Splitting up and Taking over the property

[emski1972]

Here are some facts...

We are splitting up but are unmarried ( have 2 kids). I want keep it as simple as possible. We have a joint mortgage. He has not made any contribution for 3 ( or is it 4 years). He will not leave until I have given over half the equity as he has nothing.
If simply split it would be £100K. Possibly more ( we are in the sout east and hose prices are crazy...)
He has not earned any money for 3 years....freelance gone down the swanny but has been living the dream...
He owes my mother 10K ( share ofthe deposit).
He didnt pay for half of a garden office and loft conversion ( as originally agreed).
50% share 12.5 K
If the bank will allow it can I deduct the 22.5K plus 50% of the mortage payments = 23K.
Settlement = 50K ( for example)...

Does this sound fair or am I dillusional?

I doubt very much that you will be able to do anything about the mortgage payments, that'll all water under the bridge.

Yes he needs to repay your mother, and I hope they have a loan agreement. That is between him and her though, and it's nothing to do with what he does with his share of the equity.

Are you owners jointly or in common?

You'll need to take legal advice on the costs associated with the renovations. Can you actually prove the agreement that he would pay half?

Thank you...

Ah yes I thought it might be the case re the mortgage. The agreement was a 50/50 share of responsibilities and bills so it smarts a little....

I just looked up the meaning of "jointly or in common". I can cheek the deeds but I imagine it must be joint. In which case he is entitled to 50%....I assume...

Proof that he would pay half..unlikely...

I think you need legal advice. It sounds messy. Do you have evidence of the money leant, that he hasn't contributed, of the agreement re payi g half for improvements? If not, it'll be harder to prove.

If you aren't sure, it is probably held jointly as this is the 'norm' unless you instruct otherwise. Which means you jointly own the whole house. Tenants in common would mean you each own 50% (unless you agreed and documented a different split).

The mortgage company won't care how you split the money after the mortgage is paid off.

This really is something you and your ex must sort between you. Def get some advice.

Who will have main custody of the kids? This would be something that would be taken into account on a divorce, but as you aren't married, can only be an argument you can try running along side the other arguments re loans, agreed contributions etc.

Hi both thanks for the advice. Well I will get some legal advice. I really want it to be amicable and fair. Nothing is documented its just life really and how things were originally agreed in a joint equal partnership.
Unfortunately he has has not been working as the freelance work went down the toilet..bit of a lifestyle choice in that he is a photographer and all his work dried up but can't admit its time to move on and unfortunately as we live quite comfortably (I have a very good job...) doesnt see an incentive to change. said himself if things were different he would get a job....nice...

He can't support himself so obviously needs half the equity to move on with his life. Kids... well we will share the responsibility. I assume I would have custody as the bread winner and responsible one who takes care of everything....pays the bills etc...

I have a London flat so once I have paid up half the equity wil sell that and hopefully be mortgage free...in the meantime not sure how much equity I can raise alone....