Am i entitled to anything?

brooklyn6662

Hello All
Two years ago me and my partner bought a house. House was 350k My Partner paid deposit of 100k. I paid no deposit as i had no savings. Declaration of trust was signed so my partners deposit is safe guarded. The house is split 70/30 to my partner. The mortgage is 1K a month and i pay 600 a month. My partners portion is paid for from the Lodgers rent. We have now split after 2 years. My partner wants me off the mortgage and wants me to sign over my 30%. Am i entitled to anything? or in this situation is it expected that i sign it over and just walk away. 

Thanks in advance for your help 

Comms69

HAHAHA i bet he/she does!

Clearly you're entitled to 30% as that is your share of ownership. 

GDB2222

You own the house 70/30. So that’s what you are entitled to, after deducting the mortgage and partner's deposit if I understand the terms correctly. So, how much is the house now worth? It could be that your share is worth something, or not, depending on the value. Your share could even be negative, possibly.

I am perplexed why you didn’t get any of the lodger rent? 

Comms69

GDB2222 said:

You own the house 70/30. So that’s what you are entitled to, after deducting the mortgage and partner's deposit if I understand the terms correctly. So, how much is the house now worth? It could be that your share is worth something, or not, depending on the value. Your share could even be negative, possibly.

I am perplexed why you didn’t get any of the lodger rent? 

I'm not given the demand to leave with nothing. Sounds like an entitled so and so

greatcrested

You own 30% of the property.

What is the current market value?

What is the current outstanding mortgage?

And why did your partner get to receive 100% of the lodger's rent?

AdrianC

Let's say the flat is still worth £350k.

A £250k, 25yr repayment mortgage with £1k/mo payments would be about 1.5% interest - so there would be about £233k debt remaining.

That means about £17k equity, after taking account of the deposits. You've been paying 60% of the mortgage - so 60% of the equity would not seem inappropriate. Call it £10k.

Can we assume the pair of you are sufficiently grown-up to actually sit down and have a rational discussion? Because, if not, any equity is going to go straight to lawyers and fees.

Comms69

AdrianC said:

Let's say the flat is still worth £350k.

A £250k, 25yr repayment mortgage with £1k/mo payments would be about 1.5% interest - so there would be about £233k debt remaining.

That means about £17k equity, after taking account of the deposits. You've been paying 60% of the mortgage - so 60% of the equity would not seem inappropriate. Call it £10k.

Can we assume the pair of you are sufficiently grown-up to actually sit down and have a rational discussion? Because, if not, any equity is going to go straight to lawyers and fees.

Or ofcourse the OP just carries on living there until a suitable offer comes on to the table.

princeofpounds

greatcrested said:

And why did your partner get to receive 100% of the lodger's rent?

Presumably because the partner was receiving 0% of the benefits of living in the property.

[Deleted User]

This seems like an odd split. Her deposit is fully protected, ownership is split 70/30 yet you pay 60% of the mortgage whilst the lodger’s rent covers your ex’s share even though the lodger’s rent actually belongs to both of you. 

What is the exact wording of the Deed of Trust? 

FreeBear

greatcrested said: And why did your partner get to receive 100% of the lodger's rent?

And with the mortgage at £1k per month, why is the OP paying 60% for a 30% share ?

Doesn't sound a very equitable split...

md258

What do you (and your partner) want to happen?
In your ideal solution, would you stay in the house (with the lodger?) or would you prefer to move somewhere else?
If you want to stay in the house, I'd say stay put until you get an offer which is fair- as the comments above say, that would be your partner gives you the house and you give them approx 105k.
If you're looking to move, then I'd say agree to it for approx 12k.