Tenants in common dispute

Jamie3130

Ex has moved out 6 months ago, we bought a property as an investment for me as I came into some money, but as I could not get a mortgage on my own they agreed to come on it and we lived there for a year. I put down the whole deposit which was 30%. The deed of trust says I own 65%, her 35%. unfortunately the trust doesn't mention about me getting all my deposit back. Ex always said she would not want any of the money back on selling as I put in all deposit but of course has now gone back on this.

My question is can the ex force a sale, how much would this cost her, can I object as I don't want to sell and could I win seeing as I put in all the deposit and am living here and paying all bills and mortgage by myself. We have no children. Also is there a way I can claim back my deposit if sale is forced.

Pixie5740

If you have a deed of trust saying the equity is to be split 65/35 then that's the split. If you wanted to ensure you got your £30k back then you should have had a declaration of trust that said so.

Yes your ex can force the sale. It might cost her a couple of grand but she has nothing to lose and it would be money well spent if it means she would no longer have a joint mortgage with you.

Would you be able to get a mortgage on your own for the property now? If so then keep calm and negotiate a figure with her so you can buy her out and move on with your lives.

bouicca21

What sort of ex? Wife or not? If you are married there will be a whole lot more to consider.

matttye

You could try arguing that the deed of trust is a sham but I doubt you will succeed. Seek legal advice.

Jamie3130

We are not married and I cannot afford the mortgage on my own, surely if she gets an order of sale I can contest it? I have paid for all the home improvements and the mortgage has always come from my account

Pixie5740

Contest it on what grounds? You can't afford the property on your own and as long as you have a joint mortgage she will continue to have joint and several liability for the whole property. Sell it and end your financial link to one another.

The fact the mortgage payment is taken from your account is neither here nor there. You have a deed of trust in place, it's too late to decide you don't like its terms.

Jamie3130

If she gets a court order to sell will I have to pay the costs of it

Jamie3130

Sorry I mean will I have to pay her court costs?

davidmcn

Jamie3130 wrote: »

Sorry I mean will I have to pay her court costs?

Almost certainly, if you don't have grounds for refusing to agree to a voluntary sale.

Jamie3130

What would be grounds? I really don't want to sell, i am looking for a better job so I could afford to remortgage in a few months time maybe, any ideas how long this court order could take?
Thanks for replies, I understand this is my fault for not checking the trust deed

Pixie5740

How far off are you from being able to afford a mortgage on your own? Have you spoken with a mortgage broker to find out what you'd need to achieve in order to secure a mortgage on your own?

Going to court (assuming it even gets that far) takes time.

If I were your ex and had only lived in the property for a year I would forgo the 35% from the deed of trust and would be happy just closing down the joint mortgage so I could move on. However, there ain't nowt as queer as folk.