Split and money

[sharalanda]

Not married. Joint owners of our house. He said he will buy me out. I put £150k in - is this all I'm owed or more assuming it's increased in value a bit. He's going to be a dick about money, I know it, however he's got lots and I'm on minimum wage so want to get all in entitled to.

You get half the increase in value

Did you ringfence each persons contribution? How do you own it - Tenants in Common?

It does depend on how it was set up when you bought the property!

We're joint owners and no we didn't specify how much we each put in but he would pay me my share. I think he would argue about increase in value though.

The legally it's 50:50 of the equity each and there is nothing he can do about it.

How much did he put on and how much equity do you think there is now?

Can you proved you paid towards the mortgage?

Absolutely get legal advice btw!

How much did he put in deposit ? If you put in £150k and he put in less and he's going to be a dick, you need to see a solicitor as unless you got something written up to say you will get you £150k back plus half the equity, he could be an arsehole and only agree to half the equity and not the deposit money. My friend had this issue a few years ago when she split from her BF. Fortunately he eventually bowed to all of his friends telling him he was a knob if he kept her deposit money and he did the morally right thing.

How much equity in in the house?

If it’s under £300k, you may find you’ll struggle to get your original share back.

He put 100k in. I do think he'll give me my full deposit. He's an arsehole but wouldn't steal money. I just think he'll argue anything over the deposit. I think the house has gained a bit of value but he would say it hasn't. An estate agent would say it has but then you never know until you sell and he doesn't want to sell. It's "his house" apparently.

If you didn't have a deed of trust each to protect your percentages, or didn't buy it 60/40 etc and you did 50/50 then legally you are entitled to half the value minus any mortgage etc, so half the equity. If he gives you more think of it as a bonus, and if he doesn't then expensive lesson about protecting your money. Your solicitor should have explained about deeds of trust with you.

My BIL has just been through the same and ex took everything she was legally entitled too

Op you may not even be owed the £150k if you didn't put something in writing when you bought. For example, if there is currently £200k equity in the property you would be only entitled to £100k... not the full £150k you put in.

I realise I'm coming across as not very bright here, but I'm struggling to understand... so say we are equal owners legally and the house is worth 620k. 250k deposit and small bit of mortgage paid (2 years only). Then how much would I be entitled to?

How much is left on the mortgage

Oh ok I see what you mean. So as equity 250, I'd be entitled to 125

@iloverock most of it (350) as we've only had it 2 years

Yes if equity is £250 then you are entitled to £125.
But you need to check how you own it. Joint tenants or tenants in common. If tenants in common you can specify the shares.

How much was the house when you bought it and how much is it worth now?

Unless you protected your 150k Vs his 100k if you are joint tenants you are only entitled to 50% of the equity.

Legally you are entitled to 50% of the equity now.

So £620k minus mortgage divided by 2.

How much was the mortgage for and is £620k the value of it now?

Yes thats right, minus any fees etc.

In the eyes of the law the house is 50/50 between the 2 of you

Sorry cross post

Sounds like current equity is £250k + £20k = £270k

So you would get £135k

Thank you, I get it now. We are definitely joint owners with no protected deposit. He pays the mortgage so I suppose I thought me putting in more deposit made that fairer. Obvs didn't expect it to go tits up.

Tbh I'd take the 150k and walk away fast if you know he'll be a dick. Rather than chase a small % of equity and end up with him only paying you 125k.

If you are joint owners then unless previously specified you each own 50:50. If the house is worth 620k then your share is 310k which he would need to arrange to purchase from you to "buy you out"
You previously stated you put in 50k more in a deposit,150k to his 100k contribution. Unless stated in the original purchase legal documentation this will probably prove difficult to recover as joint owners is just straight down the line 50:50.
If you can't agree a value for the property get 3 independent valuations and take the average. Unfortunately these situations are messy unless you laid legal foundations at the time of purchase clearly specifying each parties contributions.
Have you equally contributed to mortgage payments and upkeep costs this may also have a bearing on things!