Relationship breakdown Mortgage Advice

[Tublet83]

My sister has been cheated on during lockdown totally heartbroken, they had a bought a house together they were renovating. He wants to buy her out and has confirmed mortgage company said he can take it over. Any advice on next steps, waiting for a 2nd financial offer but want to guide her the right way...

 

[Raininvain]

I'd say she should get some advice from a solicitor who deals with property so she doesn't get ripped off in one way or another.x

 

[actuallyeducated]

Depends where she’s based England/Scotland etc are different, if she’s married, did they get any agreements done when they bought the house? She should go to a solicitor and get a separation agreement to document what they agree so minds can’t be changed etc.

 

[Tublet83]

Not married and no agreements, had previously communicated an updated offer would be provided today and it hasn’t. Ex has more equity in the property than her, but she only wants back the deposit she put in 6 months ago.

 

[JoeBloggs]

She needs to appoint a solicitor who will act in her best interests, I believe in England your are equal parties in the house (unless an agreement is in place) and he will need to give her 50% of the value regardless of how much either has put it.

 

[Velvet Hour]

Worth contacting citizens advice and also some solicitors offer a free ‘clinic’ initial 15 minute appointment and they can let her know if anything further is worth pursuing .

 

[WilmaHun]

She needs to appoint a solicitor so that they can have a look at the details and confirm the offer he has made to her is a fair one (ie: is she getting back what she's put in as a deposit plus her share of the mortgage payments already made?). I work in conveyancing and we see this a lot!

 

[Tublet83]

She needs to appoint a solicitor so that they can have a look at the details and confirm the offer he has made to her is a fair one (ie: is she getting back what she's put in as a deposit plus her share of the mortgage payments already made?). I work in conveyancing and we see this a lot!

Thank you! The flat is a renovation. Does money spent on the property get taken into account or is purely based on split on property equity?

 

[Papparazzo]

Thank you! The flat is a renovation. Does money spent on the property get taken into account or is purely based on split on property equity?

I am literally at the end of this process now. I have bought my ex's share, solicitor confirmed he is entitled to half the equity no matter what he put in (stupidly agreed to it being 50/50 when we got the mortgage, despite myself putting in all the deposit- abusive relationship, live and learn).

Once they agree what each other is owed one will have to instruct conveyancing. That is where I am at now. Good luck to her x

 

[meg82]

If the flat is still in the middle of a renovation then you should make sure that the valuation is considering the value once it's completed, not what it's worth in its current state, which would be lower, she's entitled to 50% of the equity (which would include her deposit)
Was there anything else thrown into the mortgage when it was taken out, such as a car, loan debts, etc?

If he still has those assets, or no loans, they should also be considered too. That's only fair

 

[JoeBloggs]

If the flat is still in the middle of a renovation then you should make sure that the valuation is considering the value once it's completed, not what it's worth in its current state, which would be lower, she's entitled to 50% of the equity (which would include her deposit)
Was there anything else thrown into the mortgage when it was taken out, such as a car, loan debts, etc?

If he still has those assets, or no loans, they should also be considered too. That's only fair

Fair and legal aren’t always the same. Unless there is an agreement in place, if your both named it’s a 50/50 split of its value.

 

[meg82]

Fair and legal aren’t always the same. Unless there is an agreement in place, if your both named it’s a 50/50 split of its value.

You're absolutely right about that! You can only hope that a guilty conscience might help the ex be a little more fair if he doesn't want to rub salt in the wounds seeing as he's the guilty party. It's not likely though I suppose

 

[JoeBloggs]

You're absolutely right about that! You can only hope that a guilty conscience might help the ex be a little more fair if he doesn't want to rub salt in the wounds seeing as he's the guilty party. It's not likely though I suppose

One of my friends has split with her partner and is selling the house. Her parents put the deposit down but he refused to sign anything (red flag to me, as my husband signed without any hesitation). Now they are selling he wants to come out with £25k which is much less than he is due in a fair sense. But legally he could go for much more so she’s having to accept it and take a loss. And he’s been living in the house with his new partner for the last year!

It’s a hard conversation to have, but agreements need to be in place just in case!

 

[Lulu Goss]

One of my friends has split with her partner and is selling the house. Her parents put the deposit down but he refused to sign anything (red flag to me, as my husband signed without any hesitation). Now they are selling he wants to come out with £25k which is much less than he is due in a fair sense. But legally he could go for much more so she’s having to accept it and take a loss. And he’s been living in the house with his new partner for the last year!

It’s a hard conversation to have, but agreements need to be in place just in case!

When I bought my first home with my partner his parents paid the deposit, but we always had an agreement in place to say that if we split up and sold, they would get their money back.

I remember being a bit offended by it at the time but looking at it now, they would have been crazy not to ask for that.

 

[Whaaaaat]

Solicitor here..

Depends on the terms they bought the property. If there’s no agreement in place specifying each other’s share then its 50/50.

So essentially she’s entitled to 50% of the equity in the property regardless of how much she put in.

 

[Tublet83]

Thanks all to update, he appointed a family solicitor (theres no marriage, children or pets involved) and made a low financial offer over letter claiming she owed less due to putting in a lower deposit. It was written to scare my sister and was time limited etc.

Her property solicitor has written back and the property has been valued independently, and confirmed the 50/50 split

 

[Biatchtiats]

Hope she takes him to the cleaners! (And cuts his dick off )

 

[Libertine1975]

Another solicitor here and please when you buy with a partner pug in place a declaration of trust setting out your shares if you are not contributing equally.

It is expensive but could save you money in the long run. My sister is buying a house with her new partner (been together a year and he has a ex-wife and three kids) she is putting in the whole deposit, paying the stamp duty and the legal fees. I've told her I will pay the cost of the declaration of trust for her birthday present and she will be instructing my colleague once they have a mortgage in place.