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Advice on splitting equity of the house.
JohnD90
Posts: 1 Newbie
Hi,
Ideally after some advice, as I am looking to be bought out of a joint owned house with my ex partner.
On the deeds upon buying the house I am at 25% of ownership as the other half inherited money from a family member.
The value of the house has increased and approx a sum of 70,000 of equity in the house. Due to the deeds am I only entitled to 25% of this sum? I am unsure as obviously after the initial deposit we paid equally on the mortgage. So Is there something I can do legally that I am missing? The initial value was £120,000.
Apologies if this question is a stupid one and Thank You in advance for any advice.
John
Ideally after some advice, as I am looking to be bought out of a joint owned house with my ex partner.
On the deeds upon buying the house I am at 25% of ownership as the other half inherited money from a family member.
The value of the house has increased and approx a sum of 70,000 of equity in the house. Due to the deeds am I only entitled to 25% of this sum? I am unsure as obviously after the initial deposit we paid equally on the mortgage. So Is there something I can do legally that I am missing? The initial value was £120,000.
Apologies if this question is a stupid one and Thank You in advance for any advice.
John
0
Comments
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How was the original £120k paid for ie you/yourpartner/mortgage?
What is the property worth now and how much is the mortgage outstanding.
You should have had a deed of trust which set out how net proceeds of a sale were to be shared in a case like this where there is unequal deposit, but the mortgage shared 50/50. As you have seen its not as simple as saying we own 25%/75%.
You don't have it documented but at least you can work out what your fair share should be and seek to agree that with your ex partner.0
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