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What is fair way to pay off ex partner

Hi
I have split up with my partner we are not married and no kids.
I bought the bunglow we live in now in 2011 for £110,000 with a £25,000 deposit leaving a £85,000 mortgage.I spent £20,000 modernising the bungalow before we even met and have the reciepts still for all work payed for.
She moved in with me 2015 and in 2018 i added her name to mortgage and she has since paid half of mortgage at £350 a month.
At the same time we added £15,000 to mortgage to buy her a car.
We began a 10yr fix when she was added and the bungalow was valued by mortgage lender at £175,000.
We have just over 2yrs left on 10yr fix and bungalow is worth £200,000 with £40,000 left owing so £160,000 equity.

So am i entitled to more of the equity we have in the property,should she get 50% and how do you come to your answer? 

Comments

  • Keep_pedalling
    Keep_pedalling Posts: 21,094 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    When you added her to the mortgage did you also add her as a joint owner on the land registry? If you did did you do it as tenants in common and draw up a deed of trust showing the split in ownership?
  • Ross95
    Ross95 Posts: 14 Forumite
    Eighth Anniversary First Post
    I have added her as beneficial joint tenants.
  • Ross95
    Ross95 Posts: 14 Forumite
    Eighth Anniversary First Post
    No i didnt do it with split share %
  • elsien
    elsien Posts: 36,205 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    In that case, the house is half hers And you are probably reliant on negotiation, depending on the current state of your relationship, as to whether she agrees to give you a larger share or not. 
    Simply because you are joint tenants, and because that is what a joint tenancy means.
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Ross95
    Ross95 Posts: 14 Forumite
    Eighth Anniversary First Post
    Thanks for reply.
    Any idea what would be a fair amount going on the fact that i have already stated.
    I understand she is legally abliged to half.
  • pinkshoes
    pinkshoes Posts: 20,580 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 12 March at 6:38PM
    Ross95 said:
    Thanks for reply.
    Any idea what would be a fair amount going on the fact that i have already stated.
    I understand she is legally abliged to half.
    What would be FAIR is half the increase in equity from when she was put on the deeds until now less the £15,000 for the car but not including what she has already paid.

    So it was worth £175k when she started paying half, it's now worth £200k, so equity increase is £25k. She should be entitled to half of this, so £12,500.

    You'd then need to deduct £15,000 from that for the car she bought (or perhaps this is the TOTAL cost of that amount so nearer £19k??), then add these back on her half of the payments towards it for the extra borrowed money. Use a mortgage calculator.

    e.g. if you borrow £15k over 10 years at 5%, then that's about £160 a month, so her half was £80. She has paid 8 years of that so 8 x 12 x £80 = £7680.

    Offer her £2000 and she can keep the car?!?!?

    (But legally, then she can try and claim half the equity in total... this could get messy so negotiate!)
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • elsien
    elsien Posts: 36,205 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Look at what you think is fair, then offer a bit extra, or suggest mediation if you think that the two of you can come to a fairly amicable agreement. Just to get it sorted. 
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
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