My ex want to buy me out

SmileMoreOften1

Me and my ex have a shared mortgage on a house we still live in together.He wants to buy me out.So i will have to move with my daughter when we will find a new house.
His parents gave up deposit which is 29k and what he is saying when i will receive equity i will pay half of that deposit back to his parents.
Is that correct or is it the right thing to do.
Can i please get advice on that.

Rodders53

Depends on what your Divorce Lawyers have agreed as part of the financial settlement. 
If there is no Court agreed settlement then all bets are off.

As the Deposit most likely must have been a "gift without reservations" to allow a Mortgage to be obtained, its like all stuff you both brought and contributed to the partnership at the time and since.  Don't forget his and your Pensions

If it was a formal written, and independently witnessed, joint loan to you both (and possibly recorded on the deeds) then yes, half each seems equitable on the face of it.

NB I'm not a Lawyer and you, maybe, should be consulting one.

SmileMoreOften1

Thanks for the response 
He kept all the documents, i remember him saying that for now we have recorded contract for the house and he will buy me out, whatever that means.

DE_612183

are you married?

saajan_12

Key questions before anyone can advise: were you married? Did you buy as joint tenants or tenants in common? 

Regarding just the share of the house, the parents would usually have had to give the 29k as a gift not a loan (else the mortgage lender would have refused). However ex might argue that was gifted to him, and he put in 29k more than you did, so he gets your half of that back. 

But that's only part of the story, the fundamental question depends on the two questions above. If you were married, then the divorce would take much more into consideration, eg what's needed to support the child, other assets, income, etc. If not but you bought as joint tenants, then the split is 50/50 and you don't have to agree to splitting based on the contributions. 

RAS

Are you married?

If so, divorce divides up the assets of the marriage. All property in the UK and elsewherte, debts, savings, pensions, heritage cars etc.

Start by listing that little lot and dividing in half? If you've not been working so you can care for kids, maybe more your way, if you have excellent earning potential and the kid are in school maybe the pendulum swings back a bit.

Exodi

Rodders53 said:

Depends on what your Divorce Lawyers have agreed as part of the financial settlement. 

The OP has given no indication they are married?

Rodders53 said:

half each seems equitable on the face of it.

I think equitable is an interesting word to use.

We regularly see situations where two parties buy a house together, with unequal initial contributions (whether from their own savings or a gift from parents).

If they don't put appropriate protections in place (e.g. a Deed of Trust) and naively own as Joint Tenants, then, from a legal perspective, they are entitled to the same - even if one person put in nothing and they break up the day after purchase.

However, just because it's legal, doesn't necessarily mean it's fair.

Really, the mistake would be not purchasing the property as tenants in common in the first place with a deed of trust, but we hear all sorts of emotional arguments along the lines of "we're not planning to break up".

Unfortunately such naivety comes with a high cost, as we might see evidenced by this thread. Though we don't know how the property is held yet.

SmileMoreOften1 said:

Thanks for the response 
He kept all the documents, i remember him saying that for now we have recorded contract for the house and he will buy me out, whatever that means.

Do you remember signing a deed of trust - a document that protects a certain share of money for him?

If you're unsure, you could pay to download a copy of the title deed and see if a restriction is registered that identifies a tenants in common ownership. If you remember the solicitor that you used, you could also ask them as you were their client also.