Tweet
Hi everyone....what a great place this is. I’ve been searching and reading various posts but don’t want to be a victim of putting pieces together and getting it wrong. So I apologise in advance for the long post.
I’ve just separated from my partner literally on Monday, and the attention has already turned to the joint property, her attention at least.
We are not married and we jointly own a house equal tenants, mortgaged with a balance currently of £268k she brought in approximately £20k of equity from a previous property I haven’t added up precisely but I added somewhere in the region of £10-15k some of this as personal debt which I still carry. We have owned the house since December 2017 and paid £317,950 and it’s currently estimated to be worth £350k or so. She has two children of her own living in the property as well as our little boy. From the remaining balance we have paid back jointly just under £20k so around £19k each.
Now we also own a boat which was purchased via a loan in my ex partners name however the boat is in my name.
I hadn’t raised the house issue and wanted to get over the shock of separation and was expecting and happy to continuing laying my share of mortgage/bills.
She is quite money oriented when she feels she can benefit and has already broached the subject and her idea of an offer. She is suggesting she keeps the house and I keep the boat and she feels she can obtain the mortgage solely to support this. I doubt based on her income she could obtain a mortgage but for now assume she can.
The issue I have is rightly or wrongly we have jointly been paying the loan from our joint account even though the debt is in her name. I don’t know the figures precisely as it isn’t my load but we borrowed £19k to purchase the boat and I estimate we are approx half way through the term so best case I have paid £4.5k or so against the loan (round figures) again I estimate the boat is now worth best case £15k. So she is offering me something worth £15k that I already in a way own £4.5k stake in (ok so some of that is interest etc but as a working theory....)
WHEN half of the reduction in mortgage balance is mine (no interest involved this a figure based on reduction in balance) so £10k I put in £10k minimum and the property has accrued equity of potentially in the region if £30k so not that I’m asking for it I have a potential stake if £35k - I’m being offered a boat I already part own and at best is worth £15k.
Where do I stand here? My thoughts are if she cannot afford to buy my share a court would said sell them or someone buys the others stake. She states she has taken advice and a court will say otherwise because I have left - which was by mutual agreement.
Is this clear cut ? Is it as simple as I believe it to be? She’s clinging to the fact I’m a company director, earn £85k gross and in her words wants to bleed me dry. We’ve only been a couple since late 2016 am I going to lose all that money because we have a child or is it cut and dry. She wants her cake and eat it, she wants to keep the house to keep her children in the school/s my view as a Yorkshireman is this is where you cut your cloth to suit - you buy my share if you can or sell and move somewhere more affordable and we each take our share. I suspect her original £20k equity is also at risk if this goes to court as we are joint tenants I don’t want that she brought that from the sale of our previous property.
Also, I don’t know if recommendations are allowed or given but would also like recommendations if someone I can instruct to take this matter forward.
Thank you all for persisting with this post - if you made it that far.
cheers
Dave
I’ve just separated from my partner literally on Monday, and the attention has already turned to the joint property, her attention at least.
We are not married and we jointly own a house equal tenants, mortgaged with a balance currently of £268k she brought in approximately £20k of equity from a previous property I haven’t added up precisely but I added somewhere in the region of £10-15k some of this as personal debt which I still carry. We have owned the house since December 2017 and paid £317,950 and it’s currently estimated to be worth £350k or so. She has two children of her own living in the property as well as our little boy. From the remaining balance we have paid back jointly just under £20k so around £19k each.
Now we also own a boat which was purchased via a loan in my ex partners name however the boat is in my name.
I hadn’t raised the house issue and wanted to get over the shock of separation and was expecting and happy to continuing laying my share of mortgage/bills.
She is quite money oriented when she feels she can benefit and has already broached the subject and her idea of an offer. She is suggesting she keeps the house and I keep the boat and she feels she can obtain the mortgage solely to support this. I doubt based on her income she could obtain a mortgage but for now assume she can.
The issue I have is rightly or wrongly we have jointly been paying the loan from our joint account even though the debt is in her name. I don’t know the figures precisely as it isn’t my load but we borrowed £19k to purchase the boat and I estimate we are approx half way through the term so best case I have paid £4.5k or so against the loan (round figures) again I estimate the boat is now worth best case £15k. So she is offering me something worth £15k that I already in a way own £4.5k stake in (ok so some of that is interest etc but as a working theory....)
WHEN half of the reduction in mortgage balance is mine (no interest involved this a figure based on reduction in balance) so £10k I put in £10k minimum and the property has accrued equity of potentially in the region if £30k so not that I’m asking for it I have a potential stake if £35k - I’m being offered a boat I already part own and at best is worth £15k.
Where do I stand here? My thoughts are if she cannot afford to buy my share a court would said sell them or someone buys the others stake. She states she has taken advice and a court will say otherwise because I have left - which was by mutual agreement.
Is this clear cut ? Is it as simple as I believe it to be? She’s clinging to the fact I’m a company director, earn £85k gross and in her words wants to bleed me dry. We’ve only been a couple since late 2016 am I going to lose all that money because we have a child or is it cut and dry. She wants her cake and eat it, she wants to keep the house to keep her children in the school/s my view as a Yorkshireman is this is where you cut your cloth to suit - you buy my share if you can or sell and move somewhere more affordable and we each take our share. I suspect her original £20k equity is also at risk if this goes to court as we are joint tenants I don’t want that she brought that from the sale of our previous property.
Also, I don’t know if recommendations are allowed or given but would also like recommendations if someone I can instruct to take this matter forward.
Thank you all for persisting with this post - if you made it that far.
cheers
Dave
Comment