Is ex entitled to percentage of contribution to mortgage made by ex partner?

Roscoe1989

I am trying to get my ex partner to sign over interest in the jointly own property, which is currently on an interest only mortgage to me so I can remortgage on a repayment mortgage with my new partner. Ex won’t tell me what they want as settlement for me to buy them out meaning we are now wrangling via solicitors. Most recent communication is that ex believes they are entitled to a percentage of the rent being paid to me by my current partner because this is seen as income on a property we jointly own. My ex hasn’t paid anything towards the property since they left 5 years ago so this doesn’t seem fair to me. Any advice?

Caz3121

given that you have a solicitor, I would go with their advice

Enterprise_1701C

As above, go with what your solicitor says, but to me it looks like your ex paid towards the mortgage previously (you say they haven't paid anything since they left thereby suggesting they paid before). You want them to sign it over to you.

If the shoe was on the other foot and you had left, and then your ex started earning money on the house, then asked you to sign over your interest, would that seem fair to you?

Suggest you come up with a jolly good offer, it sounds like they are not going to go quietly.

silvercar

Unless you reach agreement, the only winners will be the solicitors.

Possible views:

1. Your ex should get half the equity in the property at the time they stopped contributing, plus some estimation of 5 years of interest on that amount.

2. Same as (1), but adjust for the increase in house prices in your area over the last 5 years as your ex has effectively left that equity invested in the property.

3. Once your ex moved out, you could consider he was renting his half of the house to your new partner. What is half the market rent for your property? Take away from that half the mortgage payments, that could have been his monthly gain. Multiply that by 5x12=60 for the last 5 years.

4. Give him anything to reduce legal costs and break all financial ties.

Roscoe1989

Thanks for the advice. I didn!!!8217;t see it as income since my current partner has been paying half the mortgage as I could t alone, but I suppose technically it!!!8217;s income. I paid deposit and have carried out improvements since ex left.

dimbo61

So you paid the deposit when you bought the property with your Ex ?
If you are struggling to pay the mortgage when it's interest only how will you pay a repayment mortgage ?

Thrugelmir

Roscoe1989 wrote: »

Ex won’t tell me what they want as settlement for me to buy them out meaning we are now wrangling via solicitors.

You need to make a serious offer for them to consider.

Roscoe1989

I’m not struggling, not sure where you deduced that from. I am on interest only mortgage and want to move to repayment but I want ex to sign over his interest since he left me 5 years ago, has paid nothing since then and when he left told me he would not come for the house, unfortunately that was verbal so no proof and clearly his intention has changed now there’s the potential to make money. I paid deposit, plus improvements to house on kitchen and bathroom since he left. I put him on my existing mortgage as he had nowhere to live at the time and I was naive, believing we would get married and be together forever. While here, he paid half the interest only mortgage, but though it fluctuated, he only ever paid same fixed figure per month. I paid other half and all bills. After about 6 month’s, he started staying with friends in the week and only coming here at weekends, he had a part time job.i paid for most things, but I guess that doesn’t matter now...

foxy-stoat

Get an upto date valuation of the property and settlement amount on the mortgage - divide that by 2 and offer that....or sell it and give the ex their share of the equity - tell them to forget about rental "income" and stick to the actual values they are entitled to.

Not sure why solicitors are involved at a stage where you haven't come to a disagreement over consideration.

dimbo61

So at this moment in time you want to move on with your life and clear the financial links with your EX but he is not bothered.
This could prove difficult and expensive.
He can see an asset ( your property ) go up in value while he makes no contribution what so ever.
However it is you and your new partner who are living in the property.
The situation could change if your EX ever wants to buy a property himself ! As he would need to be off the existing mortgage.
What you could do is Save, Save, Save every penny you can afford too.
Work out how much a repayment mortgage would cost every month and put that amount into regular savers like Nationwide 5% saver, open a current account with them and open an ISA with them paying 1.4%
One day your ex will be in contact asking to come off the mortgage.
If you have children he would struggle to force you to sell the property via the courts