Transfer of Equity, who pays the fees?

Stoke

So I've just had a fairly awkward breakup with my ex fiancee and we're finally coming to the end of what has been quite a difficult process coming to an agreement on finances. There's still plenty to resolve though.

One thing she has steadfastly refused to pay 50% towards, is anything to do with removing her name from the mortgage, transfer of equity and transferring the house into my name. She's said, quote, "this is of no benefit to me, why should I be paying?" and I suppose she is right to some degree, however the benefits are that she will not have to tell her next potential mortgage lender that she is still on another mortgage. To me, the most obvious way of solving this is to simply pay 50% each. The whole process costs around £500.

This month is also the first she has refused to pay her part of the mortgage which means I'm sustaining it on my own. I have no idea if that makes her in breach of contract, as it's a shared mortgage, but it means I'm now on borrowed time to be honest. This needs to be resolved as the equity in the house changes month to month.

getmore4less

Stoke wrote: »

This month is also the first she has refused to pay her part of the mortgage which means I'm sustaining it on my own. I have no idea if that makes her in breach of contract, as it's a shared mortgage, but it means I'm now on borrowed time to be honest. This needs to be resolved as the equity in the house changes month to month.

if she stops paying her share of the property gets fixed at the % she owns at that point
OR
the amount of debt you each own changes as hers is fixed and interest is compounding and your has a big overpayment.


this should have been in the trust deed under the can't pay won't pay section. (I know everyone forgets to do that one).

ACG

She can not just stop paying the mortgage. You are both 100% liable for it. Yes, people usually pay half or a percentage of it each, but in reality you both owe 100% of the debt. You could theoretically take her to small claims for half the mortgage each month (presumably if she has been paying half, that would be seen as some sort of contract between you both).

However, she could theoretically move back in/force the sale etc etc.

There is no right or wrong argument as to who should pay for the ToE. But as you mention it is in both of your interests for her to be taken off, hers so it will not prevent her getting a Mortgage in the future and she does not need to make monthly repayments and yours so she is not entitled to any increase in value, equity etc and you can both draw a line in the sand and start a fresh.

getmore4less

you may want to review the rest of the agreement if this is a stumbling issue are you sure you got the rest of it right.

Tom99

I would pay the £250 and get it sorted.

Thrugelmir

Stoke wrote: »

One thing she has steadfastly refused to pay 50% towards, is anything to do with removing her name from the mortgage, transfer of equity and transferring the house into my name.

Will you contribute to the cost of her next house purchase. She has a point. I'd pay it and be done. Move on with your life as quickly as you able.

Stoke

getmore4less wrote: »

this should have been in the trust deed under the can't pay won't pay section. (I know everyone forgets to do that one).

I don't know if this is the same thing, but I got a declaration of trust written up before we bought the house. I invested a lot more than her and I simply wasn't willing to let myself get mugged off.

ACG wrote: »

She can not just stop paying the mortgage. You are both 100% liable for it. Yes, people usually pay half or a percentage of it each, but in reality you both owe 100% of the debt. You could theoretically take her to small claims for half the mortgage each month (presumably if she has been paying half, that would be seen as some sort of contract between you both).

However, she could theoretically move back in/force the sale etc etc.

There is no right or wrong argument as to who should pay for the ToE. But as you mention it is in both of your interests for her to be taken off, hers so it will not prevent her getting a Mortgage in the future and she does not need to make monthly repayments and yours so she is not entitled to any increase in value, equity etc and you can both draw a line in the sand and start a fresh.

Thanks for your reply. You say she can't..... well she has. I've had to cover her contribution as I am not willing to let the house get into arrears and utterly destroy my good credit rating.

I'm aware of her moving back in and forcing the sale which is why I have to be careful. It's been made clear to me that she could refuse to allow me to take over the house and in that situation, I have little choice but to sell.

Thanks for your reply though, this does help a lot. I'm glad that I'm not the only one thinking that we both should be paying.

getmore4less wrote: »

you may want to review the rest of the agreement if this is a stumbling issue are you sure you got the rest of it right.

I'm not stupid. The settlement she gets out of the house is accurate and I've had verified by a solicitor.

Tom99 wrote: »

I would pay the £250 and get it sorted.

Thanks for the reply. I wouldn't mind so much if it was 250, but it's actually 500. She's not budging on it though, so unless I deduct it from her part of the settlement (which I could, I suppose), then I'll have to cover it.

Thrugelmir

Stoke wrote: »

I wouldn't mind so much if it was 250, but it's actually 500. She's not budging on it though, so unless I deduct it from her part of the settlement (which I could, I suppose), then I'll have to cover it.

Sometimes in life it's not about the money. One's own sanity should come first. There's no winners in a situation such as this.

Stoke

Thrugelmir wrote: »

Sometimes in life it's not about the money. One's own sanity should come first. There's no winners in a situation such as this.

True. There's no winners

getmore4less

Stoke wrote: »

I don't know if this is the same thing, but I got a declaration of trust written up before we bought the house. I invested a lot more than her and I simply wasn't willing to let myself get mugged off.

loads get those but they don't cover what happens when one party stops paying

does yours?


I'm not stupid. The settlement she gets out of the house is accurate and I've had verified by a solicitor.

that's if you got the deed of trust right in the first place many come here with broken ones drawn up by solicitors.

since you have this dispute yours was not that good if it did not cover buyout costs, wonder what else was wrong/missing.

Stoke

getmore4less wrote: »

that's if you got the deed of trust right in the first place many come here with broken ones drawn up by solicitors.

since you have this dispute yours was not that good if it did not cover buyout costs, wonder what else was wrong/missing.

Well I guess I paid my solicitors to do a job and they didn't do a good one.