Ask a Law Question, Get an Answer ASAP!
Hi, thank you for your question. Firstly, you both have the right to make whatever agreements you wish between yourselves. The legal position is that you are entitled to a share of the equity in accordance with how you hold the title. In these matters the equity is calculated as the sale price/value less the mortgage, less costs of sale (which will include legal fees and other obligations when selling). Her new furniture costs are not usually part of this calculation.
Furthermore, in terms of the early repayment charge, you are both liable for the mortgage therefore you will have a joint obligation to this.
If she wants to remortgage solely it is for the mortgage company to agree that she can afford to do so based on their calculations - there may be further mortgage fees, survey fees etc to pay - but she should be paying these herself.
I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for your question without a positive rating. Thank you
Unless there is formal agreement between you, neither of you would be compensated for the original purchase costs. only the current equity will be considered for division and you should receive a pay out for your share of the equity.
If no agreement can be reached between you then an application to the county court will need to be made for the court to decide on the sale.