Splitting up share

[lulu_bucket]

My friend is splitting up with her partner having lived together not married for about 6 years. She put 100,000 cash into the house and he has been paying the 50,000 mortgage. The house is now on the market for about 285,000. What are they both entitled too?

[JRB]

Thsi is the kind of problem I get faced with daily and yet when I ask if any agreement was drawn up at the time of purchase of the property, to cover the possibility of the relationship ending, I get looked at as if I was an alien. Worse, when I suggest this to couples about to venture into joint ownership, I am told that they are "in love" and it is "forever"

[ummmm]

I'm in a simplar postion. I think!!!. I bought my house 7 years ago. It has now doubled in price. When I met my partner we decided to remortgage about a year later. Up until that point I had been paying everything. With the remotgage it was valued at 250k. 110k more than I paid for it. I presumed that the equity in the house before the remortgage would be mine. Then we will have to share the difference if we went our separate ways. Am I wrong also??? The house is worth now app 280k. I bought it on my own for 140k.

[tigerthecat]

It all depends on whose name is on the deeds. Whoevers on the deeds it theirs unless they can prove (with evidence) they paid for improvements (not just the mortgage or other expenses).

[lady_p_gold]

Yes if you could give more information, is the house in joint names etc. etc. Are they amicable even though they are splitting ?? The best thing is for each of them to write down what they think would be fair and then see if they can meet in the middle out of fairness

[JRB]

How does the selling price compare with the price paid initially? Your friend put in �100,000 but you don't say how much her partner has paid so far in mortgage repayments. Has he put any substantial work into the property since they bought it? When the dust has settled they could calculate how much each had put into the property and divide the proceeds on a pro rata basis. ie if he had paid off the mortgage he would get 1/3 of the profit and she would get 2/3 but if he had either done or paid for new electrics, new CH system, insulation, new roof or work of that calibre he could put in a claim against that too.

[tigerthecat]

she needs to consult a solicitor it would be worth it, I'm sure, in the end.

[jack_s]

I have just been in that position.
We brought a house, I paid the 14000 deposit. The total bills and mortgage came to 1100 a month, I paid 900 she paid 200.
Six years on, because we did not draw up an agreement, she is entitled to half what the property is worth, minus half the mortgage.
This means she was entitled to 1/2 MY deposit too.
Look into how the house is held, there are 2 types, tenants in common, and another one I cannot remember. One means you get your deposit back, the other means that everything is halved !!!!!!