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Legal Advice sought over property buy out
itsbeef
Posts: 801 Forumite
Hey guys......
Looking for some "legal" advice on buying an ex partner out of a jointly purchased property?
Any thoughts?
Looking for some "legal" advice on buying an ex partner out of a jointly purchased property?
Any thoughts?
0
Comments
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That is not nearly enough information for anyone to tell you anything. Do you need advice on the conveyancing aspect or the rules of owning joint property, or the rules on division following breakdown in cohabitation.
You need to post how the property was funded, whether your partner is agreeable to being brought out and whether you have agreed a figure.0 -
Okey dokey here goes......
House was purchased in April 2002 for £115,000.
£70,000 by myself through mortgage
£40,000 by ex-girlfriend via deposit (re-mortgage on other property)
House needed stripping and the full works doing.
Spent 3 months doing basics (decor, kitchen etc funded through joint bank loan) after which ex went travelling for 6 months.
On return split up shortly after and she has had no physical input into property and takes 50% of income through rented rooms.
Ex owes £2,200 plus interest for extra money spent on property in abscence.
I want to buy her out and she is insisting on 50% of potential profit (current value approx £185,000)
I have offered her original £40,000 plus £32,000 but she is insisting on £40k plus £35K+
Dont really want to go through solicitor but looking like its only option.
DO I have any rights to split potential profit in proportion to initial input i.e. 70:40 shares??
HELP!!!!!! 0 -
I would say, that profit is split 50/50 with your ex then being deducted the costs spent on the house to which she hasn't contributed from her share.
Be aware that fighting over £3,000 through a solicitor might cost you more than that if she digs her heels in.0 -
I guess from my point the fact that we put in different amounts and the fact that she has had no input into the maintainance and running of the place should mean that the 70:40 share of any potential profit should be implemented. Not sure on legal standpoint of this though. It could mean the difference between paying out around £62k rather than over £72k0
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