Split from partner

blue_max_3

I'd put that to him, if you haven't already and tell him you'll need to know quickly, before deciding what to do. If he decides he doesn't want it for that much, you may have a problem selling until all this virus issue is over. He'd have to be able to get a mortgage for the £70k of course, but he has 50% deposit, so should be ok.

mcpitman

If I have understood correct....the whole "he paid nothing" stance.

He did, he paid £70k and halved the interest payments (potentially more) that you were paying at the time. How was this £70k paid off the mortgage and was a "share" registered at that time in your partners name?

When was the £70k paid and what was the value at that time? If the value was £100k when he paid the £70k, his share would be 70%, not 50%, an therefore only needs to give you 30% of current value to buy himself out.

Just because "a" house sold on the road for £140k doesn't mean your will. A house sold on my street last week for 310k, but I know mine is not worth that and possibly max value of £125k.

Just a few thoughts, no offence meant, and i may have misunderstood.

saajan_12

everycloudandthat said:

I'm splitting from my partner we have twins who are 5 and own our family home. I have recently moved into my mom's with the kids and plan on staying there. My partner will be living in the family home. The house is in my name as I brought it and paid for the mortgage myself, however he has put £70,000 towards paying the mortgage off when he lost his grandma a few years ago. I have suggested that we get it valued and he takes his £70,000 off the valuation then takes out a mortgage to cover the costs to pay me the rest and I then transfer the house into his name.  I just haven't a clue how to go about this, we are trying to be amicable and do this ourselves without involving solicitors, does this sound feasible? Many thanks.

everycloudandthat said:

No but have lived together for almost 13 years

Did you buy the house / put down your deposit 13 years ago or earlier / later? How long ago was the 70k from parnter?
Assuming a 140k value, partner's 70k a 'few' of years ago would have saved the interest cost on 50% of the property value for those last 'few' years so arguably that plus half bills does cover his half of living costs for those 'few' years. Before that, he's been living rent / mortgage free, so it would seem reasonable for you both to *agree* that you recover something for that period. It would also be reasonable to consider the growth (or loss) on his 70k in the last 'few' years. However if you agreed to ignore that and just give back his 70k flat, thats up to you both - ignore the comments from posters (myself included) on what they'd find to be a 'fair' agreement if you have already agreed something else. 

everycloudandthat

I brought the house and put down a deposit of 15k 13 years ago, ive paid the mortgage on my own for around 8-9 years. he then gave me the 70k 3 or 4 years ago to pay off the remaining mortgage. I really do think the house is worth 140k it's exactly the same as the one that sold in our street, in fact ours is more modern in comparison. Thinking 70k will be a 50/50 split and seems fair.

vitaweat

Regarding what might be deemed "fair" from an asset accounting POV.

I buy an asset for £140.  I hold that asset for a while.  

Davo then gives me £70 for an undefined part share in that asset.  So how much do they get?

You could say that they get half of it: £140 has been spent and £70 has been put in by Davo.

However, what if the value of the asset had risen to £210 in between me paying for it and Davo buying a part share?  I'd argue that Davo only owns a third of the asset.  Any change in value after Davo buying in results in him still only being entitled to 1/3rd of the value of the asset.

Similarly if the asset value had fallen to £105 at the point when Davo bought in then Davo owns 2/3rds of the asset.

Boring?  Almost certainly.  It's probably the 'fairest' way to split an asset (it does get a bit more complicated with interest etc. but the principle remains the same).

blue_max_3

Have you put this to him/had any response? Until you know where you stand, it doesn't matter what anyone else thinks.

everycloudandthat

I have put it to him he didn't agree at first said he'd buy it for what I brought it for (115k) told him that's not how it works. Now he agrees but just need to trust that he'll do this. Thanks for everyone's input.

annetheman

I must be being dense. I don't understand why you wouldn't put it on the market for £140,000+, hopefully (fingers crossed) sell it for that, and just pay him back the £70,000 -- or is it because he wants to stay there? 

Comms69

annetheman said:

I must be being dense. I don't understand why you wouldn't put it on the market for £140,000+, hopefully (fingers crossed) sell it for that, and just pay him back the £70,000 -- or is it because he wants to stay there? 

Because there’s nothing to say he’d agree to just £70k?

blue_max_3

annetheman said:

I must be being dense. I don't understand why you wouldn't put it on the market for £140,000+, hopefully (fingers crossed) sell it for that, and just pay him back the £70,000 -- or is it because he wants to stay there? 

What if the sale meant they had to accept, say £120k with £3.5k costs? And then she paid him £70k. She wouldn't be too happy don't you think? The risk would be all hers.