Family & Relationships0 min ago
property transfer
6 Answers
Is there any guidelines regarding how equity may be split after a relationship breakup. No resoloution yet identified by our solicitors and I do not want to offer any sum to buy out his share due to the nature of the breakup. It was very messy and involves children and basically he deserves nothing. If I let it go to court - how do these cases usually turn out. Is there any previous cases I can refer to for examples. I am in the house with 2 children and want to own it outright myself. We are tenants in common as II put in the origianl equity to finance buying it, we lived in it jointly for 7 1/2 years - he left 2 1/2 years ago and has paid nil to house only CSA for children
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There is no absolute rule. The starting point is what you and he agreed when you bought the house 10 years ago, Your conveyancer should have explained the importance of agreeing everything at the time of purchase, and setting it down in writing. If nothing was agreed then the courts would probably start on the basis of half each. As to the situation after he moved out, well if you think about it you were paying to have a roof over your head, and if you had had to rent you would probably have paid more. It is possible to do a calculation claiming an extra interest in the property to reflect the payments that you have made, but this would be met with a counter argument that you should pay him rent for his half, and it is seldom worth bothering.
In a 50/50 TIC either party can apply to a court for an Order to sell the property and divide the proceeds, which will be granted. To block him doing this you should apply now for an Order under the Childrens Act allowing you to remain in the property until the children are 18 or commence full time education away from home, which will be granted. You will then be in a much superior negotiating position, and should rise above this "he deserves nothing" feeling and should commence negotiations to purchase his share at the least possible cost. It is possible to seek an Order varying the 50/50 TIC to some other proportion on the basis of unequal contributions, but this is costly and troublesome and negotiation is better.
My advice is sort it through a solicitor dont end up like I haveyears later. My story tI divorced he paid nothing to the upkeep for the six year we where divorced he got married again was married 6 months then tragicaly dies. She came back to me six year later and has ended up with a phenomenal sum of money which I have been ordered to pay to her. As didwot said they did not take into account anythng I paid they argued back with rent loss of interest etc. Even though I had been trying to sort it before all this happens, the property value does not remain frozen.
I trust, josieann, that you will not mind me adding that I think that your underlying message of sort it out as soon as possible and do not hang about unnecessarily is excellent advice. "Negotiate for the best, and accept the rest" should also be the motto. josieann was in a joint tenancy which her ex husband changed to TIC by unilateral declaration. The ex husband married again and died early, leaving his share of the TIC to the new wife. Six years later the new wife used her inherited share of the TIC to obtain a court order against josieann, to which josieann could offer no defence (because in a TIC there is none) and could not establish a counter-claim, which is quite usual.
smudge makes my case sound so simple it wasnt. It was a severance of tenancy which I did not get the chance of defending. Plus I should have been entitled to provision but because she let it drag on by not answering my court defence my solicitor dropped the case not telling me she could come back and claim the increased value. Also he severed after six years of not paying anything towards the property what so ever. I wouldnt have thought I had the right.
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