Am i entitled to anything?

AdrianC

brooklyn6662 said:

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.

the interest rate was 3.75 as i had adverse credit. so out of the 1k mortgage we have only been paying off about £160 off the mortgage a month the rest is interest, so there is not much equity.

So you aren't due much of the equity, then... 3.75% for 25yrs would be nearer £1,300/mo. To get that down to £1k/mo, you'd be looking at a 40yr term. That would mean only about £5k paid off the total debt.

Oh, and don't forget you'd also be looking at a fair share of the sale costs - you'd not walk away with much, at all, if you forced the sale.

[Deleted User]

AdrianC said:

brooklyn6662 said:

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.

the interest rate was 3.75 as i had adverse credit. so out of the 1k mortgage we have only been paying off about £160 off the mortgage a month the rest is interest, so there is not much equity.

So you aren't due much of the equity, then... 3.75% for 25yrs would be nearer £1,300/mo. To get that down to £1k/mo, you'd be looking at a 40yr term. That would mean only about £5k paid off the total debt.

Oh, and don't forget you'd also be looking at a fair share of the sale costs - you'd not walk away with much, at all, if you forced the sale.

I was thinking this too and wonder if it is simply a good time to get out asap.

EmmyLou30

The figures you need to know (assuming she can get a mortgage by herself and stay in the property and just give you a sum of money to leave) are:
What is the property worth? How much mortgage is left to pay? Take £100k off the remaining equity and what's left gets split 70:30 as agreed. She owes you whatever that 30% is. 

saajan_12

brooklyn6662 said:

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.

You need to get out that declaration of Trust and actually read it. Key thing is whether the 70/30 split is on the value before / after mortgage and deposit. 

Partner's 100k deposit paid for 29% of the property, and if you're paying more than half the mortgage, then the 70% more than compensates partner for the higher deposit contribution. So the equitable thing would have been EITHER <<Partner's deposit safe then rest equal>> OR <<Partner gets 70% you get 30%>>. Doing both is unfair to you. 

Regarding lodger income and monthly expenses, unless partner was living elsewhere, equitably I think the lodger income & mortgage should be split equally or the unequal split should be reflected in the ownership (ie you get more of you paid more). As is, you were paying 80% (£600 + half the lodger income) while partner was paying 20% (just half the lodger income).