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that's right, we settled the mortgage on the home we lived in, moved into the renovation project, spend all of our money and then got a 110k offset mortgage on this renovation project and spent all of the money on paying the stamp duty and a lot of building works. I settled the 110k offset mortgage by mortgaging the home we had recently vacated using a commercial "landlords mortgage". I hope this is clear, let me know if there is anything else ambiguous.
Yes the joint is worth 400k at last estimate with the 90k offset mortgage attached. The income from the previous property is 600/mth.
Thank you for the answer. Could I ask you to clarify what you mean by this: "legally the starting point is that you are entitled to all the equity in property one and half of the equity in property twoGiven the substantial financial contribution that your ex made to property one this may be a reasonable outcome."
If my ex has made a equal/substantial contribution to property one, that is to say if the property is worth 145k and she put in half that over the course of the relationship, is it right that I would be entitled to half of property 2?
Have you come to your conclusion by calculating what we have each put in or is it just that joint owners are entitled to an equal share of each property? If it's the former, I would need to work on what each of us contributed and my record keeping is very good, I don't think hers would be.
Does the fact that I was the only breadwinner for several years also have a bearing on the settlement?
Thanks in advance.