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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33500
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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House sale split between husband and wife

Resolved Question:

My husband and i bought a house in 2009 for £335,000 which was bought with a 70,000 mortgage in both our names but I put in all of the money.

With inheritance the outstanding mortgage in now just under £40,000. The house is now worth about £370,000.

We will be selling the house and i will be buying our next house 100% in my name, which in hindsight is what i should have done when i bought the house we currently own as it was with family money that my family are keen i protect.

So I need to work out exactly what my husband is entitled to from the sale of this house. He has paid some money towards the mortgage but only since 2011 and has put no other money into the house. Would I need to pay him a % of the profit from the sale of the house and his contributions to the mortgage back?

We are not splitting up but wish to correct what we should have done when we bought the house. What is he entitled to? Many thanks

Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How long have you lived together and are there any children involved?
Clare
Customer: replied 2 years ago.

Hello

we have been living together for 7 years and married for 5.

we have no children.

Expert:  Clare replied 2 years ago.
Hi
Do you understand that your husband's rights remain the same whether the house is in your sole name or joint names?
Clare
Customer: replied 2 years ago.
No would I need to get him to sign something else in order to protect this money my father is giving me?
Expert:  Clare replied 2 years ago.
Hi
Sorry - do you mean the cash used to purchase your current property?
Clare
Customer: replied 2 years ago.
Yes
Expert:  Clare replied 2 years ago.
Hi
May I ask - is your father still alive?
Clare
Customer: replied 2 years ago.

yes he is

Expert:  Clare replied 2 years ago.
Hi
Whether or not your husbands name is ***** ***** title deeds he has Matrimonial Home Rights - the right to live there so long as you remained married.
He also has a financial claim on the property in the event of the divorce and again that is irrespective of the name on the deeds - when deciding what the claim should be the Court wil take into account the fact that the bulk of the capital came from you, but will also take into account your husbands needs.
Accordingly how you deal with the current decision is very much a matter for you and your husband to agree between you
One way would be to deduct your original depots from the proceeds of sale and divide the balance between you.
In terms of the future if you wish to protect your investment you may wish to consider a Post Nuptial Agreement detailing what interests you will each have in the property.
Please ask if you need further details
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33500
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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