Fairest way of splitting value of house ?

LegacyUser

We've talked a bit about splitting up.

My partner and I bought a house together. At first we were paying jointly. For the past few years I'm the only one paying the mortgage and the utility bills. She has bought a flat in her home county on a home improvement loan taken out against the house. The house is not listed as a family home on that loan. The house has gone up a lot in the years, but the bank still own most of it. If we separate what's the fairest way of working out the financial details ?

To complicate matters she will probably want to stay on in the house rent free for many months. Which is probably a very bad idea even if it saves her some money.

There is a saga behind all this. It's like a no fault divorce where both are expecting the other to pull out all the stops but are too worn out to do it themselves.

Nevyn

If it is nto a family home then you should get a return % equal to the % you have each invested. Can you prove what you have contributed to the mortgauge payments over all ?

Really get a solictor and start looking and what your options are.

Steve

Sorry to be blunt.
talk to a solicitor - there are too many variables.
Are you married? are there kids? do you both have income? what % of your income each are you contributing to mortgage / bills? are joint names on the deeds?

K-9

stevec wrote:

Sorry to be blunt.
talk to a solicitor - there are too many variables.
Are you married? are there kids? do you both have income? what % of your income each are you contributing to mortgage / bills? are joint names on the deeds?

+1. Need more details. If yous aren't married often comes down to who paid or contributed what.

A complication is the other flat.Who paid the deposit if any, who paid the mortgage on it? If the mortgage used to buy it, was in both names you may have a claim.

A solicitor is going to be needed anyway, but feel free to post here. Interested in the other flat bit especially!

Beruthiel

I also suggest you to talk to a professional on this. They will come up with a fair deal that will cover both of you.

damnyanks

almostover wrote:

We've talked a bit about splitting up.

My partner and I bought a house together. At first we were paying jointly. For the past few years I'm the only one paying the mortgage and the utility bills. She has bought a flat in her home county on a home improvement loan taken out against the house. The house is not listed as a family home on that loan. The house has gone up a lot in the years, but the bank still own most of it. If we separate what's the fairest way of working out the financial details ?

To complicate matters she will probably want to stay on in the house rent free for many months. Which is probably a very bad idea even if it saves her some money.

There is a saga behind all this. It's like a no fault divorce where both are expecting the other to pull out all the stops but are too worn out to do it themselves.

A lawyer is in need of course. I'd personally try to get in on her property aborad as she's clearly been putting the money she owes you towards that.

Esel

damnyanks wrote:

I'd personally try to get in on her property aborad as she's clearly been putting the money she owes you towards that.

Home county, not country!

OP, You need legal advice. The odds are you and your partner will disagree over the % split. Also, IMO it's a very bad idea to consider letting her stay in the house afterwards. What are you thinking?