HELP - Is my partner scr*wing me out of money??

lookstraightahead

Was the deposit a gift to him or to both of you?

diggingdude

Ask for £5k then say goodbye and get on with your life

RiversTam

You mention the bills but what about other costs such as food/shopping bills? Any hobbies etc.
In theory I pay all the bills in our house but my husbands wages pay for the shoppimg, fuel, childcare etc.

EachPenny

brewthebear wrote: »

Cant have your cake and eat it you have been able to save because of the input by your partner surely getting back savings is a bonus .Like op have said where could you live for £140 I think your being greedy...

On the other hand, if it wasn't for the OP going on the mortgage and contributing the £140 then it is possible the partner wouldn't have been able to buy the house and benefit from having an asset which has increased (hopefully) in value.

OP, before getting too deeply into splitting the money, the first thing you both need to look at is removing yourself from the mortgage if (as it sounds) the mortgage is in joint names.

How easy that will be depends on the policy of the bank/building society, but you may find they will only release you from the mortgage if he remortgages in his sole name. Does his income and outgoings mean he would meet the mortgage affordability criteria on his own? Alternatively, does he have a source of money to repay enough of the mortgage to make it affordable and pay you whatever share you both agree?

If you can't be released from the mortgage then the only option might be to sell the property which - after costs - might leave you with nothing.

You'd need to think very carefully about remaining on the mortgage otherwise - if he stops paying then you might become liable, you will be restricted from getting your own mortgage, and if values fall and you get to a negative equity situation then you could be sharing the loss.

sevenhills

dnatasha wrote: »

Me and my ex bought a house for £245,000. His parents kindly put a big £40,000 deposit down for us, so neither of us put money down for the deposit. When we did the deeds he put it down as 50/50 Joint Tenancy ownership. We fortunately never had to pay towards the mortgage either as another property he owned, the rent money paid our mortgage.

50/50; maybe he put it that way because of tax advantages?


Start at 50% but come down a little, dont be greedy, solicitors are expensive, for both parties.

Kynthia

Legally you are a joint owner and entitled to half the equity. You are willing to take half after his parent's contribution is taken into account. However he wants you to get very little as he was paying the mortgage and morally he has a point as the rent from his other property is his income, so he was contributing much much more than you.

So it seems like an amount in between what you both think would be the best solution. Get the property valued, deduct the outstanding mortgage and £40k, then split in it half. See what figure below that one you'd be willing to accept rather that go through the effort and expense of taking it to court.

lookstraightahead

Can I just clarify (from anyone really). If someone gifts a deposit - whether a relative or not, isn't this to both parties if it's not specifically indicated that it is to one or the other?

pinkshoes

How much did you buy the house for, and how much is it now worth?

If you bought for say £200k (£40k deposit and £160k mortgage) and it is now worth £210k, then as you invested in improving it, you should be asking for half the equity increase, so £5k, then half anything remaining in the savings account.

moneyistooshorttomention

lookstraightahead wrote: »

Can I just clarify (from anyone really). If someone gifts a deposit - whether a relative or not, isn't this to both parties if it's not specifically indicated that it is to one or the other?

Are you talking legally or morally?

Obviously the deposit was gifted to the "person they know" - in this case the son and it's his money.

Don't know if the legal position is different to the moral position - and hopefully the OP would be moral enough not to try and find that out/abuse it if so.

Pixie5740

moneyistooshorttomention wrote: »

Are you talking legally or morally?

Obviously the deposit was gifted to the "person they know" - in this case the son and it's his money.

Don't know if the legal position is different to the moral position - and hopefully the OP would be moral enough not to try and find that out/abuse it if so.

Is that obvious? The parents could have gifted the money to their son and the OP. Even if the money were gifted to the son only it then became his money to do with and what he chose to do with it was buy a property with the OP and he chose not to set up a Dot for reasons unknown. This means that the £40k gift forms part of the 50% equity the OP is legally entitled to but from the OP's posts she is not seeking half the equity but it does put her in a strong negotiating position when the penny finally drops.