We are not married, living together, we have a son together (18 years old now)
Reason for transferring into his name as sole ownership was because I'd bought another property then (my own deposit) and the 2nd property was in my name only following advice from the mortgage lender (he said the salary I was on was sufficient to approve the mortgage). The property in question is now worth between £350K - £380K. There is a mortgage of £170K, as far as I'm aware, but his gambling addiction worries me that he "may" re-mortgage for more money especially as property prices still rising. We're in London.
I quit work over 18 months ago, so is dependent on his help to pay mortgage on the 2nd property we are currently living in.
yes that is correct, fyi he's also living here. This is only since I gave up work 18 months ago
part of the money for the property we're living in is rent money from the first property.
details as follows:
1st property (in his name, rent out): est. value £350-80K, mortgage £170K
2nd property (my name, we're living in), est. value £250-80K, mortgage £135K
Financially, I have contributed more than he had. With his habitual gambling worsening now, I definitely do not want him to have a share if I can help it (for both mine and my son's sake)
Worse case scenario, I want him to add our son's name to the (1st) property, so I can give my half of the share to my son. The 2nd property in my name is ***** ***** especially given his current state of gambling.
When I first started looking into this matter (2 days ago), there was still reservation whether I could go through with it, as I still love him. But this is the 3rd day in a row he has stayed out overnight gambling (last week, he went for 5 nights!). For my own sanity, my son's future financial security and not to see all my hard earned money witted away like this, I am now more than certain I DO want to proceed with this move, ie to get back my share from the 1st property, as I worry these frequent gambling habits is pointing to an 'addiction' and sooner or later, just a question of time that he will remortgage the 1st property for money to feed the addiction. This is now becoming urgent, really appreciate some advice from you.
What if I can 'prove' (old bank statements/trading account) the re-mortgage money (£170K) has been used/taken up solely by him, technically he has already taken his share from the property, therefore whatever is left should be mine (base on est. property value £350K)? Would that be sufficient in the eyes of the law?
We contributed towards the deposit + mortgage payment (both working then). House bought in joint name.
Mainly on trading (currencies/Indices) + paying the mortgage on the house we live in*.
My priority is to have my name (or our son's name) added back on the Deed of the first property, this should hopefully deter him re-mortgaging it (if he hasn't already done so).
If not, then 'force' through a sale on the property and split the remaining money in half.
I probably won't be able to leave him, but to have my name back on the Deed will give me peace of mind that he can't readily re-mortgage / sell it to pay for his gambling addiction.
Ok, your replies noted and thanks.