Equity

[Littlemix1]

split from ex in October. Only just agreed to sell the house. She wants 60/40 equity (both names on mortgage) am I right that she has no entitlement to more than 50/50.

[RandomMess]

Depends....

Length of marriage and co-habitation prior to marriage, are there DC to house, size of pension pots, ability for each of you to house yourselves on current income...

[millymollymoomoo]

She’s entitled to a fair share
Could be anything from 0-100% depending on circumstances

[millymollymoomoo]

Assuming you are married ? If not and you own the house as joint tenants then it’s 50:50

[Littlemix1]

We are unable married

[Littlemix1]

sorry....unmarried

[RandomMess]

Unmarried yeah just depends how you set up ownership!

[Miltonroad]

Is it owned 60/40?

[Littlemix1]

No joint mortgage. Equally. Will be looking for legal advice tomorrow. Also took out mortgage holiday payment without my consent.

[RandomMess]

Well it's 50:50 split 🤷🏽‍♀️ you can take it to court to force sale, no idea what that costs though.

Have you been paying 50% of the mortgage since you split? Who has paid what since you left can be sorted as part of the equity division.

[WhiteWriting]

@RandomMess can I ask what you mean by 'who has paid what since you left can be sorted as part of the equity division'?
My solicitor has advised that whilst joint and severally liable for mortgage repayment - the actual amount each party pays is by private arrangement and if not 50/50 it doesn't then mean the party who paid more gets reimbursed by the other party during the division of assets. This is what my ex is trying to argue. If you've any advice or been through similar I would welcome it!

[millymollymoomoo]

Joint tenants = 50:50
Equity due is 50:50 doesn’t matter who paid what
House is owned in equal shares of 50%

[Littlemix1]

I have had 2 free half hr consultations with solicitors before the issue encountered. Each said equity is 50/50 and that whoever is in the house is effectively paying occupational rent as it is irrelevant how much of the mortgage they pay off.

[RandomMess]

Take your solicitor's word for it! They are the experts.

It would be interesting to get an estimate of the costs of taking it to court if you did the work yourself to enforce sale versus giving your ex a little bit more on the written agreement that they expedite sale...

[millymollymoomoo]

That’s correct

[unicornsarereal72]

As you weren't married it will be 50/50. That is what advice I was given.

[GlassOfProsecco]

In Scotland it is not so clear-cut; it's essentially about who has had advantage or disadvantage that you can prove.

For example, if someone gives up their career to look after children, that will be considered.

You just have to negotiate here, but if it doesn't resolve within a year, it defaults to 50%.

[LemonTT]

There’s not much to negotiate here. The split is 50:50.

The only issue is whether there are children and their rights. As part of your split you both need to ensure they have adequate homes with both of you. That might impact on options for releasing equity share right away. It doesn’t meant the equity will never be released.

House prices will be volatile for a while maybe years. Don’t piss around. Deal with certainty and expertise not maybes and bollocks opInion.