Do I have to give my boyfriend equal share in buy out

steph1111

Hi guys 
I hope you can give me some advice. 

I purchased my first home with my partner of 14years, in December2020. 

We broke up last October 2021 and he moved to his parents. 

He has not contributed to mortgage or bills ect since moving out. 

We purchased house for £115’000
with 15% deposit 
house is now worth £120’000 -125’000
He contributed £8500 to deposit. 

My fixed rate mortgage come to a end with Halifax in September, where I will be remortgaging in my name only and hopefully taking on mortgage. I wish to stay with halifax. 

Myself and my partner are very civil, and I helped him with some of his personal bills once he left (as he was struggling) and gave him £1000 after he left to buy a new work van (which he never paid back ) 

By the time I have secured a new mortgage in September, it will be a year since he paid anything into house. 

Mortgage comes out of my bank account. We have no joint bank accounts and are only financial tied by mortgage. 

I have said to my ex that I only wish to give him £8500 back. 

As I don’t see why he should take any equity from a home he only lived in months and does not contribute to, and I helped him financially even after he left.  

He seems ok to accept this, and is not taking any legal representation as he doesn’t want to pay out for one. 

Basically, I’m asking is this ok for me to decide what to give him? As I have no idea how this works? 

Thanks in advance for help. 

 

stormpassing

I don’t have any expertise on this sorry but I’d definitely be using legal representation in a situation like this. You don’t want him laying claim to the house or asking for more money further down the line.

steph1111

stormpassing said:

I don’t have any expertise on this sorry but I’d definitely be using legal representation in a situation like this. You don’t want him laying claim to the house or asking for more money further down the line.

Oh I’m using a Solictor, obviously need one for change of deeds ect. 

It’s my ex who isn’t using one. As he doesn’t want to have to pay out for one 

stormpassing

Oh right I understand. Well that’s his lookout I guess. Like I said I’m no expert so wouldn’t want to give concrete advice but I’m guessing if your solicitor is happy you won’t have any problems. Good luck

getmore4less

If he had been paying the mortgage and lived there from Dec 19 to Oct 21 that's ~22 months and should get a share of the increase over that time.

If paying 1/2 the mortgage and paid 1/2 the deposit.

He is due 50%  of the full value less 1/2 the mortgage left at the time(Oct 21) adjusted for getting it a year later.

Just giving the deposit back is not fair.

Adjust for want you think he owes you.

steph1111

getmore4less said:

If he had been paying the mortgage and lived there from Dec 19 to Oct 21 that's ~22 months and should get a share of the increase over that time.

If paying 1/2 the mortgage and paid 1/2 the deposit.

He is due 50%  of the full value less 1/2 the mortgage left at the time(Oct 21) adjusted for getting it a year later.

Just giving the deposit back is not fair.

Adjust for want you think he owes you.

My apologies, he only lived there 11 months 2020 as he moved out in oct 2021

steph1111

He also hasn’t paid anything into house since he left. So surely if he’s due anything? It’s only 11 months  worth of equity? 

theoretica

steph1111 said:

Basically, I’m asking is this ok for me to decide what to give him? As I have no idea how this works? 

Thanks in advance for help. 

You do not get to decide what to give him, any more than he decides, by himself, what he gets from you.  But everything will work out much smoother if you can agree between you, rather than dragging it out and disagreeing.

I don't know if including (and writing off) the van and other money you have already given him would go down well with him as it sounds more generous, or would go down badly with him as feeling like you are reopening past dealings. It might depend on if the money was clearly a loan.

theoretica

steph1111 said:

He also hasn’t paid anything into house since he left. So surely if he’s due anything? It’s only 11 months  worth of equity? 

If you had bought him out when he left, then yes, but you don't want to buy him out until September and this means you continue to benefit from the fact he put money into the property.

steph1111

theoretica said:

steph1111 said:

He also hasn’t paid anything into house since he left. So surely if he’s due anything? It’s only 11 months  worth of equity? 

If you had bought him out when he left, then yes, but you don't want to buy him out until September and this means you continue to benefit from the fact he put money into the property.

The reason for waiting until September is because my broker at the time I enquired advised me to wait so I didn’t pay a penalty on coming out of my mortgage deal early  

steph1111

theoretica said:

steph1111 said:

Basically, I’m asking is this ok for me to decide what to give him? As I have no idea how this works? 

Thanks in advance for help. 

You do not get to decide what to give him, any more than he decides, by himself, what he gets from you.  But everything will work out much smoother if you can agree between you, rather than dragging it out and disagreeing.

I don't know if including (and writing off) the van and other money you have already given him would go down well with him as it sounds more generous, or would go down badly with him as feeling like you are reopening past dealings. It might depend on if the money was clearly a loan.

Thank you. 

Silly question.. who decides? As he won’t be getting a Solictor, I am for deed change. 

He’s happy to accept £8500? How do I know how much to ask the bank to give me extra on top of my current mortgage in order to pay him out?? 

I honestly thought I could decide and if he agrees then that how much I can ask bank for mortgage advance in order to pay out 

sorry I’m new to this and feel stressed about it