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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34121
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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not married we share home 50% cost £216, 000 in which she

Resolved Question:

not married we share home 50% cost £216, 000 in which she has only put in 106k then i remortgaged to give her back 53k to buy another home for rental, now my girlfriend is seeing another man wants to split sell our home of which i contributed £1000's more i also have a promissory note that she says she will reluctantly continue pay off monthly the amount of what is left of 53k interest free as we been doing... i think this is all unfair i made the mistake in keeping the deeds unchanged at 50% at least the promissory not should be fully paid because i don't trust her what can i do where can i go , she sells she has another home to go to i'm in a bit of a sticky situation,any advice would be appreciated...
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 much is the house worth and how much is outstanding on the mortgage
Clare
Customer: replied 2 years ago.

The home is bought outright for £216, 000 which I alone paid off early 2 years ago with a further penalty of £5500 to clear this of early, the home is now valued at £240,000, also 4 years ago there was £3000 rendering which had to be done and again my partner did not contribute.

Thank you

Karl Davis

Expert:  Clare replied 2 years ago.
Hi
How much is the property she purchased with the money you raised on mortgage worth?
Clare
Customer: replied 2 years ago.

In answer her property is worth £170K. Originally it was her mothers place and her mother 15 years ago gave 3 shares of the property to her children, in 2004 she bought out the second share and the with the re-mortgage she had purchased the last share worth £50k, £3k she kept to refurbish.

To summarise 50% she gone signed on the deeds of my property for the sum of £106K which I accepted as she did not have exactly half of the value I purchased my property at the time of £216K and the property was still worth about the amount I paid for it at the time. My mortgage repayments went down on putting this lump sum in 2006 about 2 years later she wanted 1/2 the amount back out of the property so she can complete the 100% outright purchase of the other property mentioned and rented this property out at £700 per calander month... I ended up having to do a re-mortgage of £53k which raised the interest rate up from 0.5% to 4.99% but agreed with her that this would be a future investment in later years for both of though I did get her to play fair and agree to pay me £300 per calendar month while we are together and if anything happens the full amount be paid back. a promissory note about the amount owned and covered the £300 per month was written and she signed it. This £300 per month was interest free because I felt this also would be fair. 2013 I had a windfall and was made redundant which I cleared my remaining mortgage completely but because of the re-mortgage I was penalised by £5500 in doing so which she did not help though the re-mortgage was to enable her own investments to begin with in hindsight I should of changed the deeds so she only owned 1/4 at the time but did not because I felt we both had a future together.

This is a mess now I know but at least on the sale of the property I'd want the full amount owed to me paid back if possible. Not to mention all the stress and heartache she has created. Her property she bought on the back of that £53k has gone up considerably in value and as such she was a home to go unlike me when the sale of our property goes through.

Expert:  Clare replied 2 years ago.
Hi
For clarity - she has been paying back the part of the mortgage that relate sto the money borrowed for her purchase - is that correct?
Clare
Customer: replied 2 years ago.

Yes i had to take out a re- mortgage at a higher rate that freed up £53k so can use this amount to purchase her place outright, she promised to pay this all back to me so i said to be fair at the time at £300 per calender month, as we are living together, there's still approx £40k owing.

Expert:  Clare replied 2 years ago.
Hi
So just to be clear.
The house is worth £216,000 and there is no mortgage as you paid off the £53,000 and the £5,500 penalty.
Your ex has currently paid off £13,000 off the debt.
She wants to continue to pay at £300 a month instead of paying it all off - is that ok?
Clare
Customer: replied 2 years ago.

Yes that is it... so i was wondering what my options are as i put more into this estate than she ever did, but basically i want the whole amount that is owed to me back on completion of the sale of the property because i don’t know the future, she may even file for bankruptcy as an example, so this matter should be settled in full i feel.

Expert:  Clare replied 2 years ago.
Hi
When the house is sold it is reasonable for you to insist that the loan is paid off immediately.
As far as I can see that does still leave you out of pocket to an extent but since you agreed to a 50/50 ownership at the time of purchase it is unlikely to be possible to change this now.
HOWEVER if she will not agree to the debt being paid off in full then you could point out that you in fact would then have a claim on the new property that she purchased with the monies - as well as to a larger share of the equity in the first property!
I hope that this is of assistance - please ask if you need further details
Clare
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