Split From Partner - Mortgage Situation

corkyefes

Hoenir said:

corkyefes said:

Hi All,

Ive split from my partner (now 2 years seperated) and we still have a joint mortgage on a house.

In February 2024 you said ???????????????

Wondering if you can help me out.... We are currently in the middle of puchasing a property for £340k.

My current situation:

Property 1 - Lived in from birth.

Purchased property from my parents in approximately 2006.

Property 2 - Moved into Property in 2014, which then becomes my main residence.

Started to rent out Property 1.

Please delete. I have clarified i have wrote this on behalf of my sister.

corkyefes

comeandgo said:

Why do you need to own a property?  Why can’t you sell and then rent?

Just feel that renting is wasted money, when she already owns a property, to some extent.

DE_612183

How long did the family live in the house before he left?

What was the property value when bought and the mortgage?

What was the outstanding mortgage when he left and what is it now?

Regardless of personal issues - the ex contributed towards some of the equity in that property and he's quite within his rights to try and realise some of that - or your sister can try and compensate him for that.

If your sister is not divorced, then at some point a financial settlement will have to be reached, which as you say he will profit from.

If it's easier to think of it like this - the Ex has a stake in that property which is an asset which is invested in the property market - when that asset gets realised, he'd quite rightly expect some sort of growth / interest to be paid to him - you can't expect him to leave an asset for 10 years and the value not increase at all.

DE_612183

If they are not divorced, the the best thing to do would be to buy him out for an agreed amount - unless this happens at some point when the property is sold he will get 50% regardless of who has paid what.

Also just because there are children I don't think necessarily means the house sale can't be forced - it's more unlikely but a court would consider all arguments - they may see that the house would mean the ex could then make more payments to support the children which may have a factor not saying they will but it's not black and white - more likely the court will delay the sale until the youngest is 18.

corkyefes

DE_612183 said:

How long did the family live in the house before he left?

What was the property value when bought and the mortgage?

What was the outstanding mortgage when he left and what is it now?

Regardless of personal issues - the ex contributed towards some of the equity in that property and he's quite within his rights to try and realise some of that - or your sister can try and compensate him for that.

If your sister is not divorced, then at some point a financial settlement will have to be reached, which as you say he will profit from.

If it's easier to think of it like this - the Ex has a stake in that property which is an asset which is invested in the property market - when that asset gets realised, he'd quite rightly expect some sort of growth / interest to be paid to him - you can't expect him to leave an asset for 10 years and the value not increase at all.

Thanks for your reply.

I would say he lived in the property for 4-5 years before he left.

House was purchased for £180k and i think there is about £120k left in the property.

Also the concern i have is if she sold the house and took her say £25k equity, would she loose her benefits as she only works a set amount of hours a week?

I understand the point about hes entilted to half when it sells, it just seems abit unfair when hes not contibuting to either the house or kids.

No19v87

corkyefes said:

No19v87 said:

Quite remarkable that you want to trap you ex by refusing to sell the house he owns with you, stopping him moving on with his life, potentially owning another home himself and/or resolving his financial challenges…

….but you also don’t want him to benefit from the benefits you will get by trapping him. After all, you say yourself you can’t afford another home.

Hope he gets some decent legal advice.

Yeah such a bad thing that she wants to stay in the house for her boys in a nice area, instead of selling up, her having to live in a worse area, whilst he buys a house in a lovely area and doesnt care about his kids...

Oh yeah, this is all after he cheated on her 3 times.

Be good if you kept your opinions to yourself!

You’ve wrote a post on an internet forum asking for opinions. You can’t sulk simply because you get one you don’t like.

Yes, it is a bad thing. Particularly how you have explained you/she wants to go about it. 

I won’t reply again as there isn’t much point getting into a back and forth with someone with such little values.

DE_612183

corkyefes said:

DE_612183 said:

How long did the family live in the house before he left?

What was the property value when bought and the mortgage?

What was the outstanding mortgage when he left and what is it now?

Regardless of personal issues - the ex contributed towards some of the equity in that property and he's quite within his rights to try and realise some of that - or your sister can try and compensate him for that.

If your sister is not divorced, then at some point a financial settlement will have to be reached, which as you say he will profit from.

If it's easier to think of it like this - the Ex has a stake in that property which is an asset which is invested in the property market - when that asset gets realised, he'd quite rightly expect some sort of growth / interest to be paid to him - you can't expect him to leave an asset for 10 years and the value not increase at all.

