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What is fair way to pay off ex partner

Ross95
Posts: 14 Forumite

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?
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?
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Comments
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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?0
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I have added her as beneficial joint tenants.0
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No i didnt do it with split share %0
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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.1 -
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.0 -
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.
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!)0 -
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.0
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