Equity - Boyfriend - new house argument

Annieireland71

HELP!!!!

I will keep this brief...

2 years ago (and after my divorce) i met a guy. At the time i had £100k equity in my house. he wanted ro move in - so i said yes, things were great. he was working and contributing to his keep. he gave up his rented house and him and his son (17 ears old) moved in. December 2017 we mortgaged the house (he made no contribution to the equity) we (took extra funds of £47k) he had £24k of that cash.

in Nov 2017 he gave up work and hasn't worked since. I have remained working. we own the house TIC at 50/50. He has contributed on an ad hoc basis to the bills - BUT he is now up to his neck in debt, and I cannot afford to service this mortgage any longer (before he moved in my mortgage was £450 it is now £1168) I have lived there for 17 years (him 18 months).

I am resentful towards him as I feel that he has just taken a royal advantage of me....

so now that I cannot afford the payments any longer I have sold the house (cash buyer) and he is saying that he will allow me my equity back on the proviso that I give him a £12k lump sum after completion AND that he moved with me - he wants to contribute to the bills & mortgage in the new property BUT wants 25% of the equity of the new house as he is contributing 25% of the bills. I have said NO but he is kicking off.

he moved into my house with ME and MY DAUGHTERS.

I need some legal advice. My mortgage has been agreed on the basis of using all of the equity, it is a Help to Buy Mortgage and will be in my SOLE name

any advice please would be appreciated as I need to arrange place to live today :-(

Annieireland71

I am sure that on reading this post, there may be questions - please ask me - I just need to resolve this as soon as I can.

My feeling is that he is not entitled to register an interest in the property as the lender NOR the HTB element wont allow it - but what do I do...

my partner is saying that any house he lives in with me and he is contributng to the mortgage he is entilted to a share of the equity - or he is a lodger and he doesnt want that - he is 54 and has barely worked in the past 15 years. he lives of credit cards

Comms69

Annieireland71 wrote: »

HELP!!!!

I will keep this brief...

2 years ago (and after my divorce) i met a guy. At the time i had £100k equity in my house. he wanted ro move in - so i said yes, things were great. he was working and contributing to his keep. he gave up his rented house and him and his son (17 ears old) moved in. December 2017 we mortgaged the house (he made no contribution to the equity) we (took extra funds of £47k) he had £24k of that cash.

in Nov 2017 he gave up work and hasn't worked since. I have remained working. we own the house TIC at 50/50. He has contributed on an ad hoc basis to the bills - BUT he is now up to his neck in debt, and I cannot afford to service this mortgage any longer (before he moved in my mortgage was £450 it is now £1168) I have lived there for 17 years (him 18 months).

I am resentful towards him as I feel that he has just taken a royal advantage of me....

so now that I cannot afford the payments any longer I have sold the house (cash buyer) and he is saying that he will allow me my equity back on the proviso that I give him a £12k lump sum after completion AND that he moved with me - he wants to contribute to the bills & mortgage in the new property BUT wants 25% of the equity of the new house as he is contributing 25% of the bills. I have said NO but he is kicking off.

he moved into my house with ME and MY DAUGHTERS.

I need some legal advice. My mortgage has been agreed on the basis of using all of the equity, it is a Help to Buy Mortgage and will be in my SOLE name

any advice please would be appreciated as I need to arrange place to live today :-(

Annieireland71 wrote: »

I am sure that on reading this post, there may be questions - please ask me - I just need to resolve this as soon as I can.

My feeling is that he is not entitled to register an interest in the property as the lender NOR the HTB element wont allow it - but what do I do...

my partner is saying that any house he lives in with me and he is contributng to the mortgage he is entilted to a share of the equity - or he is a lodger and he doesnt want that - he is 54 and has barely worked in the past 15 years. he lives of credit cards

Ok let's start from scratch here.


You bought a house together 50/50 TIC. That means each of you owns half the equity. That's pretty much that.


I'm confused what happened afterwards. You sold that property?


You each to 50%?


You bought a new property, but without him named on it?


He now wants 25% of equity?


Please can you put in a timeline of the events from move in, until now. But without all the 'fluff', it's largely irrelevant.

Caz3121

Annieireland71 wrote: »

we own the house TIC at 50/50.


...he is saying that he will allow me my equity back on the proviso that I give him a £12k lump sum after completion AND that he moved with me - he wants to contribute to the bills & mortgage in the new property BUT wants 25% of the equity of the new house as he is contributing 25% of the bills. I have said NO but he is kicking off.

It sounds like you wish to end the relationship - is that correct?
how much equity in the property that was sold?
How much would him taking his 50% affect your new home purchase?

Annieireland71

* I purchased house 2003 - joint tenants with ex husband

* I bought him out in august 2015 - mortgae in my name (£100k equity mine)

* We (current partner & I) remortgaed in December 2017 with additional funds of £47K (tenants in Common 50/50) - current partner contributed NOTHING to equity (remortgaed and took £24K cash from equity)

* Partner gave up work in December 2017 and has ad hoc contributed to bills & mortgage since

*current position the house is SSTC cash buyer

*partner still not working and in A LOT of debt

* i am working and paying ALL bills Inc lending him money for his bills from my credit cards and overdraft

*partner has agreed to let me have 100% of current equity for new property IN RETURN for a £12k lump sum (after completion i have been asked to take a loan to give it to him).

* IN ADDITION he will move with me and my daughters to the new property and contribute 25% to the bills and mortgage on the UNDERSTANDING that he is entitled to 25% of the equity going forward.

* new mortgage is in my sole name, and on the HTB scheme

i dont want him contibuting to my mortgage!!!

Annieireland71

Caz3121 wrote: »

It sounds like you wish to end the relationship - is that correct?
how much equity in the property that was sold?
How much would him taking his 50% affect your new home purchase?

I don't wish to end the relationship - but he is trying to do secure money at all costs.

I could not afford to buy without the equity - as I have a lot of debt that I took out to support us financially in the past year due to him not working and I have to discharge that as a condition of the new mortgage

Annieireland71

fact of the matter is that he doesn't want to work and I feel that he is taking advantage of me

he sleeps in bed all day and makes NO effort to seek employment

he has drained me financially and I have nothing left.

Comms69

So why are you wanting to continue this?


Surely it's easier to sell now, give him his share and move on with your life?

Grezz24

Annieireland71 wrote: »

fact of the matter is that he doesn't want to work and I feel that he is taking advantage of me

he sleeps in bed all day and makes NO effort to seek employment

he has drained me financially and I have nothing left.

Why are you still with him then, if you dont want him to get any equity in the new home, and hes a drain on you both financially and emotionally id suggest you are not compatible as a couple.

It seems the best option is to sell your current home and then move to a new one without your current partner.

Annieireland71

Comms69 wrote: »

So why are you wanting to continue this?


Surely it's easier to sell now, give him his share and move on with your life?

Whilst his might seem odd.... i do have feelings for this person - although his attitude to work and money is awful

i wish know what my rghts are in this scenario - im trying to keep the reltionship element separate

Annieireland71

Grezz24 wrote: »

Why are you still with him then, if you dont want him to get any equity in the new home, and hes a drain on you both financially and emotionally id suggest you are not compatible as a couple.

It seems the best option is to sell your current home and then move to a new one without your current partner.

I would have no issue if he was named on the mortgage and working and contributing like a normal person - but I don't think its right Nor fair to expect me to work hard and pay while he does nothing and not contribute

wouldn't it be a great life if we all did that!!

he needs a motivation to work!