How to pay him back

[Equityhelp]

I bought a house in my name 6 months ago, DP at the time gifted me the full deposit (£50,000 - inheritance money). He was unable to get a mortgage at the time so the plan was I would remortgage in 5 years with his name on when my term ends.

We have broken up, I am happy to pay him back but I don’t know how. I can afford the mortgage and bills alone but not much more. If I remortgage now at current rates I couldn’t afford it, plus taking money out would increase the mortgage. What can I do?

Ok so take everything you paid towards his house after he lost his job, half of everything you've paid towards this one bills-wise and half of all legal fees off what you owe him

And it’s only 2 bedrooms so can’t have more lodgers than the one. I would have to give them my room and me in the smaller room and there’s no other rooms I can make into a bedroom because it’s a small terrace house where the door opens into the open plan living room and kitchen

I would not rush to do anything given how recently everything has happened. Take a breath, then seek some legal and financial advice and fo not make any offers or promises until you are properly informed.

I’m not sure, someone mentioned sending regular repayments might look bad when remortgaging too.
I would be happy to put it all into savings for him until it’s all there but that’s up to if he trusts me.

He gifted the deposit to you and mortgage and deeds are only in your name
, he signed something to say that legally. So he has. I legal leg to stand on. Which is a shame for him but it means you don't need to pay him back and really it's only a moral obligation you feel not a legal one.

So without putting anything in writing how about you - if you want to- arrange to pay him some money in monthly payments since you can't remortgage right now and would be silly to

So he has NO legal leg u to o stand on I meant not "I "

But as a kind person you will find a way to return it slowly Over the years without it being officially recognised and without stating that in any email or texts and do not me run moan unless you want you and him to get into legal trouble

And so not put it in writing I meant not "run moan" don't know why my phone autocorrected that

If I weee you I'd think about what his rent contribution might have been and take that off to the amount you repay over time. So 2x tears for eg £600 x 24 months Is £12k less than original £50k and he had no legal leg to stand in as signed it as a gift without e or ration of return not interfere in house from outset

Interest not interfere

Legally is he entitled to nothing.

Any repayment is you taking on that arrangement voluntarily. But if you start making monthly payments he could argue that you have agreed to give the £50k back and if you stop paying, he may have a case.

Morally you should pay it back. Ultimately you are in control here, so you can tell him to wait 5 years before you give him his cash.

You can do what you want

• I’m not sure, someone mentioned sending regular repayments might look bad when remortgaging too. I would be happy to put it all into savings for him until it’s all there but that’s up to if he trusts me.*

As he has no legal leg to stand on to ask for anything back as he signed it away

The moral
Thing is to dine away to return £50k minus his share of what would have been rent payments

How we you feel is appropriate but he cannot take you to court and you won't have to remortgage nor is this an actual official debt

I have told him I need time to think. Im going to give myself until Friday to do that.

The suggestions of a second job aren’t feasible either as a result of my current working hours, and commitments I have outside those (caring not hobby)

That may not be strictly true. OP has acknowledged they also had an agreement which was separate from this between them. Legally, from a claim on the house with the mortgage provider he has no case, but you can enter into more than one agreement.
All it means is they have both effectively commited mortgage fraud and lied to obtain a mortgage. It was always the plan for him to be added or get his money back.

OP, I would discuss this with a solicitor. As much as anything, so that when he (inevitably) engages one himself and you receive a letter setting out how he expects repayment, you aren’t on the back foot. Most of the responses here are rubbish and entirely opinion based. I’ve no idea why people post in the Legal section when it’s clear they have no legal knowledge or qualifications.

Wow OP stitched him right up. Poor guy.

That may be legal but it is so wrong. I would judge you heavily if I knew this - you’d be no friend of mine with such low morals.

This

You maybe don't want to but you have no choice if there's no other way to give him his money back. Not his fault you can't afford to rent. Really shifty if you if you don't give him it back asap tbh

@drpet49 Did you read the part where OP said it wasn’t her choice to split? And the part where she says 1 week ago the relationship was going great as far as she knew?
He’s an idiot for putting 50,000 pounds into a house and then breaking up with the house’s owner.
OP if you do end up having to sell then you should absolutely take any related costs (early repayment fees etc) out of his 50,000.
Also you should consider deducting all or some of the money you used up trying to keep his previous house from being repossessed.

How many times do people need to tell you. SELL UP AND FIVE HIM HIS MONEY. Irrelevant whose fault the break up way and you can't expect to pay him in instalments .

Sounds like your waiting for somebody to tell you that it's ok to steal his money

Then go to a solicitor or don't you want to pay for that either

Omg you are unbelievable you have £50k equity in house and £8k saving and you still don't want to give him it. You are awful

I’d personally propose the lodger and installments method OP. He doesn’t get to put all the financial penalty of the breakup on you. He signed his deposit over to you so legal you don’t have to pay it back. It’s understandable you would like to though. But don’t put yourself in an awful financial mess just to do that quickly. Do talk to a solicitor.

This is a lie. Putting someone on the deeds is independent to the application for mortgage. You could have very easily added him to the deeds after the transaction went through, but you didn't.
As a previous poster has noted nobody pays the only £50k they have, into a house without expectation of benefit so he will definitely have a legal case. You did not even contribute to the mortgage in the last house, sounds to me like you were bitter you didn't have a claim to that house so cooked up this plan to try and claim some of the equity he had which you clearly felt you had some claim to.

And only if the estate is over the inheritance tax limit, which it doesn't sound like it is.

You cannot afford this property.
You couldn't afford it with his €50k.
You can't afford to give him back is €50k.

To not give the €50k back immediately is completely and utterly taking advance of his stupidity and naivety.

Sell the properly. You might not even be at a loss depending on the purchase price v sales price.

To do anything else is completely self serving. You didn't have a house before him. You won't afterwards. It is that straightforward.

Or you can put all morals and self respect again and think fuck it, I stitched him up good and proper.. good luck to him trying to do anything about it.