Separated from Partner Question about Property

sarahj1990

I split up from my partner around 2.5 months ago. He has said I can stay in our jointly owned property until the kids are 18 and then I will need to sell it so we can split the equity 50/50. The kids are still young so this won't be for a good few years. Unless I win the lottery which I am not expecting to, I won't able to raise the money to buy his 50% equity and I could be left potential homeless or in council housing. When the children reach 18, if I refuse to sell the property how would I legally stand. He has  met a new partner and is in the process of buying a house. 

TBagpuss

He would be able to apply to the court to force a sale. 
It would be sensible to have a formal deed drawn up now to set out the agreement , details of who is responsible for what and when and in what circumstances the house is to be sold. It should also set out how the split is to be worked out - are you to have any credit for reducing the capital mortgage debt, or is this to be offset against the fact that you aren't paying him rent for his share of the house, for instance? 

There's no reason you should be left homeless - once the children are adults your housing needs will be different - you may not be able to stay in the existing property but are likely to be able to rehouse in a smaller / less expensive property if need be.

Also, as you say, the children are young - and you know you will have to pay him, so you have plenty of time to plan, - aim to be putting money away so that you can use it either to buy him out, or to add to your share of the equity to provide you with a bigger deposit when you move. 

As you refer to hi as your partner I assume that you are not married, so the facts that he has a new partner and is buying a property are not relevant. 

BAFE

How old are the kids now?  Are they young enough that you can retrain to improve your career prospects so that you will be able to support yourself when they reach 18 and all the child related money comes to an end?

If not, you will still have 50% of the equity so you can use that for a rental.

HampshireH

sarahj1990 said:

I split up from my partner around 2.5 months ago. He has said I can stay in our jointly owned property until the kids are 18 and then I will need to sell it so we can split the equity 50/50. The kids are still young so this won't be for a good few years. Unless I win the lottery which I am not expecting to, I won't able to raise the money to buy his 50% equity and I could be left potential homeless or in council housing. When the children reach 18, if I refuse to sell the property how would I legally stand. He has  met a new partner and is in the process of buying a house. 

He could force the sale and it would be very expensive for both of you.

He has a right to half the property if that's what you agreed to, regardless of whether he buys another one or not 

It seems he is being very reasonable not wanting to sell it now. Why would you not honour your side when the time comes as that isn't very fair 

You would have 50% too so would not be homeless.

You may even be married with other children by then or with without but with someone who doesn't want to live in your ex's house.

In the meantime he can move back in anytime he pleases or walk through the front door with a key (which he is also entitled to).

Naomim

Just a question, is he contributing to the mortgage any more?

The value may increase between now and when your children come of age. If he isn't, could you draw up an agreement that he gets 50% of the current value and not 10+ years down the line. Unless of course the value when kids hit 18 has decreased in value.