Splitting up with girlfriend - Advice Needed

silvercar

PS This is the first time I've posted on this forum so apologies if I have done something wrong.

Excellent first post, both for advice, opinions and a discussion!

The only improvement would be supplying a magnifying glass

getmore4less

silvercar wrote: »

Initial mortgage payments do little more than cover interest.

It is an interesting quandry, somehow the fact that you have been paying the mortgage for 44 months needs to be taken into account eg if you had been paying the mortgage for only 4 months or 240 months the calculation should stand the scrutiny.

I suspect there would be a time when the mortgage payments exceed the equity in the house, exposing a flaw in your calculations.

----

Also, if the property had been bought in your ex's sole name, with her deposit and her you paying some rent/ keep/ contribution to household costs would that have left you with an entitlement to anything?

You ignore the mortgage payments just use the equity that debt bought(50%) less any outstanding mortgage.

It really is that simple

gycraig_2

I'd just split the value gain 50-50 and get back all mortgage payments and call it a day. Op was mortgaging his half basically.

Suarez

If anything, your ex's large deposit gave you a very good LTV which no doubt gave you a very good interest rate on the mortgage but probably best no to go into that

davids1982

Haha! Sorry I didn't realise text was so small as I just used the default size. Thank you for all (or nearly all) the helpful suggestions. Just to clarify, the house is in my name too so I’m definitely entitled to something. I’m just trying to find a fair and amicable way to get my part of the investment back. I have had several chats with my ex about this and we both agreed that it’d be best to stay amicable as we have a son together but as I said on my original post, I know that things can go from amicable to hostile in a nanosecond when there’s money involved so I just want to protect myself and make sure I don’t get screwed over. Thanks again!

getmore4less

If the intention is a complete financial separation re the house the biggest stumbling block may be the mortgage if the value has gone up a lot.

Lokolo

davids1982 wrote: »

Haha! Sorry I didn't realise text was so small as I just used the default size. Thank you for all (or nearly all) the helpful suggestions. Just to clarify, the house is in my name too so I’m definitely entitled to something. I’m just trying to find a fair and amicable way to get my part of the investment back. I have had several chats with my ex about this and we both agreed that it’d be best to stay amicable as we have a son together but as I said on my original post, I know that things can go from amicable to hostile in a nanosecond when there’s money involved so I just want[/COLOR] to protect myself and make sure I don’t get screwed over. Thanks again!

What is fair.

Well she put in 50% and hasn't paid any of your mortgage payments, correct?

You have paid in 50% with the help of a mortgage. Only you have been paying the mortgage, as that is how you got 50% of the property.

Therefore you both have put in 50% (her via cash, you via a loan). You are both entitled to 50% of the value/sell price.

As getmore4less has pointed out, you will be requiring a much larger mortgage so you should make sure you can afford it before going down this route.

lspell1

getmore4less wrote: »

Your due half the value less the outstanding mortgage.

It's that simple unless you messed up the deed in some way.

Your payments are not relevant as they serviced the debt you used to buy your half.

How would that possibly be fair to the person that has put down a £105,000 deposit??
I assume the mortgage is in Joint names. The OP's partner should remortgage (transfer of equity) the property and raise the relevant equity mentioned above to pay off their partner.

getmore4less

lspell1 wrote: »

How would that possibly be fair to the person that has put down a £105,000 deposit??
I assume the mortgage is in Joint names. The OP's partner should remortgage (transfer of equity) the property and raise the relevant equity mentioned above to pay off their partner.

They have only bought and paid for 1/2 the house if they want to buy the other 1/2 now they need to find the new value of 1/2 the house.
They have not paid towards the mortgage so that does not count as part of their share, that was the other persons share.

getmore4less

Suarez wrote: »

If anything, your ex's large deposit gave you a very good LTV which no doubt gave you a very good interest rate on the mortgage but probably best no to go into that

You could adjust for that wouldn't be too hard.

There is also a kid involved to complicate.

Starting point is 1/2 the value less the mortgage for the OH to bu y them out.