My ex partner and I (not married) bought a house together in 2003 with a joint mortgage which we paid together. We split and he moved out in early 2006. We have 2 children together who live with me in the house. In May 2006 he stopped paying anything towards the mortgage and the upkeep of the property and i maintained these myself. We have quite an amount of equity in the property and i would estimate it has risen in value by about £20k since he stopped paying towards the mortgage. I am now trying to buy my ex out of the property - is he entitled to a share of the increase in value/equity since he stopped paying the mortgage??
2007-07-23 05:08:00 · 6 answers · asked by TAMSIN25 1 in Politics & Government ➔ Law & Ethics
Yes, he is entitled to 50% of the equity, asssuming that you hold title as joint tennants, you will have completed a form stipulating this when signing all the paperwork at your solicitor.
You could challenge him though on the amount of increase since he stopped paying, tell him that you feel it would be fair to calculate the equity on the value at that time.
If he isn't happy he could force the issue to Court, which would mean that you would need to prove he hasn't paid, as well as much aggrevation and costs of attending Court.
2007-07-23 05:14:40 · answer #1 · answered by RRM 4 · 0⤊ 0⤋
Land can be held in the form of a "tenancy in common" or a "joint tenancy".
Most matrimonial homes are held in the form of a "joint tenancy". Even though you were cohabitees it appears from what you state it seems that legal title to the land was held jointly - however check this out!
If you hold a joint tenancy then the basic rule of thumb is that each trustee is entitled to 50% of the property on sale. If it is a joint tenancy then as the price of the property fluctuates it's whatever the value is when sold.
However, the situation may not be like that. If only one of the parties has legal title to the land then the other partner will hold an "equitable interest". This arises where title to the land is held in only 1 name but another parties contributes in some way. The way of obtaining an equitable interest is via money or moneys worth or some kind of improvement to the land - e.g. new windows, conversatory etc.
The easiest way to discharge your ex-partners interest in the property is to "pay them off". A contract is then established. If you do go down this route NEVER pay in cash always by cheque and ALWAYS obtain a receipt. This is obviously as evidence. It has been known in the past that ex-partners have paid off in cash and have no evidence if things go to court.
Due to the fact that relationships can turn nasty and the parties keen on some kind of retribution it always pays to cover your back!
Good Luck!
2007-07-23 09:39:22 · answer #2 · answered by Vipguy 3 · 0⤊ 0⤋
Gender has nothing to do with this at all. He/she is entitled to their share based on what they have put into the property. If he/she has quit making payments, and there has been a further appreciation of the property, then they lose that part of the gain.
2007-07-23 05:17:14 · answer #3 · answered by Anonymous · 0⤊ 1⤋
UK 50%, doesnt matter if he never paid a penny, his name is on the title deeds.
2007-07-23 22:29:08 · answer #4 · answered by Jackie M 7 · 0⤊ 0⤋
If he were a woman Yes. But as he is a man probably not.
Just be fair to him.
2007-07-23 05:11:55 · answer #5 · answered by Spiny Norman 7 · 2⤊ 0⤋
ANSWER...Salad cream, or mayonnaise.?
2007-07-23 05:41:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