Ex buying me out after break up

glennstar

densol wrote: »

Nonsense ! If the parties are not married and there are no children its based on Land Law and who made what contribution and the intention of the parties ( often set out in the purchase deed )

I think my point still stands. If parties have made other sacrifices (non-fiscal) then they should also be taken into account. Maybe this sort of approach to relationships (and life in general) might explain why things have derailed after such a short time?

getmore4less

OT for the OP question.

I think it is quite important to separate the purchase of a property from living in it, it saves a lot of issues and makes the finances much clearer.

A good model is the landlord tenant.

treat all the things that would be a landlords responsibility on the purchase/ownership side and all the things a tenant on the living side.

Decide the ownership based on affordability and contribution(deposit debt being serviced), don't skew the ownership based on things like salary. own 50:50 but contribution based on salary.

think of this as if you were landlord so all the things that a landlord is responsible for you split the costs based on the ownership. each pays their share of the debt and can adjust this with additional capital without effecting the ownership.

This is easy to document with a deed along with exit criteria(split, death...) and what happens in a can't pay/won't pay situation.

This keeps the ownership clean as if you had bought with cash up front.

Most people can understand when one buys 1/3 the other 2/3 that is what they should each own, convert some of that cash into debt and they get totally confused.


Living costs, going out, holidays, cars, share of chores etc. you keep totally separate and deal with how you want this is where any fiscal(eg salary) differences should be dealt with.

...............
The op should go back to their original agreement if not written what they thought the agreement was, they agreed 50:50 on the mortgage so that implies some thought even if not much.

I have outlined the equity based split above but as the initial contributions are relatively close the get your money back and split the equity are not a lot different.

sale......equity.....money back

£150k...£12.45k..£12.75k
£160k...£17.28k..£17.75k
(these still need to be adjusted to take account of how the costs were paid)
.........

The kitchen was done so close to the purchase it can be considered as part of the total purchase costs if it had been done later then that complicates the equity based calculation a bit as the starting point is different and you need to account for an unequal cash injection.