I bought the property for £350k approx 3&a half years ago.
I put down a £70k deposit.The property is now worth approx £500k. Ive been paying between £1250-1500 per month mortgage. I'm not sure what is left to pay exactly.
My partner has not made any contribution to the property.
She has savings of approx £40k.
I have savings of approx £50k.
My question is more of a general nature of what percentage of my current property she could lay claim to & if I was to leave and buy another property if she could lay claim to any of that or say that the deposit new place had been earned while we lived together?
My plan is to try to buy somewhere else where I can live and continue paying the mortgage on the flat she and my daughter live in. In a few years when (I hope) she is ready to move and get her own place I will split the profit from the sale of the property when she moves out.
I am freelance and my income can fluctuate greatly but Id say roughly £80k per year. Many Thanks,
I think in the same area a 2 bed property in the same school area would be £500k as this is the rough value of my current property which is 2 bed 1st floor flat. No garden.
There will be 2 beds in the area which can range between £400k-£600k depending on whether they are ground floor with a garden which will be more or whether they are an ex council property which will be less.
My partners reason at our current flat rather than selling up now is in order to get our daughter into a primary school (which we are just in the catchment area for) in 2 years time. This is not a certainty though as there will be lots of applicants.
I guess the payment to her when we finally do sell up will have to take in to account how much the property value has risen by but also how long my ex stays at the property and I continue to pay all the mortgage and how much I have to spend on the property (I think we I will have to do approx £10k of maintenance to it at some point this year.)
I very much want to stay a part of my daughters life and 'do the right thing' but would also like to get a handle on the legal responsibilities.
I have just checked and the current capital balance to pay on the mortgage is £256,485