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Moral dilemma
DoloresS
Posts: 3 Newbie
I bought this house with my ex partner. His mum helped us with some of the deposit £4200. After 1 year he left the relationship. We weren't married so there were no assets to split and there was no equity in the house when he left. Last year I transferred the house in my name which cost about £1,200. 6 years on I have sold the house for almost double (I have spent about £10k on renovation) I want to repay the deposit to his mum, but should I pay all or half?
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Comments
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Has she asked for it?
Either way, it really comes down to what you feel is best. To be out of the debt of someone could be a good thing.2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream2 -
I assume it was a gift not a loan. In that case it’s really up to you how much you give her.1
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DoloresS said:I bought this house with my ex partner. His mum helped us with some of the deposit £4200. After 1 year he left the relationship. We weren't married so there were no assets to split and there was no equity in the house when he left. Last year I transferred the house in my name which cost about £1,200. 6 years on I have sold the house for almost double (I have spent about £10k on renovation) I want to repay the deposit to his mum, but should I pay all or half?BiB1 - there was the house in joint names? Being married (or not) only makes a difference to the process, not the need to split assets.BiB2 - How was this done? Did the ex willingly agree to it?IMV the deposit return question depends on whether it was a gift or a loan, and to an extent the relationship the ex has with their mum.0
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Thanks everyone for your comments. My ex did agree willingly to the transfer of the house. The deposit was given as a loan.0
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If I could afford to I would repay in full. If I couldn't I would offer half and and explain that I was extremely grateful but couldn't afford to repay the whole thing.Officially in a clique of idiots4
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Thank you, sound advice.0
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DoloresS said:Thanks everyone for your comments. My ex did agree willingly to the transfer of the house. The deposit was given as a loan.Then that's your answer.She is owed £4200. Unless some agreement was reach (which seems unlikely) you jointly owe her, so £2100 each. Having said that, you seem to have done extraordinarily well out of the property ("I have sold the house for almost double") whereas your ex has not.So I would be inclined to repay the full £4200.
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I would be inclined to pay the £4200 as without that loan you wouldn't be in the position you are in and morally you will have done the right thing.
Also his mum could have asked you for £2100 when her son moved out but didn't.7 -
Of course you must pay the full amount !2
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Pay full amount, if you cannot, work out a payment plan and then approach her.1
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