Munster
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assuming both names are on the mortgage, you share equally in the value gained since the time it was purchased. you will have to get a new mortgage in your name only.so if the equity is now say £50,000. you take the 50 and split it. Then he gets a credit for the payments and you get credit for the downpayment. You can still get credit if for example you were paying other things like buying all the food, paying the utilities, etc.
But the final say is a judge if you can't settle out of court. and the judge can award more or less depending on his evaluation of the overall situation. |
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Martin G
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If you are taking over the mortgage, effectively you have to pay him a sum that he is happy with for having his name removed from the title deeds of the property.
There are no hard and fast rules on this but do the following sums:-
Owned Value = Current Value of the Property - Current Balance on the Mortgage.
The simple split is that you should pay him half of the Owned Value, however, you might be able to push for the following:-
Your payment to him = (Owned Value - £13,000) / 2
Good luck and I hope you can work this out amicably |
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A G
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No, he could insist you buy him out, see a solicitor. |
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jackiejones114@btinternet.com
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if you want to stay in the house, you normaly buy him out, you have to try to come to some arrangement through a solicitor, if you put all that money down and can prove you did then he shouldnt get has much, hope you sort it! |
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MSMORTGAGE
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If its a joint mortgage you are both responsible, it is a misconception to think he only has to pay his half you are both responsible for all the payments to the lender. If he refuses to pay, you have to pay the lot. You can however buy him out and take over the entire mortgage, which is what I suggest u do, as long as he is on the deeds he can force a sale and get you out the house, he also makes half of any profit including your £13000. Sorry hun but that's the way it is. |
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dextrodex
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not ur ex but ur y |
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Guardian angel
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Who's name is the mortgage in |
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Pat
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go to Aamir Zane Solicitors |
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voodoobluesman
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Have a chat with your lender and they may just sign it over as long as you both agree, other than that you may have to remortgage for the whole amount and give him any potential agreed increase in the property value, less the deposit amount. I really recommend speaking to a solicitor as this is a legal transaction to transfer the property into your name. |
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Roxy
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Go and get proper legal advice about this. My hubby is a barrister who deals with cases like this all the time - it can get very messy if you don't protect yourself. |
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Piffle
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no. u need to settle it legaly with a lawyer |
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dollysdress
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when i left my ex husband i lost loads of money as i had paid for a lot of work on the house, all i got back was the diffrence between what the house was worth when we brought it and what it was worth when i left and i had to pay for the valuation. visit a solicitor |
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targetchip
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Due to the fact the house prices are at the highest for a while this is not a good time to split up. You have to get the house assessed for a value by an estate agent. Then its a 50-50 split on equity minus any payments either of you made. You end up with a figure and that's what it costs either of you to buy the other out. Its not just the money you put in you see but what the house is now worth split 50 50. If you can`t afford to give him his 50 percent equity minus or plus money paid in you have to sell the property and move on after settling the money that way. |
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khi_s_kake
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ok,,first get the property valued .....then go to solicitor it wont matter what you or he paid in to it it will be divided in to two after all the bills ect are cleared and if there is a profit on the property half that and thats what you will have to pay him to take it over .......or you can be sneaky but ill put that in an e,mail for you if you want details...... |
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Camilla the First
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Gosh, find a good solicitor now!!! Your ex may ask that the house be sold, to get his share out, obviously half the value of the valuation which will have to be carried out. |
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charlotte l
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You have to get the house valued. once it is valued you will have to get a mortgage to buy him out of the original mortgage. He will then walk away with whatever he put into the property and half of any equity that you have gained from the property.
Speak to a solicitor and to an independant financial advisor. |
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Stephen H
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As it's 2 years you are his "common law" wife, and so this will have to be decided legally as you have joint ownership. But it is possible for one to "buy out" the other. You need to seek legal advice |
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