Obtaining order for sale / making ex partner buy me out of joint property

millie84

Looking for some advice, and similar experiences please.
Bought a house with my now ex partner back in 2006. I paid half the mortgage for the 5 years i lived there. We split up in 2011, and i moved out of the property, he still lives there.
I want to remove my name from the mortgage. I know i should have done this years ago, but he hasn't tried to contact me about it either, but i guess he is happy paying a low mortgage and doesn't want to stop!
I began contacting him last September saying i want to get it sorted once and for all. I ended up sending a recorded letter because i got no response to my messages for 10 weeks.
I got the house valued recently, and therr is about £12K equity once the mortgage is paid off. I want my name off but i also want any money i am entitled to. I havent paid towards the mortgage for 4 years. The house is owned as joint tenants, which i understand means we each own 50%, so can i ask for half the equity? I have calculated that i have contributed 30% of the money paid towards the mortgage (the monthly payment has decreased since i left). When i left, i took nothing apart from my clothes and car, which i paid him the money back for when i sold it.
Together we paid for improvements on the property - new carpets and double glazing, to my knowledge the only repairs he has had carried out by himself is replacing the gutters. I would have to find this out.
I am going to see a solicitor next week to discuss this. My ex partner just seems to be stalling, every time i try to push forwards he makes some excuse about being busy at work, and it has been a year, i am just getting fed up.
I have given him 3 options - buy me out and keep the house (i doubt he has the money or wilk be allowed a mortgage on his own), sell the house and split the proceeds, or i buy him out. The last option was suggested by my current partner, he has shown interest in us both taking on the property to rent out, at the current mortgage level we could make £100+ a month.
Apologies for my typing, this tablet is horrible.

Guest101

millie84 wrote: »

Looking for some advice, and similar experiences please.
Bought a house with my now ex partner back in 2006. I paid half the mortgage for the 5 years i lived there. We split up in 2011, and i moved out of the property, he still lives there.
I want to remove my name from the mortgage. I know i should have done this years ago, but he hasn't tried to contact me about it either, but i guess he is happy paying a low mortgage and doesn't want to stop!
I began contacting him last September saying i want to get it sorted once and for all. I ended up sending a recorded letter because i got no response to my messages for 10 weeks.
I got the house valued recently, and therr is about £12K equity once the mortgage is paid off. I want my name off but i also want any money i am entitled to. I havent paid towards the mortgage for 4 years. The house is owned as joint tenants, which i understand means we each own 50%, so can i ask for half the equity? I have calculated that i have contributed 30% of the money paid towards the mortgage (the monthly payment has decreased since i left). When i left, i took nothing apart from my clothes and car, which i paid him the money back for when i sold it.
Together we paid for improvements on the property - new carpets and double glazing, to my knowledge the only repairs he has had carried out by himself is replacing the gutters. I would have to find this out.
I am going to see a solicitor next week to discuss this. My ex partner just seems to be stalling, every time i try to push forwards he makes some excuse about being busy at work, and it has been a year, i am just getting fed up.
I have given him 3 options - buy me out and keep the house (i doubt he has the money or wilk be allowed a mortgage on his own), sell the house and split the proceeds, or i buy him out. The last option was suggested by my current partner, he has shown interest in us both taking on the property to rent out, at the current mortgage level we could make £100+ a month.
Apologies for my typing, this tablet is horrible.

12k equity after 9 years?!

This house clearly isnt worth the hassle, sell and sell quick.

Landlording for £100 a month (it will be less than this in reality - have you considered the cut the agent takes, hmrc changes etc...) with a house that doesnt increase in value... you'd be mad to.

TrickyDicky101

If your ex refuses to sell you would need to go to court to force the issue. That will likely be a lengthy and arduous and therefore expensive process.

millie84

We would manage the rental ourselves, if we took that option.
I think I am going to ask for 50% of the equity, if that is possible. If he can't find £6K to be able to stay in the property, I will go for an order for sale. I have been told previously by a solicitor that I can arrange the court stuff myself and charge the fees to the other side.
At the very least I am entitled to 30%, which is what I put in.
He seems to be stalling, but the longer it goes on, he is paying more off the mortgage each month, meaning the equity is growing slightly, of which I am entitled to a share. I don't know if he realises this, or is just stalling because he (probably) has no money to buy me out.

Thrugelmir

millie84 wrote: »

He seems to be stalling, but the longer it goes on, he is paying more off the mortgage each month, meaning the equity is growing slightly, of which I am entitled to a share.

If this was the case why isn't there more equity now? As the house was bought 9 years ago. Are you sure your mortgage is a repayment one.

glentoran99

Thrugelmir wrote: »

If this was the case why isn't there more equity now? As the house was bought 9 years ago. Are you sure your mortgage is a repayment one.

house prices dropped

glentoran99

millie84 wrote: »

We would manage the rental ourselves, if we took that option.
I think I am going to ask for 50% of the equity, if that is possible. If he can't find £6K to be able to stay in the property, I will go for an order for sale. I have been told previously by a solicitor that I can arrange the court stuff myself and charge the fees to the other side.
At the very least I am entitled to 30%, which is what I put in.
He seems to be stalling, but the longer it goes on, he is paying more off the mortgage each month, meaning the equity is growing slightly, of which I am entitled to a share. I don't know if he realises this, or is just stalling because he (probably) has no money to buy me out.

You haven't paid towards the mortgage in 4 years, how much did the payments in that time add up to?

Thrugelmir

glentoran99 wrote: »

house prices dropped

Alternatively condition of the property is poor.

HHarry

Getting any equity out of your ex won't get your name off the mortgage. If he's not in a position to obtain a mortgage on his own you'll have to force a sale, even if he could stump up £6k.

millie84

It is a repayment mortgage, the initial interest rate was quite high (5.9% fixed rate, unfortunately the rates fell and we didn't benefit). The purchase price was fairly low, and the value has only increased by £6k, and £6k has been paid off the mortgage.
I have calculated exactly how much has been paid towards the mortgage, and my contribution was 30%, around £12600.

AdrianC

(I'm presuming you aren't/weren't married, so no financial settlement as part of any divorce)

You can ask for whatever you want to ask. Equally, he can agree to or refuse whatever he wants. The sensible solution would be to behave like a pair of sensible adults and figure out a fair split, based on what you each contributed.

As a rough test of fairness, think if you'd be happy with the solution if the boot was on the other foot.

If you think you've paid roughly 30% of the total mortgage payments, I'd say 50% of the equity was a bit optimistic, wouldn't you? If you'd paid 70% to date, would you be happy receiving 50% equity? No, thought not.