Sale of a house with joint mortgage

mike316

Hi,

My partner recently moved out of a home she holds a joint mortgage on with her brother and father. Upon remortgage 2 years ago the two siblings were added to the mortgage with the father moving out and living by himself (also taking significant equity out). Throughout these two years only the siblings contributed to the payments for the house, time has come to sell. Are all parties due equal third shares from the sale, or are the siblings entitled to more for their contributions over the last 2 years?

Kind Regards

kingstreet

That would depend on what agreement they came to before they embarked on this.

Thrugelmir

mike316 wrote: »

Upon remortgage 2 years ago the two siblings were added to the mortgage with the father moving out and living by himself (also taking significant equity out).

Assuming that was still equity left in the house. Then your partner would benefit from this is if the split was an equitable 3 ways.

mike316

kingstreet wrote: »

That would depend on what agreement they came to before they embarked on this.

There was no formal/legal agreement when they embarked, there was a non-formal agreement that because he took a share from the remortgage, whatever the house was sold for would be split between the two siblings. I would assume there is not much ground to enforce this? (Unless written examples of this are available?) He has become quite unreasonable to deal with and financially could be struggling, even after the equity that was taken a couple of years ago, the feeling is that he will try and take another share for himself upon sale.

Thrugelmir wrote: »

Assuming that was still equity left in the house. Then your partner would benefit from this is if the split was an equitable 3 ways.

He took 30k out at the remortgage, at current house valuations, there is around 50-60k of equity left.

Thrugelmir

mike316 wrote: »

He took 30k out at the remortgage, at current house valuations, there is around 50-60k of equity left.

Then the majority of the equity would appear to be the fathers. For two years of paying the mortgage your partner has had somewhere to live and gained a reasonable sum.