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Lifetime ISA
Choccat
Posts: 2 Newbie
My daughter purchased her first property with her partner. They contributed 50/50 to the deposit and both used their LISA government bonus of 25%. They have now separated and my daughter’s partner is buying her out, agreeing to refund her deposit. My daughter is still paying half the monthly mortgage repayments. My daughters partner is now saying they will only refund the amount she paid in and that she is not entitled to the bonus. Does anyone know if this is correct or whether it is up to him if he pays this back or not?
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Comments
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What kind of mortgage they've taken? 50/50 ownership, full joint ownership?
There isn't one for all rule - do they take "gain in value" to consideration, let's say bought a house for £300k and now it's worth £400k - is she getting extra £50k? It's really down to them / solicitors to agree on split.
Saying all that IMO the LISA deposit shouldn't matter..
( Total house value NOW - total paid ) / 2 -> what she should get.
Anyway, she lost her bonus forever, so it should definitely count.1 -
It sounds like he's trying it on.
Any reason why she's only interested in half the original deposit, especially as she's actively still making half the mortgage payments, ergo paying off principle/generating equity?
Really she should estimate what the house is with (you can check nearby sold houses, or use the lenders mortgage manager which sometimes tells you the value) and then minus the mortgage balance from it to get the equity - then split it down the middle.
Certainly don't let her be bullied into a lowball offer - it's half her house.
Know what you don't1 -
Thank you. They have only had the house for 6 months which is why she has agreed to just her deposit in return. We feel he is definitely trying it on.1
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Well yeah, but on the other hand he will go through many other fees to pay:
a) solicitors
b) stamp duty
c) remortgage costs (he would need new mortgage under his name)
d) early repayment charge on existing mortgage
...
what about these - half and half? he will pay?
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