Ex-partner is wanting to sell the house.

CREATIVE!11 · 14 Jan 2019 at 15:04

Droolinggimp said:
We jointly paid for a few years so we went 50/50 on mortgage payments whilst we were together over 4 years and the payment then were about 450 per month. we both paid £10800 each. Since on my own I paid 10-12 years (i cant remember the exact time frame) say 10 years, 8 of those iirc were when NR went balls up so I paid on average of 550 per month over 10-12

Right so she's contributed effectively 10k to the mortgage, hope she doesn't feel like shes entitled to 50/50?

I don't know where the law stands on this.... but you let's just say pay her 10k (I know you don't have that money but pretending you do) and take her off mortgage?

I really hope it works out for you though.....I just worry for people in these types of situations they can get screwed over by a biased legal system.

Droolinggimp · 14 Jan 2019 at 15:08

CREATIVE!11 said:
Right so she's contributed effectively 10k to the mortgage, hope she doesn't feel like shes entitled to 50/50?

I don't know where the law stands on this.... but you let's just say pay her 10k (I know you don't have that money but pretending you do) and take her off mortgage?

I really hope it works out for you though.....I just worry for people in these types of situations they can get screwed over by a biased legal system.

Taking her off the mortgage is an option as so is her taking me off. If there is no equity then thats plays into my hand as I wouldnt have to pay anything or so I have read on some legal site. We would just have to go 50/50 on fees.

Housey · 14 Jan 2019 at 15:09

Droolinggimp said:
I pay fully for last 10-12 years and she helped towards 2 payments during that time..

OK thanks, that puts a slight different view on things.

In such a situation it's about knowing when an exit is feasible and that can not be endless I suggest for your ex. I suspect if you went to her and said I will guarantee that by the end of 2020 (as an example) we will sell the house come what may, it gives you time to plan and make the changes needed to enable that. What has gone before is history now, my advice is offer her an option. If she wants to get messy and her history from what I am reading suggests not, then that is a risk you take, but I suspect a clear end point now is what she needs. I would frankly work out how you buy the house from her. Go and see some banks and weigh up the options. Work out what you might be able to sell to release some equity but realise that now is the point you need to work our when and how you sell or buy.

I think she has been very fair in asking for repayment of the 2 payments made, you now need to work out what her share is in the building, which with an interest only mortgage will be interesting...

The_Abyss · 14 Jan 2019 at 15:10

Your most likely way out of this is to have the house valued, agree the value, pay her half the net equity after the mortgage debt and take the mortgage on yourself with your current wife. That's if you want to stay living in the house.

Given that you've paid only mortgage interest and no capital, I don't think there's any real significance that you've been paying the mortgage for most of the time and she hasn't - you've also been benefiting from the property by living in it and she hasn't.

FortuitousFluke · 14 Jan 2019 at 15:11

CREATIVE!11 said:
Right so she's contributed effectively 10k to the mortgage, hope she doesn't feel like shes entitled to 50/50?

I don't know where the law stands on this.... but you let's just say pay her 10k (I know you don't have that money but pretending you do) and take her off mortgage?

I really hope it works out for you though.....I just worry for people in these types of situations they can get screwed over by a biased legal system.

I wouldn't even say she's entitled to that. if we assume he paid 10 years on his own, then 4 years together that would equate to her making 2 years worth of payments out of 14, so I would say she's contributed around 14%. If it's an interest only mortgage then that would be 14% of the equity in the property or 14% of the profit of any sale. There's seemingly no equity in the property so her 2 years contribution effectively equates to rent, as does the OPs.

That's my take anyway, no idea what the law would say.

Droolinggimp · 14 Jan 2019 at 15:12

cheesyboy said:
Then, really, she is owed nothing. Would be helpful if you have the paperwork from that valuation, plus for the mortgage account at that time.

probably not got paper work from valuation but a house on my street identical to mine went for £125000 in 2012 (circa 4 years after we split up), we owe £142000, she took out secured loan to buy a car when we were together, Northern rock for you and there throwing money about tactics.

2 years ago another identical house on my street was sold for £145000. that was improved a lot and had good gardens etc.

Droolinggimp · 14 Jan 2019 at 15:14

Got to go to work in a few minutes so wont be able to update any questions etc but will catch up in the morning . thanks for the replies and what not guys. I can still read the thread at work though.

VincentHanna · 14 Jan 2019 at 15:16

CREATIVE!11 said:
Right so she's contributed effectively 10k to the mortgage, hope she doesn't feel like shes entitled to 50/50?

I don't know where the law stands on this.... but you let's just say pay her 10k (I know you don't have that money but pretending you do) and take her off mortgage?

I really hope it works out for you though.....I just worry for people in these types of situations they can get screwed over by a biased legal system.

That's not how the law works.

My sisters current boyfriend was previously married.

He bought a house (with a mortgage) before he even met his ex-wife.

She moved in, they got married, they had two kids together.

She ended the relationship, he moved out in to a flat and let her stay there for the sake of the girls.

They recently agreed to sell the house, but he had to split the profits 30/70 in favour of her! She paid nothing in to it in the first place.

It's something to do with living there for many years as a common law wife.

wonko · 14 Jan 2019 at 15:17

Echoing others, it sounds like your ex has been quite accommodating, and it would seem unreasonable to block her from being able to take out her own mortgage. Transferring the mortgage into your sole name seems an obvious option.

