Help with equity split after selling

paulr23

Hi all,

Basically, ex split up with me because i spent too much time with my friends, controlling psycho so kinda glad although a bit upset at the moment but ill be better off eventually....

Anyway, when we bought the house, I put in £30k and she put in £10k, including our mortgage payments so far we have around £45k equity in the house roughly. Does this mean she is entitle to half of this equity thats in the house? As i didnt sign anything to say its x part mine for example.

Any help appreciated.

Paul

G_M

Do you own as Joint Tenants or as Tenants in Common?


If the latter,did you creae a Deed and what does it say?


If the former, orno ded, what did you discuss/agree at the time?

paulr23

Just as joint tenants i believe? Not entirely sure how I find that out? Both our names are on the mortgage etc....we didn't discuss anything regarding the money aspect, bit naive of me really.

paulr23

Also, if anyone knows, how hard would it be to rent this property out privately, appreciate i would need a buy to let mortgage, im a first time buyer so could be quite hard, will be going back to live with my parents so...

AnotherJoe

It would be a barking mad idea to let it out if you jointly owned. The mind boggles at just how bad.

There are numerous ways you can split the equity. If ex is up for it take your deposits out and they go back to you each and then split the remainder 50/50 to keep it simple. There are much more complex ways of doing it but really just keep it simple.

Do you have solicitors?

paulr23

G_M wrote: »

Do you own as Joint Tenants or as Tenants in Common?


If the latter,did you creae a Deed and what does it say?


If the former, orno ded, what did you discuss/agree at the time?

AnotherJoe wrote: »

It would be a barking mad idea to let it out if you jointly owned. The mind boggles at just how bad.

There are numerous ways you can split the equity. If ex is up for it take your deposits out and they go back to you each and then split the remainder 50/50 to keep it simple. There are much more complex ways of doing it but really just keep it simple.

Do you have solicitors?

How come?

And my ex is definitely not up for it, she is telling me she will take 50% of whatever the equity is already, hence my question. So kinda robbing me for my money.. Do I have a leg to stand on?

And no not yet.. this is recent, like a few days recent.

G_M

If you own as joint tenants, then you each own 100% of the property equally.


Unless some agreement was reached regarding re-payment of the cash you each invested upfront- which does not seem to be the case.


Of course, you can reach any agreement on distribution you wish between yourselves - provided you agree,,,,,,,,,,,

paulr23

G_M wrote: »

If you own as joint tenants, then you each own 100% of the property equally.


Unless some agreement was reached regarding re-payment of the cash you each invested upfront- which does not seem to be the case.


Of course, you can reach any agreement on distribution you wish between yourselves - provided you agree,,,,,,,,,,,

Haha, oh well. Not sure that is ever going to happen with her agreeing to take back what she invested.

Anyway, live and learn I guess and I will never make the same mistake again.

goodwithsaving

paulr23 wrote: »

Haha, oh well. Not sure that is ever going to happen with her agreeing to take back what she invested.

Anyway, live and learn I guess and I will never make the same mistake again.

Reading this thread, you sound bitter and that's understandable because it's quite raw. But when it comes to any dealings with the house, keep a level head. Legally it sounds like no formal agreement was made and so legally you get 50% each regardless of input.

That's why declarations of trust are sensible when purchasing....bit late now but if putting in unequal deposits I don't understand why you wouldn't have had one. Anyway....


But having been there, albeit with a DoT, just deal with the house like a business matter. Emotions and tit for tat make things 1000000x worse. Don't let it out, sell it, cut ties and move on.

Thrugelmir

paulr23 wrote: »

And my ex is definitely not up for it, she is telling me she will take 50% of whatever the equity is already, hence my question. So kinda robbing me for my money.. Do I have a leg to stand on?

With no legal agreement in place. Cost of any action outweighs the benefit. Your only leg is to bloody minded. In a polite but firm sense. In the hope that your soon to be ex relents and gives a little.

Alternatively give a little yourself. When relationships breakdown the stress levels can become unbearable. Resulting in the money becoming secondary to ones own sanity.

paulr23

goodwithsaving wrote: »

Reading this thread, you sound bitter and that's understandable because it's quite raw. But when it comes to any dealings with the house, keep a level head. Legally it sounds like no formal agreement was made and so legally you get 50% each regardless of input.

That's why declarations of trust are sensible when purchasing....bit late now but if putting in unequal deposits I don't understand why you wouldn't have had one. Anyway....


But having been there, albeit with a DoT, just deal with the house like a business matter. Emotions and tit for tat make things 1000000x worse. Don't let it out, sell it, cut ties and move on.

Yeah, I am of course very bitter because it was a mistake that I wont forget..., but we all make them. Some bigger than others.

Thanks for the advice..

Thrugelmir wrote: »

With no legal agreement in place. Cost of any action outweighs the benefit. Your only leg is to bloody minded. In a polite but firm sense. In the hope that your soon to be ex relents and gives a little.

Alternatively give a little yourself. When relationships breakdown the stress levels can become unbearable. Resulting in the money becoming secondary to ones own sanity.

So stressed you don't even believe. Feel like just packing up and letting everything go and go travelling for a year.

Worst thing about this all is that I knew she was controlling before I even bought the house, and I still done it and still believed she wouldnt be like that anymore.

I don't think with my head, lessons to be learnt here anyway gents.