Selling house - nasty break up

[alohamfs]

Hi Guys,

Just after a bit of advice really as the solicitor we used to buy our home is a family friend and don't want to involve him.

I've moved into a house with my partner - he paid the full deposit (although technically gifted from his mum) for us both as recently had babies and needed our own place. Both names on a joint mortgage.

We have split up and are planning to sell. How does the money paid in work. I understand I've contributed only to the mortgage and bills but where would the money from the sale go? would I technically be entitled to 50/50 or would it go to him (dep paid from his account) I am not after his money although after everything he's put me and the babies through I'm tempted to bleed him dry. Violence, temper, disappears from time to time.

I need to move out on my own and the money could really help me get oh my feet. Just don't know what will happen

Thanks everyone xx

Also I mean I'm not after fighting him for the money - if I'm entitled then I'll take it.. that's what I meant sorry

Assuming you're not married I think you will need to sort out the arrangements between yourselves.

It all depends on how you bought it and whether you have a declaration of trust. How much was done at the time?

Are you tenants in common or joint tenants on the mortgage? If you’re not married you’re not entitled to what you would be if married, so there’s no legal splitting of assets

How long were you paying the mortgage for?
Has the house gone up in value?

And so how much was the deposit and how much equity will be released when you sell? Ie what will you be left with after mortgage loan taken off?

We are joint tenants. The mortgage was only for 100k and 12k deposit. We have only been here 4 months. It's a complete disaster

Value was 112k at purchase. Old bathroom in need or renovation up stairs, have installed brand new bathroom and all replayed upstairs

Will there even be much left after the sale?
Depending on the price you get, early repayment fees on the mortgage, solicitors costs etc there might not be any money over.
Could he afford the mortgage on his own? You might be better off accepting a small lump sum and just coming off the mortgage.

The starting point is the equity will be split 50/50. As PP have said you may want to do a deal where he just buys you out. You need a solicitor as this will probably be a bit of a negotiation.

That's what I'm wondering too.. if there will be any left, I understand it's not my money and that's fine. Just want to know what I'm entitled to so I don't get shafted by him.

This is his second property - he already owns another which is mortgage free, paid outright. Do I have any grounds to depend to stay here at all?
Thank you all so much

Could you afford the mortgage payments by yourself? If you could you could give him an offer to buy him out. Tbh OP it sounds like neither of you are going to get much, if anything, out of this. Everything you've probably already paid has been swallowed up in fees not actually money against the mortgage.

As far as I am aware you will be entitled to half of the deposit if there is no declaration of trust in place. My aunt is in the same position as you (if you are not married) and this is what she has been advised.
I am going through something similar but I paid the deposit and luckily got a declaration of trust.
My solicitor has advised any equity in the house will be split 50/50 after the amount I paid for the deposit is taken away.
Such a horrible situation and I really feel for you. But once it's all over you will be much happier

I could afford it on my own, JUST. I am just worried he's going to make life very difficult for me. I'd love to stay in the house. It's big for us and close to my parents / shops etc. As far as I am aware there is no 'declaration of trust' I was not made to sign anything or even heard those words before?
I feel so sorry for anyone going through this. But we're all strong and can make it on our own. I guess I've stayed this long just down to financial security for my children (I actually earn more than him) but I was on mat leave and his mum gifting the money etc. I feel awful like I've robbed her but it was done with best intentions to give my children a home. Would be with my parents and 2 kids otherwise. Wish I had never done it!

I would definitely get yourself booked in with a solicitor ASAP. It is expensive but it's money well spent. You need to protect anything you are entitled to as things could very easily turn nasty

@CharlieBubbles88 . Great advice but not practical. £12k equity. Max she is entitled to is £6k. Legal fees £300 per hour so 20 hours work all equity is spent, not accounting for selling costs. Walk away better

Come to some agreement where you keep the house on. Technically 12k isn't a lot to house the kids, if he really cares about them. If not then say that you'll pay the 12k back to his mum over a long period of time.

Get a lodger if you need to in the short term.

Thanks everyone. He is coming around Saturday to discuss, I don't think selling right now is the best option so hoping to stay and sell up on mortgage renewal and just pay everything myself in the mean time / appreciate all your help