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Currently going through a separation with my ex-partner (not married). I have made 2 offers to buy her stake of the house although she wishes to sell so she gets more money. We have a declaration of trust that covers the money we both put in. I understand (and am relatively OK) with the fact she will get half of the increase in value since we purchased the property. What doesn't sit so well is the mortgage that I have paid off over the last 4 years, is she eligible for half of this even though I have paid everything - mortgage, utility bills, food etc. I have seen a solicitor and need to go and see them again but anyone who knows the answer to this their advice would be appreciated.
Joint mortgage? Your both liable for the remaining debt. If it's a sole mortgage in your name then it's all on you.
Your question doesn't make a great deal of sense. If you buying her out (by returning her deposit and 50% of the value increase) then taking over the whole mortgage then she wouldn't be getting any of the money you've paid off that mortgage.
Yes, its a joint names mortgage. The mortgage when started was £178k and is now down to c. £160k.
You'd be better off just selling the house, believe me.
Mortgage in joint names so it doesn't really matter who actually paid it I'm afraid 🙄 a bummer if you've paid everything I know, you could try the court route but likely to cost you as much if not more than rolling over and splitting it all 50/50.
Not really, they could work out an agreement that reflects what each had put in and apportions the funds appropriately, if they both had the appetite for it. However tbh for the sake of a proportion of 9k, by the time you factored in the fees ( and these mount up very quickly indeed, believe me ), you'd be better off selling, taking the increase in value, if any, and chalking down any loss to experience.
Buying her out will end up with you basically buying the house again anyway, btw. Potentially mortgage fees, solicitors fees, survey, etc. etc.
Just flog it, split the remainder, and be on your way.
This is all from experience. Just gtf out chap. Good luck. Oh, if it does get legal, don't get anything sent to the house if she's still there...
Yep what @Del says with tassels on, look on the bright side - you've only put in 4 years worth of funds, not 25 years. Solicitors may string you along but selling is the best option.
Just flog it, split the remainder, and be on your way.
Yup. Not worth fighting over in the long term. What is morally right and what is best for a quick and easy separation and long term best for your mental well being isn't the same.
Friends that have gone down the route of fighting for what is legally and morally theirs, have without exception come out of the process bruised and with the view what it wasn't really worth it in the end.
In my experience you both need to agree a value of the house if it were sold. Then you can calculate, in accordance with the declaration of trust, how much she would gain from the sale of the house (assuming no negative equity). This figure is how much you should give her when buying her out. She cant stop you buying her out. You need to ask if the bank will lend you the extra mortgage. If it goes to court the court will decide on what is stated in the declaration of trust. Be sure to get your own valuation done, dont trust hers!