Help needed - relationship break up and sale of house

chriz1000

Unfortunately it sounds like the contract quite clearly states 14% of the “equity” belongs to you. If you have worded it 14% of the houses value is paid to you it would be a completely different situation.
So yes I make it your £22,000 deposit is now worth £1,820. Its bad luck but unfortunately if that’s how the contract is worded then that’s how the cookie crumbles.

If I was you just ask for a clean break. Say the property has lost £9,000 show her the valuations and just ask if you can call it quits.
If it goes to court or she contests the agreement it will be you paying her money.

silvercar

I don't see how you can ask someone to pay you half of the estate agents fees, given that you are not selling.

Gorgeous_George

Ok, sell up and then move on.

My initial calculations are based on what I consider to be fair and reasonable. I forgot that women are rarely either despite being proclaimed as the fairer sex.

Yes, there are exceptions

I stand by my original numbers.

Another option?
If she moves out, you do the same. Drag it out and let the lender repossess and chase the pair of you forever.

GG

Gorgeous_George

silvercar wrote: »

I don't see how you can ask someone to pay you half of the estate agents fees, given that you are not selling.

They BOTH took on a commitment. It is only fair that they BOTH share the costs - assuming that BOTH want to break the commitment.

They don't have to be partners to continue living together under the same roof.

Some posts makes my blood boil. I think I'll mow the lawn.

GG

pinkshoes

chriz1000 wrote: »

Unfortunately it sounds like the contract quite clearly states 14% of the “equity” belongs to you. If you have worded it 14% of the houses value is paid to you it would be a completely different situation.
So yes I make it your £22,000 deposit is now worth £1,820. Its bad luck but unfortunately if that’s how the contract is worded then that’s how the cookie crumbles.

If I was you just ask for a clean break. Say the property has lost £9,000 show her the valuations and just ask if you can call it quits.
If it goes to court or she contests the agreement it will be you paying her money.

I would also suggest that you check the wording of the contract. Did you mean 14% of the equity, or 14% of the house value?? (and £22k of £167k is 13.17%, not 14%!!) If this is the case then:

14% of £158k is £20.8k, so in a year you've lost £1200 of your money.
If you had a repayment mortgage, then I guess you would have been paying £330 a month off the mortgage after the interest payment, which means the mortgage will have about £141k remaining.
£158k –£ 20.8k –£ 141k = -£3800
So if she wants out, then she owes you £1900, plus half the costs of selling.
But if the wording states 14% of the equity, then you will have lost out quite alot!!
Me and my OH have a similar thing, but ours states a % of the house value.

Gorgeous_George

Once you have decided what you want, you need to make an offer that you are prepared to accept.

If she declines the offer, you may choose to compromise.

If no compromise can be found you a re stuck with a house that belongs to BOTH of you until it is sold. After the sale, there may be a shartfall with the lender and EA. You will both be expected to pay this. You will have lost your deposit and would need to file a claim against her to reimburse you her share of that loss. You may not win.

That would be quite an expensive lesson but you'll get over it.

Have you ever watched Jasper Carrot's Goldenballs. She would steal.

I hope you find a fair compromise that you are happy with.

GG

silvercar

adamwilliams50 wrote:

I am still living in the house and would like to take the house + mortgage on board (so transfer of equity) which I am currently investigating with my mortgage lender.

silvercar wrote:

I don't see how you can ask someone to pay you half of the estate agents fees, given that you are not selling.

GeorgousGeorge wrote:

They BOTH took on a commitment. It is only fair that they BOTH share the costs - assuming that BOTH want to break the commitment.

They don't have to be partners to continue living together under the same roof.

Some posts makes my blood boil. I think I'll mow the lawn.

GG

Why did my comment annoy you so much?

If there is a transfer of equity and no sale, there will be no estate agents fees.

Gorgeous_George

silvercar wrote: »

Why did my comment annoy you so much?

If there is a transfer of equity and no sale, there will be no estate agents fees.

The OP should start from a selling viewpoint, work out the damage and offer to share it fairly (and considering his deposit - which should be returned minus 14% or thereabouts).

Unlike marriage, a mortgage commitment is difficult to walk away from.

GG

rdpro

silvercar wrote: »

Why did my comment annoy you so much?

If there is a transfer of equity and no sale, there will be no estate agents fees.

Agreed - only involves a fixed sol'r fee, about 299-399 quid

Gorgeous_George

But the house is worth less than was paid for it. She should pay half of this less the deduction for the OP's higher stake in the property. So, £3,870 + the solicitor's fees for both parties.

That would be my bottom line. Refuse and I'd prefer to sell.

GG