How do I go about getting money owed from partner buying me out of mortgage?

SquirrelMan · 24 June 2020 at 10:20AM

Hi, I wonder if anyone can help with some advice please?
My partner and I separated three years ago. We had a joint mortgage. She stayed in the house, I rented a room in a friends house. It was her house originally but I had put quite a bit of money into it and been paying the main amount of the monthly mortgage for quite a few years. We agreed that she would stay in the house, remortgage in hers and her son's name and give me £60k (less than I put into it but it was the amount we agreed that she could afford). I have already had £40k of it but there is £20k remaining to pay, which she didn't have at the time and couldn't borrow on the mortgage, so we left it as an agreement to pay it sometime in the future. Three years later I am thinking we need some sort of agreement in place to pay it, should something happen to me, but also I want the money to help me buy my own place. We have no agreement in place and I am not sure how to go about it. I don't want to wait forever for it, nor do I want to pressure her into cash that she doesn't have (the £20k is obviously tied up in the house, the houes being worth about £350k). Is there some sort of legal document that we should be looking to write and agree on? Is saying that I want it within another two years from now reasonable do you think? (I'll be nearly 60 by then). Probably unrealistic but a starting point at least. Thanks in advance for any advice.

blue_max_3 · 24 June 2020 at 11:09AM

This sounds like it's an informal arrangement and a simple conversation could agree a way forward. It really depends on her financial situation, what can be realistically done. Once an agreement is reached, you can consider whether you need to formalise it.