Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

Any solicitors with house dividing money experience

(16 Posts)
Mini05 Wed 05-Aug-15 18:17:30

so I owned my previous house
I then met partner who lived in rented house and 2 years later decided to sell mine and buy another property together using my equity as deposit.
So I put down 80k protected(house was 160k that we were buyer)
Partner didn't want me to pay any mortgage(as I then would own more than him%wise) so I just paid half of all the bills

So 13 years later things have gone pear shaped! We just don't get on

Today he tells me what he will get from the property!
House now worth 200k
He.... Came with nothing!
Said his 50% of house is 100k
Paid the mortgage for 13 years which equals around 37k owes 43k
And 20k equity
Making him 57k

I put my 80k as deposit on house
Been there 13 years
And only getting 20k equity!!!

I'm f... Fuming and can't stop crying at the thought of him making 57k of my back!! He was in a rented house and probably would still be to this day if it wasn't for me

So I just make 20k after 13 years and he comes away with 57k!!

He's now going back into rented with a little nest egg that I helped him build

I now can't get a property for 100k now where I live, my house was my security and I have lost it!!!
I can't stop crying, and he's as happy as Larry

Fuckitfay Wed 05-Aug-15 18:21:26

Did you have any written agreement as to your deposit, usually called a declaration of trust?
Do you own the property as tenants in common, was there any declaration as to whether you held the property in unequal shares?
If nothing in writing about your deposit almost impossible with a jointly owned property for anything to happen other than 50:50.

Bubblesinthesummer Wed 05-Aug-15 18:22:28

Are you married?

Fuckitfay Wed 05-Aug-15 18:25:47

Let's just get it straight
House worth 200k
Current mortgage 43k

Re-reading, do you have an agreement that you get back your 80k first and he is responsible for the mortgage and then the reminder is split equally? You need to post the exact terms of any agreement as you mention a "protected" 80k deposit but the precise wording is important

Mini05 Wed 05-Aug-15 20:01:11

Sorry I'm that upset I can't think straight as to the right terminology

Yes when we bought I made a declaration of trust for my 80k with solicitor in writing
We haven't got anything written to say he pays the remaining 80k on mortgage, as I said I was quite happy when we first bought to pay half the mortgage £275 but he wouldn't have it, because then I would of owned more percentage of the house! So it was decided between us that he paid it.

We are not married
We own the property as tenants in common

Fuckitfay Wed 05-Aug-15 21:05:14

OK the exact wording of the declaration of trust is very important so if you can please dig it out and post the wording here
If it says you receive 80k back
And the equity is split 50:50 then
it would be
200 k value
Less 47 k mortgage
Equity remaining 153k
You get back your 80k
Equity remaining 73k to be split 50:50
He then gets 36.5k
You get 80+36.5k = 116.50k

However I am assuming there no wording about the mortgage payments and an assumption that the mortgage is a joint debt. If there is wording that he gets back additional mortgage payments this makes it more complicated.

This can be a technical area of law and it all comes down to the exact agreement that you reached as set out in the deed of trust. If you married subsequently it changes things completely.

Mini05 Wed 05-Aug-15 21:46:26

Thank you Fay for getting back

I will dig out the declaration out when he's not about and post what it says
Watch this space!!!

That's what I thought happened what you written, but he says he's been to solicitor and been told
House value 200k
That he get what mortgage he has paid over the last 13 years ie about 37k
Then pays back mortgage outstanding 43k then gives me my 80k which equals 160k leaving 40k 50/50 spilt 20k each
So he get his 37k plus 20k equity=57k !!!
Me 80k deposit from previous property plus 20k equity =100k

He is adamant that this is right and his solicitor told him

Fuckitfay Wed 05-Aug-15 22:15:50

OK - it will come down to the wording but lawyers can get it wrong so post it here and get your own advice too. You need to be clear if you were properly advised of the effect at the time of drafting.

Mini05 Wed 05-Aug-15 23:16:36

I remember solicitor ringing me back to say she was worried about me that I was putting my equity from my house with no protection if anything should happen in the future. She advice me to do a declaration of trust so I could get my 80k back in the advent off! ( so bloody glad she was looking out for me and my son)

Will post when I dig it out! No way is that bastard getting any of our money when he's treating us the way is his

Thank you x

Zillie77 Thu 06-Aug-15 04:28:37

I am sorry that you are so distraught!

It seems worth pointing out that your house, having increased in value from 160k to 200k, went up by 25%. If you end up getting your original 80k back with an additional 20k you will be getting a 25% return on your original investment.

I can see how frustrating it must be to feel that your dp is making money from your investment, but if you had taken your £275 per month and put it in a non-real estate investment you would have gotten a similar or better return.

He will end up getting a higher return on his investment if he gets 20k on top of his payments, though, and that doesn't seem very fair. But I guess you will have to see what your agreement says.

Good luck.

Mini05 Thu 06-Aug-15 14:07:05

Ok found declaration
Here's what it says

WHEREBY in the said transfer the property is stated to be held by the trustees as Tenants in Common THIS DEED HEREBY ACKNOWLEDGES AND CONFIRMS that the equity shall be held as follows
As to the initial sum of EIGHTY THOUSAND POUNDS £80,000 in favour of
......... (Me)
As to the residual equity
Fifty per cent 50% in favour of ........ (Me)
Fifty per cent 50% in favour of .........(him)

The TRUSTEES hereby declare that they own the freehold property of trust as Tenants in common in proportion before mentioned.

There's a bit about saying that if either of us wish to dispose of there interest in the property such interest should be offered to the other person at. The then market value. In invent of dispute to market value a independent surveyor.

I haven't slept all night, and I can't stand to be in the same room as him.
We are not communicating, it's an awful atmosphere to live in.

Fuckitfay Thu 06-Aug-15 14:18:26

Well there is nothing about the mortgage there. Residual equity is after the mortgage has been paid.
So I would say
200k value
Pay mortgage 43k
Net = 157k (less costs of sale)
You get 80k back
Remainder divide 50:50

He may try to argue that you should
pay him back the mortgage payments he paid on your behalf but the declaration says nothing so he would need to prove that the agreement was he would recoup these from the equity. With nothing in writing v difficult to do. You should see a solicitor and get them to write to him with regards to how the equity should be divided.

Mini05 Thu 06-Aug-15 14:31:40

Thanks Fay for getting back so quick
There's nothing definitely about him recouping his mortgage payments back!! Thank god

Am I right in presuming your a solicitor?

Thank you x

Fuckitfay Thu 06-Aug-15 15:15:51

Hi Mini yes I am a family law solicitor.

Zillie77 Thu 06-Aug-15 15:55:33

So happy that it is turning out well!

Mini05 Thu 06-Aug-15 16:35:58

Thank you so so much for your help Fay, I am so relieved that he is not due back any of the mortgage payments!

He's been walking round the house singing! Like he thinks he's got one over me and he's now sitting pretty on his nest egg of my investment. He's in for a shock.

I have been onto building society to see defo how much is outstanding and how many years left.
I need to work out my finances now.

Fay you don't happen to live in the Manchester area do you?

Thanks Zillie for your wishes x


Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: