Help with split regarding assets please

jimisme

Hello all, first time on here..... 
Unfortunately my partner and I are splitting up after 6 years.  We are unmarried and we don't have any kids between us.  We do however have 2 kids each and I'm the sole care for my two and she shares her two with dad.
She has moved out now and I'm living in the house we  bought together.    Original house price was £290k and we both put £100k down and mortgaged the remaining £90k between us.  I paid for an extension on the house with cash at about £50k, 5 years back as it seemed a wise investment. I also bought 3/4 of the family car at £10k.  House valuation has come in at £450k.   Other than that we split most things equally and out earning pa are about equal
She is asking for a direct  50:50 split and the car.  I'm suggesting that I should be looking to get at least 100%  extension money plus any interest back and cash for the car.
I guess I need to see a family solicitor asap but would like to know what is reasonable.
Thanks in advance.

TBagpuss

There's what's reasonable and there is what you are each legally entitled to.

Unless you had an agreement, or joint intention, that the money you put in for the extension would entitle you to a bigger share of the equity then you are are each entitled to 50%.

If you say that there was an agreement or joint intention, then if you and she can't negotiate a deal then ultimately either of you could apply to court, and it would be up to you, as the person claiming something different from the split assumed because you are joint owners, to provide it - obviously if you had a written agreement that's fairly straightforward, if you didn't then it's down to what evidence you each bring and who the court finds more convincing . And it's risky, as it you are unsuccessful you would normally have to pay her costs as well as your own (if you are successful, she'd be liable for your costs as well as her own, normally) 

You'd also have to try to identify *what* you say was agreed. Are you looking to get £50K back or to claim that you now have a bigger % of the equity? 

Same with the car - was this ever discussed r agreed, or is it only after the event that you are seeking to break it down? 

jimisme

Thanks for the reply...  Nothing really agreed but I used the cash from my old house sale to fund the extension.  Really need back what I put in.  Not trying anything more than that.  If I hadn't I'd  be living in the back room still!    Would seem reasonable to expect the cash back I'd guess...    50:50 feels a little bit unfair to me at least.

Jox

50% seems reasonable unless you discussed getting the extension money back before you did the extension?

london21

If you can negotiate with her.

If not looks like 50/50

Solicitors fees to take into consideration if getting a solicitor but that does not guarantee you will get your extension money back. 

Savvy_Sue

You could try mediation, which would be slightly cheaper than a solicitor, but you do need to consider that unless you agree without incurring legal fees, someone's going to be paying those legal fees (possibly both of you), so how much is it worth NOT to have to use a solicitor? 

theoretica

jimisme said:

Thanks for the reply...  Nothing really agreed but I used the cash from my old house sale to fund the extension.  Really need back what I put in.  Not trying anything more than that.  If I hadn't I'd  be living in the back room still!    Would seem reasonable to expect the cash back I'd guess...    50:50 feels a little bit unfair to me at least.

And, thanks to the increase in value you will be getting that even with a 50:50 split - 225 minus half the remaining mortgage. 

tacpot12

50:50 plus the car for her looks unfair to me. 50:50 would be more than fair to her, given that you paid for the extension, I would suggest you argue for 50:50 but you have the car in return for having contributed the cost of the extension. You really are not far of being in agreement and it would be a pity to get embroilled in expensive legal costs that eat up all the difference that you might be arguing about. 

Your argument that you should get more of the house proceeds because you paid for all of the extension is reasonable, but you have to get her to agree that it is reasonable. Appealing to her better nature is the best way to do this. Just tell her it feels unfair that you are not getting back the money that you put into the house and let her think about that.

If she asks what you want, I would suggest that you propose that you receive 52.5% of the sale proceeds and she receives 47.5% (and who ever has the car pays the other one half the WeBuyAnyCar valuation). This should mean that you get about £20K more from the house sale proceeds than she does.  This is not giving you a full return on the £25K you invested, but is better than nothing. 2.5% to you does not sound like much and she might agree to it if you make it clear that she will have to wait a lot longer for the money if you have to argue about it, and with the legal fees she might end up losing 1% of the sale price.