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Tenants in common splitting up
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What do you mean not thought out through properly?
I don't think I can claim interest on my deposit. The house value has increased more to the fact we've spent money on it and done it up. I'm unsure what to do about the outstanding kitchen debt0 -
I feel like why should I pay off a kitchen in a house I won't be living in? Seeing as he is refusing to give me any appliances or white goods anyway0
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What do you mean not thought out through properly?
I don't think I can claim interest on my deposit. The house value has increased more to the fact we've spent money on it and done it up. I'm unsure what to do about the outstanding kitchen debt
No you can't. Really you should have set the Declaration of Trust up so that your £20k deposit was a % of the equity. Then in the event of the split you would receive that % of the equity and the rest would be split 50/50. As it is your DoT only says you should get your £20k back. 20/20 hindsight.0 -
He's also expecting me to still pay off the kitchen finance which is in his name, there's about 2k owing, we've been paying 300 quid a month each to get it paid off, but now weve split and he's keeping all the kitchen and all white goods and appliances then why should I pay it off? The finance was for the kitchen only, units and doors, not appliances
Tell him to get !!!!ed. The finance is in his name and he's the one who will be using the kitchen if he can afford to buy you out.
Don't let him dictate the valuation of the property to you. Rather than getting estate agents round get a proper valuation from a RICS surveyor. If he can't afford to buy you out can you afford to buy him out? Could your parents help out? Failing that just sell the place, force the sale if necessary.0 -
Hi,
I would ask him to meet with a broker to see what's possible. I doubt he can afford the house alone with the kitchen finance and car finance - does he have any other debt.
You could be worrying unnecessarily if he simply is unable to buy it and it will need to be sold or for you to buy it.
No, don't pay the kitchen finance (in his name) you want a clean break. Make sure it is accounted for in the splitting of equity and that is the end of it.
If you might like to buy the house yourself don't hand your notice in, wait and see.
Tlc0 -
He also has credit card debit which is about 2 grand. It's a horrible situation to be in.0
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He also has credit card debit which is about 2 grand. It's a horrible situation to be in.
His credit card, his responsibility. So disregard that, he can't make it your responsibility.
If he can't buy you out, or vice versa, then the house needs to be sold. You have a deed of trust to reflect your deposit but it might not end with the fairest split. It's probably more important to get a completely free break from each other, and as soon as possible. That might mean letting go of the smaller things, like who gets the white goods etc., to achieve a much more important aim.0 -
What do you mean not thought out through properly?
deeds that are based on get your money back are flawed they should be based on equitable shares. the get your money back is like giving the OH an interest free loan was this explained at the time?
I don't think I can claim interest on my deposit. The house value has increased more to the fact we've spent money on it and done it up. I'm unsure what to do about the outstanding kitchen debt
an equitable based share would have had you pay more of the development costs but own more of the house.
You could have owned 50:50 by having him pay more of the mortgage to account for your deposit.
All a bit too late now and if you have played your hand that you are leaving and going back to M&D he will play on that.
if you work on a proper counter offer where you keep the house and pay him off rather than just saying it's not fare you have a better chance of getting him to up his offer if he really wants to keep the place.
if he can't get the mortgage on his valuation you can it would be hard for him to argue a case its worth more.0 -
Let's say I get a payment of £48,000 from the house, based on a salary of £24,000 how much of a mortgage would I be able to get? Roughly speaking0
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4.5x is the going rate I believe so max £108,000 but that would depend on any other debts etc. Why not try mortgage calculators with different banks to see.Homeowner:j0
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