Regarding the share of any equity in the house, fortunately I've no idea how this would be viewed by the legal system. But if there is minimal equity then would a free market valuation from an estate agent be a good starting point to help set any expectations?

Whatever, you need to sort out how the interest only mortgage will eventually be repaid.

Good luck with it!

cheesyboy · 14 Jan 2019 at 15:18

cheesyboy said:
Then, really, she is owed nothing.

I've changed my mind

Her continuing to be on the mortgage was, it seems, looked at as a sort of investment. Therefore, she should still own 50% (since you have not been paying capital). But if there's no equity, then she still doesn't get anything.

VincentHanna · 14 Jan 2019 at 15:20

cheesyboy said:
I've changed my mind

Her continuing to be on the mortgage was, it seems, looked at as a sort of investment. Therefore, she should still own 50% (since you have not been paying capital). But if there's no equity, then she still doesn't get anything.

Sounds like she'll get 50% of £2,000 then?

If I was the OP I would get an official valuation and prove there is no equity in it for her, as it's a lot of upheaval for you just so she can get £1000 toward a deposit.

ColdAsIce · 14 Jan 2019 at 15:20

How much are you paying on an interest only Mortgage? Just curious how that compared to rent.

Rids · 14 Jan 2019 at 15:21

Droolinggimp said:
Taking her off the mortgage is an option as so is her taking me off. If there is no equity then thats plays into my hand as I wouldnt have to pay anything or so I have read on some legal site. We would just have to go 50/50 on fees.

But if you're taken off the mortgage then the expectation would surely be that you move out? Or would you expect to live there and pay rent?

What is in that situation for her? I've got nothing.

Rroff · 14 Jan 2019 at 15:22

Droolinggimp said:
probably not got paper work from valuation but a house on my street identical to mine went for £125000 in 2012 (circa 4 years after we split up), we owe £142000, she took out secured loan to buy a car when we were together, Northern rock for you and there throwing money about tactics.

2 years ago another identical house on my street was sold for £145000. that was improved a lot and had good gardens etc.

If it is anything like around here house prices peaked a few months ago - a good bit higher than 2012 and even higher than 2 years ago and are looking to slope off so you might want to get on with valuing it and looking for a buyer if there is a chance of making something from it at all.

Maundie · 14 Jan 2019 at 15:25

In my opinion if you've been paying the mortgage yourself for the years you've been apart then she shouldn't be entitled to anything from that period but if she has put a £10k deposit then she would be entitled to that deposit back (plus the 2 payments she made to assist you).

Probably the best thing for you is put the house up for sale and when it sells for however much she is entitled to 50% of any +/- that is left over.

Also I think you have been extremely lucky for her to allow you to live for 10+ years after splitting with her name still tied to a mortgage she hasn't any benefit from (I also think you're stupid for not attempting to get her off the mortgage earlier as this is going to get very messy).

How has your 'new' wife been happy with you owning a house with your ex?

Droolinggimp · 14 Jan 2019 at 15:25

Just spoke to nram. I can't take her off the mortgage as I cant afford repayments going by a income expenditure form even though I have been paying it.

Martynt74 · 14 Jan 2019 at 15:28

ColdAsIce said:
How much are you paying on an interest only Mortgage? Just curious how that compared to rent.

He's said £550 which feels quite high for a £142k mortgage. I'm also confused by the mortgage/house value.

2003 - Buy House - Take out mortgage - £142k
2008 - Split up. Having paid £22k between them (450/month)

At some point he starts paying interest only at £550/month which is more than the actual repayment mortgage

House hasn't appreciated in 15 years.

Droolinggimp said:
We jointly paid for a few years so we went 50/50 on mortgage payments whilst we were together over 4 years and the payment then were about 450 per month. we both paid £10800 each. Since on my own I paid 10-12 years (i cant remember the exact time frame) say 10 years, 8 of those iirc were when NR went balls up so I paid on average of 550 per month over 10-12

Maundie · 14 Jan 2019 at 15:29

Droolinggimp said:
Just spoke to nram. I can't take her off the mortgage as I cant afford repayments going by a income expenditure form even though I have been paying it.

They won't want to remove her unless you can prove you can afford the mortgage as she would be liable should you fail to pay, that's just NRAM covering their arses.

The_Abyss · 14 Jan 2019 at 15:32

Droolinggimp said:
Just spoke to nram. I can't take her off the mortgage as I cant afford repayments going by a income expenditure form even though I have been paying it.

That's a bugger then. On this basis one of you will be screwed. Her, if she can't get her name off the mortgage which will affect her own ability to borrow and get on her life. You, if she pursues court action and a judge orders an immediate sale. I'm not sure if that's cut and dry, but they're not her kids or her family living in what is effectively her house too. You need to take some ownership for your own situation and stop relying on your ex.

d_brennen · 14 Jan 2019 at 15:38

Droolinggimp said:
Just spoke to nram. I can't take her off the mortgage as I cant afford repayments going by a income expenditure form even though I have been paying it.

Well you haven't really paid it, just kept the wolf from the door for more than a decade. I can see this going very wrong for you OP. I don't know what local rent prices are like but £550 for a family home seems awful cheap, can you find somewhere similar on the rental market for similar money? Realistically, unless you plan on making inroads to that mortgage, it just ******* money against the wall