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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33508
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My ex partner and I (not married) have recently split up. We

Customer Question

My ex partner and I (not married) have recently split up. We will either be selling the house that we bought together in 2011, or I will be buying her out of her share of the property. When we bought the house, she provided a deposit of £115,000 and I provided £20,000 (purchase price £345,000). We took out a mortgage of £210,000. Two estate agents have recommended that we put the house on the market at £695,000, with one confident that they can achieve a sale price of £675,000. My question is, in the eyes of the law, how would we split the profits made on the house after repayment of the mortgage? Since purchase, we have split all mortgage and bills 50/50. There were also no agreements signed designating who would receive what share of the profits should we split up. I look forward to hearing from you.
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year 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.
Did you ever discuss what would happen financially if you split up - and are there any children involved?
Clare
Customer: replied 1 year ago.

Hi Clare

We never discussed anything financially if we were to split up and there are no children involved.

Regards

Mark

Expert:  Clare replied 1 year ago.
HI
On the face of it the proceeds of sale should be divided 50/50.
However your ex can challenge this on the basis that she will say that she did not intend to gift that amount to you.
How successful she would be is hard to say although the amount makes it more likely that the court would find in her favour - but not certain
On that basis it could be worth negotiating with her using Family mediation
www.familymediationhelpline.co.uk
with the suggestion that you each take back your original investment and the balance is divided between you
Please ask if you need further details
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33508
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and other Law Specialists are ready to help you
Customer: replied 1 year ago.

Clare

Thank you for your response. I agree with what you are saying. My thoughts were that we would both receive back our deposits and perhaps allow for a reasonable amount of interest to be added to account for increases that we were both likely to see should we have had put our deposits in a savings account instead of the house. The profits from the house would then be split 50/50 as we both contributed towards bills and mortgage payments equally. Would you suggest that this would be the normal way to split the profits from the sale of the house for people in our situation?

Kind regards

Mark

Expert:  Clare replied 1 year ago.
Hi
There is no set way
However there are two popular options.
The first is that you each receive back the money invested and the balance is divided between you
The other is that the investment is assessed as a percentage of the deposit and that percentage is used to split the equity
Clare

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