Thanks for your reply.

I would say he lived in the property for 4-5 years before he left.

House was purchased for £180k and i think there is about £120k left in the property.

Also the concern i have is if she sold the house and took her say £25k equity, would she loose her benefits as she only works a set amount of hours a week?

I understand the point about hes entilted to half when it sells, it just seems abit unfair when hes not contibuting to either the house or kids.

So at the moment about £30k is his stake in the property - and I guess that's the sort of settlement figure he would look to - of course your sister could say "I'll give you £10k and you don't have to pay any more CM" - depends what she can afford and what appetite is to fight.

The equity she takes would only affect her benefits if she then when into rented rather than buy - ( I think - not to sure - she would definitely be ok if you bought another property - perhaps look at some shared ownership if there are any around )

I know it seems unfair - and it's hard to look at another perspective - but from his point of view he's invested money in that property for the 5 years he was there - now he wants some of that back - of course if your sister does sell he'd have no excuse to to pay support ( and could even make up for the payments he's missed as he now have the funds to do so ).

corkyefes

No19v87 said:

corkyefes said:

No19v87 said:

Quite remarkable that you want to trap you ex by refusing to sell the house he owns with you, stopping him moving on with his life, potentially owning another home himself and/or resolving his financial challenges…

….but you also don’t want him to benefit from the benefits you will get by trapping him. After all, you say yourself you can’t afford another home.

Hope he gets some decent legal advice.

Yeah such a bad thing that she wants to stay in the house for her boys in a nice area, instead of selling up, her having to live in a worse area, whilst he buys a house in a lovely area and doesnt care about his kids...

Oh yeah, this is all after he cheated on her 3 times.

Be good if you kept your opinions to yourself!

You’ve wrote a post on an internet forum asking for opinions. You can’t sulk simply because you get one you don’t like.

Yes, it is a bad thing. Particularly how you have explained you/she wants to go about it. 

I won’t reply again as there isn’t much point getting into a back and forth with someone with such little values.

Enjoy your day.

I hope you never come across people who do you wrong.

corkyefes

DE_612183 said:

corkyefes said:

DE_612183 said:

How long did the family live in the house before he left?

What was the property value when bought and the mortgage?

What was the outstanding mortgage when he left and what is it now?

Regardless of personal issues - the ex contributed towards some of the equity in that property and he's quite within his rights to try and realise some of that - or your sister can try and compensate him for that.

If your sister is not divorced, then at some point a financial settlement will have to be reached, which as you say he will profit from.

If it's easier to think of it like this - the Ex has a stake in that property which is an asset which is invested in the property market - when that asset gets realised, he'd quite rightly expect some sort of growth / interest to be paid to him - you can't expect him to leave an asset for 10 years and the value not increase at all.

Thanks for your reply.

I would say he lived in the property for 4-5 years before he left.

House was purchased for £180k and i think there is about £120k left in the property.

Also the concern i have is if she sold the house and took her say £25k equity, would she loose her benefits as she only works a set amount of hours a week?

I understand the point about hes entilted to half when it sells, it just seems abit unfair when hes not contibuting to either the house or kids.

So at the moment about £30k is his stake in the property - and I guess that's the sort of settlement figure he would look to - of course your sister could say "I'll give you £10k and you don't have to pay any more CM" - depends what she can afford and what appetite is to fight.

The equity she takes would only affect her benefits if she then when into rented rather than buy - ( I think - not to sure - she would definitely be ok if you bought another property - perhaps look at some shared ownership if there are any around )

I know it seems unfair - and it's hard to look at another perspective - but from his point of view he's invested money in that property for the 5 years he was there - now he wants some of that back - of course if your sister does sell he'd have no excuse to to pay support ( and could even make up for the payments he's missed as he now have the funds to do so ).

Thank you for this, it really does help.

One last question. If she agreed a settlement with him, I assume that would need to be done by the solicitor.

Also he would still stay on the mortgage wont he? - As my sister enquried about taking him off the mortgage and they said he cant as she cannot afford it on her own (as they dont take benefits into consideration.

comeandgo

corkyefes said:

comeandgo said:

Why do you need to own a property?  Why can’t you sell and then rent?

Just feel that renting is wasted money, when she already owns a property, to some extent.

But it’s ok for him to rent?