's if the split was 50/50.

Honestly? I want this trouble out of our lives, more-so for her benefit than mine. It's a huge weight on her shoulders and the damage it has done, and will continue to do is incredible. However, she agrees that it is simply not right or moral to allow him to walk away with what she is respectably owed and entitled to. It's not about money, it's about justice being equally served and for everyone to get what they deserve. 50/50.

libf

http://www.stephensons.co.uk/site/individuals/srvfamily/familyfiancial/cohabitation/

Caz3121

SicariusD wrote: »

Their mortgage is £140k. I have suggested an Estate Agent give my partner a proper evaluation estimate in writing so we're clear on how much money is potentially locked up in the property. Basic estimates based on the sales of properties in the area that are identical in layout and structure suggest the property to be worth in the region of £200k.

Deducting all the usual costs involved with the sale of a house, a rough estimate of around a £25000 is what we quickly estimated each shareholder to receive. Of course, that's if the split was 50/50.

do you not need to factor in the help to buy amount?
If they were backed by 20% on the help to buy, would that not mean 20% of the sale price (£40k?) goes there leaving £10k to divide?

When you sell your Help to Buy home (unless you have chosen to repay your equity loan earlier), you must repay the Help to Buy assistance from a share of the sale proceeds. So, if the Agency assisted your purchase with a 20% contribution, your repayment will be 20% of the total market value when it is sold.
http://www.helptobuy.org.uk/docs/default-source/default-document-library/help-to-buy-equity-loan-buyers-guide.pdf?sfvrsn=4

getmore4less

Who has been paying the mortgage?

Thrugelmir

SicariusD wrote: »

I've posted this on behalf of my partner with her present. I don't expect everyone to understand the emotional torment or mental stress put on the shoulders of those in a similar position,

Many people have been through relationship breakdown. As the outsider you need to detach from the emotion and find a way to compromise. This may require some financial sacrifice but the impact on the weight lifted mentally is priceless. If the situation is as bad as you say it is then moving on has to be a priority. Remaining in the house with the memories isn't a good thing either.

Selling the property may not benefit either party. Nor will incurring large legal bills. Get a fair valuation of the property. Allow for selling costs. The initial deposits both parties made. Then split the remainder with a view to getting an agreement. The stand off could remain indefinately.

notanewuser

So less than 4 months after splitting with her ex, you're "partners" and thinking about getting a mortgage together?