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JLT79
Posts: 9 Forumite
Myself and my ex own two properties, I live in one and have paid the repayment mortgage by myself for 19months and paid off £7.5k of the capital.
My ex lives in our other property and pays an interest only mortgage on it.
We are now selling both. Am I entitled to claim the £7.5k back from the capital since he has paid nothing off?
My ex lives in our other property and pays an interest only mortgage on it.
We are now selling both. Am I entitled to claim the £7.5k back from the capital since he has paid nothing off?
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You need to explain ALOT more.Myself and my ex own two properties, I live in one and have paid the repayment mortgage by myself for 19months and paid off £7.5k of the capital.
My ex lives in our other property and pays an interest only mortgage on it.
We are now selling both. Am I entitled to claim the £7.5k back from the capital since he has paid nothing off?
At present you both have properties. You are both selling. You are splitting everything 50/50?0 -
We are splitting both 50/50. We own them both 50/50.
We split up 4 years ago, I stayed in the family home, he moved into our other property. He continued to pay half on the mortgage on the property I live in, until 19months ago when he said he wouldn!!!8217;t contribute any more and I have been paying it myself.
He has paid the mortgage on the property he lives in by himself for the 4 years, but paid interest only.
Do you need to know anything else?0 -
Ex what? Ex spouse? Ex civil partner? Ex partner?
Are there Deeds of Trust set up for either property detailing what should happen in the even of a split?0 -
Sounds like he's paid more than you....We are splitting both 50/50. We own them both 50/50.
We split up 4 years ago, I stayed in the family home, he moved into our other property. He continued to pay half on the mortgage on the property I live in, until 19months ago when he said he wouldn!!!8217;t contribute any more and I have been paying it myself.
He has paid the mortgage on the property he lives in by himself for the 4 years, but paid interest only.
Do you need to know anything else?
surely 50/50 is in your benefit? 0 -
That isn't relevant in the slightestmariannelucy wrote: »No, in a mortgage contract all parties are jointly liable for all payments.0 -
He is my ex partner, never married, we have two children together.
No deed of trust, just both houses and mortgages are in our names 50:500 -
We are splitting both 50/50. We own them both 50/50.
We split up 4 years ago, I stayed in the family home, he moved into our other property. He continued to pay half on the mortgage on the property I live in, until 19months ago when he said he wouldn!!!8217;t contribute any more and I have been paying it myself.
He has paid the mortgage on the property he lives in by himself for the 4 years, but paid interest only.
Do you need to know anything else?
When you say you own them 50/50, do you mean "joint tenants" (JT) ie you both own the whole property, no shares, or you own as "tenants in common" (TIC) with a deed of trust stipulating 50% shares? Theres a difference.
For TIC, you should follow what was agreed in the deed. For JT, the starting position is equally split the equity.
If you want to vary an even split, you have to take into account ALL contributions including
- initial deposit
- initial buying costs
- capital repayments
- mortgage interest payments
While you paid capital, the ex contributed half the mortgage for where you were staying for 19 months.. why weren't you covering half his?0 -
He is my ex partner, never married, we have two children together.
No deed of trust, just both houses and mortgages are in our names 50:50
Based on what you've said I don't think you are entitled to an extra £7,500 of the equity. In fact since he continued to pay the mortgage on a property he wasn't living in and paid the interest only mortgage by himself for a number of years I think that a 50/50 split would actually see you better off. If you start negotiating an extra £7,500 what's to stop him negotiating more equity for making more mortgage payments?0 -
Wow that’s a lot more complex than I thought then. We are joint tenants.
He covered half of the mortgage on the property he lived in to ‘protect his interest’ as he put it. So basically he didn’t lose any of the capital if I paid it off.
I presumed that as he had paid no equity off the other property as he paid interest only, that if he entitled to what I had paid on the house I live in0 -
Has the second property not risen in value during the time he was paying the interest only mortgage?0
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