Tenants in common dispute

BrassicWoman

Jamie3130 wrote: »

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?

That'd be an awful thing to do. Force her to keep you in the style to which you have become accustomed after the relationship breakdown, to protect her credit rating? That's just vile. Sell up and keep your dignity, that's priceless.

martinbuckley

I take it she is still paying her share of the mortgage until such time as it is sold?

booksurr

Jamie3130 wrote: »

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.

its what is in writing that counts obviously

Jamie3130 wrote: »

My question is can the ex force a sale, how much would this cost her,

yes, but she would need a court order which is both slow to get and very expensive in legal fees. It would cost her nothing if she wins - see next comment!

Jamie3130 wrote: »

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

you will lose, you are not married, have no children and utterly no reason why the court should not make you go your own separate ways in accordance with the trust deed you set up to cover exactly that eventuality. The court may vary the terms of the trust slightly in your favour to recognise that she has not paid towards the mortgage (if that is true) for x months giving you a fractionally small extra share above the original 65% split. Whether that extra share is more than the court costs you will end up paying depends on the value of the property (I somehow doubt it would)

Jamie3130 wrote: »

Also is there a way I can claim back my deposit if sale is forced.

no way - you agreed an equity split trust, not a deposit then split trust

you best bet is to agree now, cut and run. Even if she walked out on you rather than the other way around it is time you both move on in life and start again - even if that does mean you end up having to move

davidmcn

Jamie3130 wrote: »

i am looking for a better job so I could afford to remortgage in a few months time maybe

Have you spoken to a broker to check you definitely don't qualify for a mortgage at present? Have you told your ex you intend to try to buy her out and what the anticipated timescale would be? Obviously that would be preferable (and possibly faster) for everyone than going via court.

getmore4less

Jamie3130 wrote: »

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.

With equity shares that the way it works your deposit bought a 30% share of the property and you each got 35% for the bit covered by the mortgage if you paid that equaly.

When you sell you get 65% of the property and pay 1/2 the mortgage out of that share

If that is not what the trust says it was done wrong.

If you were paying more of the mortgage then the trust has further flaws.

What exit clauses were put in the trust?

Kynthia

It's not that you didn't check the trust deed, like its something the solicitor just did and you signed it possibly without reading or understanding it. You must have actually instructed the solicitor to do a trust deed for these percentages and then signed it (presumably with a witness as it is a deed). That is why it is unlikely you can challenge it, although it might be worth getting advice from a solicitor if it's enough money to make paying for advice worth your while.

Courts don't tend to like it when a joint owner refuses to sell or buy out the other owner. No one should be forced to have their funds tied up in a property unwillingly for years, be potentially liable for a mortgage when they are paying to live somewhere else and prevented from getting another mortgage, and continually be financially linked to someone which can put their credit record at risk. You not being able to get a mortgage on your own to buy them out or buy somewhere else is not a good enough reason. Giving you time to sell or you housing their child in the home could be a good enough reason. A judge would need to decide but then there would be costs to pay as well.

How much do you think the property would sell for? How much is left to pay on the mortgage and what would other selling costs be (estate agent, early repayment charge on the mortgage, solicitor/conveyancing fees, etc)? Deduct the costs from the selling price and you need to give her 35% of that, how much is that? She might take less if you negotiate. Perhaps put an amount in writing and see if she'll accept that amount (in writing) if you agree to buy her out or sell within a set period of time? Is she threatening court? If so then suggest this offer will save her the hassle and upfront costs of getting a court order.

Jamie3130

I only want to put off the sale long enough to get a mortgage on my own, I don't want her linked to me anymore either, I don't have any intentions of keeping her paying for the mortgage which she doesn't now anyway an am just worried she could quickly get a sale order before I get a new job

Jamie3130

She is not paying any of the mortgage and hasn't done so for 6 months

TBagpuss

As others have said, yes, she can force a sale. If she takes you to court then you are likely to have to pay her costs as well as your own.

You do get your deposit back - you get 30% (what you put down) + 35% (half the balance) = 65%. She gets 35%.
You each pay 50% of the outstanding mortgage.

sit down and work out the figures, taking into account the costs of sale and any mortgage penalty clauses, to see how much you would ned to pay her in order to buy her out. If you anticiapte being able to ge the morgage on your own, and to raise that lump sum, within a reasonable time, you can try to negotiate with her to agree to pay her out at a fixed future date.

if she is not living in the property then it is likely to be reasonable that she is not paying the mortgage - unless he mortgage is higher than market rent would be for a similar property. if there is a long period during which you are paying the mortage single handed then you may be able to argue that you should get credit for any *capital* you have paid off.

Jamie3130

Not that it makes a difference in the property problem but some background info she was cheating and I asked her to move out, now she wants to get married hence why she is trying to get as much money as possible, I will try and reason with her and offer her money and wait till I can afford mortgage on my own and buy her out, thanks