Can I be forced to sell?

chelseablue

fewcloudy wrote: »

I'm not sure I understand? Do you pay 70% of the mortgage payment due each month and he only pays 30%? I'm assuming that must be the case, because if it was 50% each then I don't think I'd be happy only getting 30% back!


fc

Not sure I understand either :rotfl:

All our income goes into 1 account and the mortgage gets paid from there.

I believe the 70/30 comes from me putting so much more deposit in than he did.



4.2 In the event of a sale the net sale proceeds shall be determined by deducting from the sale price the amount outstanding under the Mortgage, legal fees, agents commission and valuers fee (if any) and any other expenses properly incurred in connection with the sale.

4.3 The net sale proceeds shall be paid as to:

4.3.1 The fixed sum of £164,000.00 to the First Owner
4.3.2 The fixed sum of £6,000.00 to the Second Owner.
4.3.3 The balance being divided between the Co-Owners by paying the First Owners share to the First Owner and the Second Owners Share to the Second Owner.

fewcloudy

chelseablue wrote: »

Not sure I understand either :rotfl:

All our income goes into 1 account and the mortgage gets paid from there.

I believe the 70/30 comes from me putting so much more deposit in than he did.



4.2 In the event of a sale the net sale proceeds shall be determined by deducting from the sale price the amount outstanding under the Mortgage, legal fees, agents commission and valuers fee (if any) and any other expenses properly incurred in connection with the sale.

4.3 The net sale proceeds shall be paid as to:

4.3.1 The fixed sum of £164,000.00 to the First Owner
4.3.2 The fixed sum of £6,000.00 to the Second Owner.
4.3.3 The balance being divided between the Co-Owners by paying the First Owners share to the First Owner and the Second Owners Share to the Second Owner.

I'm not sure where 70/30 comes from either, as the amounts that each of you contributed in the beginning seem closer to a 90/10 split!


I would have thought that if you each pay the mortgage 50:50 then the £41000 left after taking back deposits would also be split 50:50.


There is nothing you have posted so far that makes me think there is a different arrangement.


So I think you would be giving him back the £6000, plus half of £41000 (£20500) = £26500

chelseablue

If that's what it is then of course that's what I would do.

Would take me a few years to save it up, I'd like to at least live in the house a couple of years before selling.

If he decides to force me to sell I guess that would be expensive (for him?)

Comms69

chelseablue wrote: »

Thank you, the first part of the deed says:

The Co-Owners declare that as from the date of this deed they will hold the Property subject to the Mortgage jointly both legally and beneficially on trust for themselves in the following manner:

As I understand it the mortgage is a joint mortgage in both our name so we are both liable 50/50.

Its the equity that is 70/30, after we each get back what we put in

That's not correct, the word joint mean you are each liable for 100%, how you split it is down to you. The lender doesn't care.

Comms69

chelseablue wrote: »

If that's what it is then of course that's what I would do.

Would take me a few years to save it up, I'd like to at least live in the house a couple of years before selling.

If he decides to force me to sell I guess that would be expensive (for him?)

Well he could ofcourse also live there. Which is actually much more useful when negotiating sale of property.


It would be expensive for him, but for you as well.

chelseablue

Comms69 wrote: »

That's not correct, the word joint mean you are each liable for 100%, how you split it is down to you. The lender doesn't care.

Thank you, all our income goes into one account and we pay the mortgage from there so we've never done a % split on the payments.

I will definitely go and see a solicitor for some further advice

chelseablue

Comms69 wrote: »

Well he could ofcourse also live there. Which is actually much more useful when negotiating sale of property.


It would be expensive for him, but for you as well.

Yes we have a spare room so he could carry on living in the house if he wanted to.

Unfortunately he's useless with money so I doubt he would want to spend out on solicitors fees

Comms69

chelseablue wrote: »

Yes we have a spare room so he could carry on living in the house if he wanted to.

Unfortunately he's useless with money so I doubt he would want to spend out on solicitors fees

Or indeed any room he wants to...


You have no more say on the house than he does. Which is why making a situation awkward will usually hasten any settlement without the need for legal action.


Just something to keep in mind as a risk if you drag things out.

Comms69

chelseablue wrote: »

Thank you, all our income goes into one account and we pay the mortgage from there so we've never done a % split on the payments.

I will definitely go and see a solicitor for some further advice

In which case I'd suggest that 50/50 on equity would be the starting point.


Be careful with solicitors, it get expensive very quickly.

chelseablue

Thank you, it might be best to sell and buy a place in my name only.
Then at least we'd no longer be financially linked

Our son starts school in September so would ask him if I can at least stay in the house this year and put it on the market in Spring 2019