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

moneyistooshorttomention

Fed-up with people trying to find excuses to get other peoples money:cool::(

CocoLouie

If I was your ex I would feel like I was the one being scr*wed. Unless you are talking large sums of money that you input into the renovations then you most likely got to live there cheaply especially since you are being offered half of the savings back.


Legally you may be able to get more although legal costs and since your ex paid the mortgage and more in bills than you they will likely fight it. Legally getting what you think you may be owed would be expensive so unless it is a large sum of money its probably best left. Morally on the other hand it doesn't look good....

westernpromise

If the ex felt she "got to live there cheaply" then what he should have done was organise a tenants in common arrangement whereby he explicitly owns more than half the house.

He didn't, so as I said above, the fairest arrangement is to split the equity the same way the costs of occupation were split.

InterestedParty2018

I suspect you may not want to hear this - but...

You should have agreed finances clearly before purchasing the property with him.

Can I ask, what are the values? How much has been used of the savings and how much has the property value increase by?

I suspect that on a £240k property is unlikely to be *millions* and therefore we are talking small sums.

If your ex has offered to return the savings you have put in - then the biggest loss you are likely to suffer is the difference between the increased equity and the savings refund. What is this number?

Is it enough to argue about? Enough to engage solicitors to recover?

Forget the £40k, I suspect it will be difficult to prove it was a joint gift to you both. (Parents will claim it was a gift to their son, or loan to their son.)

The lesson is to make sure you have finances documented for all eventualities before making future big purchases - and to be thankful for the 2.5 year you were free of rent and a landlord!

Just my penny's worth!

Pixie5740

InterestedParty2018 wrote: »

I suspect you may not want to hear this - but...

You should have agreed finances clearly before purchasing the property with him.

Can I ask, what are the values? How much has been used of the savings and how much has the property value increase by?

I suspect that on a £240k property is unlikely to be *millions* and therefore we are talking small sums.

If your ex has offered to return the savings you have put in - then the biggest loss you are likely to suffer is the difference between the increased equity and the savings refund. What is this number?

Is it enough to argue about? Enough to engage solicitors to recover?

Forget the £40k, I suspect it will be difficult to prove it was a joint gift to you both. (Parents will claim it was a gift to their son, or loan to their son.)

The lesson is to make sure you have finances documented for all eventualities before making future big purchases - and to be thankful for the 2.5 year you were free of rent and a landlord!

Just my penny's worth!

The OP doesn't have to prove that the £40k was a gift to both of them because she jointly owns the property with him and there is no DoT. He always had more to lose so it was in his interests rather than the OP's to have agreed the finances at the beginning.

I'm not suggesting that the OP should take half the equity just that she could take half the equity. Once the ex realises this he should bite the OP's hand off for the terms she is proposing.

davidwood681

Pixie5740 wrote: »

The OP doesn't have to prove that the £40k was a gift to both of them because she jointly owns the property with him and there is no DoT. He always had more to lose so it was in his interests rather than the OP's to have agreed the finances at the beginning.

I'm not suggesting that the OP should take half the equity just that she could take half the equity. Once the ex realises this he should bite the OP's hand off for the terms she is proposing.

Luckily, I don't think the OP is pathetic enough to pursue any of the 40K.

Some on here are though

Pixie5740

davidwood681 wrote: »

Luckily, I don't think the OP is pathetic enough to pursue any of the 40K.

Some on here are though

Some on here what?

armchaireconomist

So, let's just clarify.

- his parents paid the deposit
- you never paid a penny of the mortgage
- you each made a 50/50 contribution to renovation costs
- he paid £180 CT, you paid £140 bills. So proportionally he paid more of the livings costs

So (probably) you're entitled to 50% of the increase in the value between purchase price and the point you left the property. However, given he and his family subsidised your living costs i'd offer you the money you put in and no more.

Sounds like he dodged a bullet!

westernpromise

If he paid 80% of the costs of ownership he should get 80% of the equity.

foxy-stoat

https://forums.moneysavingexpert.com/discussion/5869381/help-is-my-partner-scr-wing-me-out-of-money

Two threads