1. The house in now worth +-£500 000.000
2. There is about £302 000.000 outstanding.
3. Yes it has been held in joint names since October 2013. Prior to this the mortgage was on mine & the previous owners name.
4. The deposit was paid by previous owner (friend) & myself. With the current new partner since October 13 there was no contribution as a deposit. We re-morgaged the house for £312 000.00 & paid £50 000.00 to the old partner to buy him out. I personally also took an extra equity of £23 000.00 from the re-mortgage.
Hope that helps?
No there is no written agreement. Only in the deed it states both our names & on the mortgage.
No - We both self employed running our own businesses seperatly from the premises. There is no partnership agreement. I invoice her monthly to rent the space she uses along with the all the bills & running expenses which is paid by myself.
We run the childcare business together however we are both self-employed & do individual tax returns at the end of each year. We dont not have a partnership. I live in the house with my fiance.
There are 3 bedrooms, 1 dinning room, 1 kitchen, 1 bathroom. I use bedroom upstairs & 1 bedroom as my lounge. The rest of the house is used a the childcare business.
We are ready to buy her out in the asap.
No we don't want to take over her business at all.
Yes on all the above.
We have raised around £80 000.00 to £100 000.00
Sorry not subject to mortgage - We already have the mortgage & I can get anew mortgage to buy her share of the house from her.
Tha is if she accepts it. In February we mutaully agreed I would buy her out with my fiance. We agreed that it would take a few months to save up enough money to but her part of the house. We have saved up enough now where we think it is possible to do. However since we agreed the terms verbally & she has not paid me for any of the bills of the running of the business which I have already given her.
Last week letter from her saying she is just paying the mortgage bacjk dated to April (which is the begining of the new tax year) What normally happend as I explained was I would give her invoice for rental of the area in the house for running her part of the business along with the the food & utility bills which I paid & split with her. She is now claiming she wants to move into the house & that we a have to open a a business on both our names. I am not willing to do that as the relationship is not at all good to be partners. I need to know what my rights are to live at the house since i have been living & paying the mortgage all by myself fro the past 5 years? Can she move in with her son & mother? What options do i have legally to get finish this as she keeps changing her mind which. Legally what do you think I should do?