What would you think as fair

[granadagirl]

Met dp 19 yrs ago, now at the age of me 62 him 65
I had my own property, he rented his house.
After 2 yrs or so, I sold and we bought property together 160k
Using my Equity of 80k as deposit, he came with nothing.
He took mortgage out for remaining 80k, in joint names tenants in common. He pays the mortgage himself. I offered to pay half but said that would mean I owe 75%. He didn’t want that. The solicitor due up if the event of anything happening my 80k was protected.
Years done the line this as goaded him and he resents me for it.

Anyway, things are going pear shaped, more arguments over silly things.
Things have been said, by both of us maybe in anger and hurt.

So house is worth at a guess maybe 280k, outstanding mortgage 19k(his)
We got cheaper mortgage because of LTV 16 years ago using my Equity.

So if we go our separate ways
What do you think is a fair split??

14 each

*140 each.

So do you mean the current agreement is you would each get £140K then he would pay off the £19K mortgage he owes on his half, leaving him with £121 ?

Or what other arrangement would there be?

(Also not sure why he has previously been resenting your 80K always remaining yours??)

Spilt 140k each and he pays the outstanding 19k

Half and half, with him paying the remaining mortgage from his share of the equity. I think you're splitting hairs to start thinking about the fact that your deposit secured a better rate for the mortgage.

You get 80 he gets 61 and split the rest. If you are both on the mortgage you’re both liable for the remainder

The solicitor due up if the event of anything happening my 80k was protected.

Do you mean there was a deed of trust?

Yes deed of trust, he thinks I & solicitor conned him and resents it.

80/61 ?? Explain

I realise in the invent off, I’m also liable for half off the 19k outstanding he wants to be difficult, but I could if I wanted pull out my deed of trust 80k

I don’t want a war, I’ve had it about the house deed thrown up for many years.
I need a 2 bed, son still at home SN ( special needs)
He himself.

You put in 80, he’s paid 61 so you both get back what you’ve put in.

You've paid for 80k of the house. He's paid for 61k. Morally, you should each get your money back then split any remaining profit (and debt) equally.

I take from your post that the deeds are held as tenants in common, and that he alone has a mortgage with an outstanding balance of £19k. I'd say that an equal split is fair & right & he pays off his outstanding mortgage balance from his half of the sale. You don't owe anything on the house, only he does.

Then again, taking your £80k equity out then splitting the remainder equally after the £19k mortgage is paid would give you just about £170k rather than £140k. He'd still be walking away with £90k more than he'd have had if he'd just carried on renting & you hadn't been there to facilitate buying a house.
You have a SN son to provide for, focus on him & his future needs.

If it weren’t for your son, I’d say 50-50 split would be fair. It’s been 19 years. You paid the deposit, he’s paid the mortgage all these years. Regardless of exact amounts and your initial ring-fencing, you should be in an equal position after such a long relationship.

However, your need to house your son is more important than any of that. Can you afford what you need for you and your son with 50%? You are both close to retirement age, but is there a big difference in your salaries at the moment? Do you both have pensions to come?

Son isn’t his
Couldn’t get 2 bed semi or flat my in area for 50% equals

We currently go 50/50 on household stuff APART from mortgage

I finished work, have about £1100 mth works pension. 4 years till state pension

He also as finished
With works pension £1400, 1 year off state pension

None of my business
He as inheritance to come from dad’s estate when SM(step mum) dies. At current value around 50k Also inheritance from his mum’s estate if she doesn’t use it for care home down the line 30k

Seek legal advice

granadagirl
What other options do you think there could be in your situation?
From your subsequent posts you seem to be hinting that you should get more than 50% of the value?

If it were me - I’d want my initial 80k back, and then any remaining value/profit to be split 50/50 - he pays remaining mortgage from his 50%.

He’s benefited from a very cheap mortgage interest rate because of your deposit. He’s actually done really well out of this for someone who wasn’t on the property ladder when you got together.

It’s all up in the air at the moment,
I just feel he’s not got my back like at the beginning

I know deep down it’s 50/50 in the event off going through if it should go that way.
I suppose I’m just annoyed ( annoyed might be wrong word)
that he’s made money off my back, as he would probably still be renting

He would have to sell to give you back the £80k?

You both benefited from a mutually agreed financial arrangement. He got a lower mortgage rate and you didnt have to pay a mortgage to get a home you wanted and got better growth on £80k than you would have gotten in savings.

My reading of this arrangement is that you bought it 50:50. You put in capital and he paid off the loan. So you get £140k and he gets £121k. I think that is fair.

As far as I can see the alternative reading is that you get back your £80k plus a share of the remaining equity of £141k. But I don’t see this as fair. You paid 50% of the value and that’s what you get back along with all the money you saved.

Essentially you are going to argue over £10k or thereabouts.

There are hidden costs associated with fighting over all of this, the obvious one being legal fees. The less obvious one is wasting time and mental space arguing the toss.

If he can buy you out then it will save on sale costs and will be a quick way for you to leave.

I suppose I’m just annoyed ( annoyed might be wrong word) that he’s made money off my back, as he would probably still be renting

But you have been living mortgage free for 17 years! I realise that investment elsewhere may not have had the same return but I assume you have saved the money you would otherwise have been spending on the mortgage

You wanted to live together as a couple and that’s what you decided was fair at the time.

50/50 split and he pays the outstanding 19K on the mortgage - so 140 to you and 121 to him if you did sell for 280 (after sales costs). I can’t see any way fairer than this if he’s paid all mortgage repayments himself.

You have both benefited from the arrangement. Why do you think he has benefited disproportionately? What are your expectations?

50% each after fees are paid, he pays the mortgage out of his share though it could be a better option to contribute the £7k so things don't get nasty