Hello I have been separated from my civil partner for a year now. We have a joint mortgage but I moved out of the house leaving my civil partner in the property. My civil partner drew up a "contract" right at the very start of the separation and got me to sign it. What right did my civil partner have to do this and how legally binding is it? Also can I insist my civil partner buys me out of the mortgage or sells the house and splits the profit? Many thanks JBJ
We lived in the property together 13 years.
The mortgage is an interest only mortgage with an endowment policy. The property hasn't been valued recently but we bought it for £46000 although other similar properties in the area are worth around £90,000 - £110,000 now.
There is also a car which is 4 years old and I am still paying for the loan on the car but I signed the car over to my civil partner when I left.
The 5% deposit was paid for by money that was given to my civil partner. The monthly mortgage payments and endowment policy and insurances were paid out of my monthly income for 13 years as for most part I was the highest income earner.
There were a number of things on it regarding the house and the car. 1 point was that I would sign the car over and continue paying the loan until the loan was cleared in 5 years time and my civil partner would pay for the mortgage and the upkeep of the house. Once this was paid I would then go back to paying my half of the endowment policies including life cover so as treating the house as an investment.
In the remaining time of the mortgage I would have no right to move back in or make any claim on the house. When the mortgage ended and the endowment covered the shortfalls I would then receive my life insurance of £23000 as this matured with the mortgage.
If anything happened to me in this time then the house would be paid for and my civil partner would be free to reside in the house. If in the mean time anything happened to my civil partner then the house would be sold and profits would go to my civil partners family. I would just get my life insurance which would be surrendered.
If my civil partner decided to sell the house then I would get a share of any profits.
I also ended up having to leave quite a few personal belongings that I couldn't get from the house within the time I was given and have now lost these.
Hope you are well. I have been trying to sort the issue of the house out with my ex. The house has been valued at £150000. My ex has offered me £40000.
Over the 14 years we lived in the house together I paid the mortgage, the endowment policies and a share of other costs towards the upkeep of the house.
I am also still paying the loan for the car which still has 3 years repayments left totalling £7049.00.
The mortgage and the endowment policies alone over the 14 years totals to £48000.
Do you think £40000 is a fair offer from my ex or should I be looking at more? I have asked for £50000. My ex says she can't raise that much and has told me to force her to sell. Would selling damage us both as we would have to pay what is owed on the mortgage and also there would then be the factor of selling fees and solicitors fees.
I look forward to your further advice.
Hi Clare. The up to date house value is £150000. The outstanding mortgage as it was an interest only mortgage is I believe £46250.
I don't actually know as I haven't seen the latest annual statement but 2 years ago it was on £43000 for the end of the term. Sorry the surrender value is £11000 on each others half.
Hi my ex has said that she can raise £40000 and then I can surrender my half of the endowment policy to make it to 50000. But that still leaves me down as she is thinking that half will pay the car loan.
Hi. No there are no children involved.
Thank you Clare this is what I thought. She was saying that I would be worse off if we sold the house and wouldn't even get £40000 after paying solicitors costs and sales fees once the outstanding mortgage was paid.
Great thanks for your help once again Clare.