How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Harris Your Own Question
Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2851
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
90234221
Type Your Law Question Here...
Harris is online now

Me and my girlfriend are splitting up, we have a joint

This answer was rated:

Me and my girlfriend are splitting up, we have a joint mortgage. I'm getting it valued and she is going to buy me out as she wants to keep the house. That is fine but my question to you is... we had a 7k pot for solicitors fees stamp duty etc. She put 5k in and I put 2k in. The fees were around 3.5k, 1.5k was for doing up the house and there is 2k left in the pot. As she's keeping the house would I have to give her half of the fees back? As if she was getting a mortgage by herself she would of had to pay that anyway. And the 1.5k for furniture etc she benefits on that because she's keeping the house AND the furniture. What do I owe her, if anything. Thank you. Phil
Customer: replied 11 months ago.
Also If we have to incure an early repayment charge... if we sell. Will she have to pay that because she's making me move out or will we have to go halves on that?
Customer: replied 11 months ago.
Sorry if this was meant to be under property law, please can you transfer to them
Customer: replied 11 months ago.
Just to make it clear she wants the split, I don't and she wants to remortgage in her own name
Customer: replied 11 months ago.
Also when she remortgages will she have to pay all those fees again? Solicitors, early repayment charge etc. She's done this to herself but I still don't want to see her in financial hardship

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

Harris and 2 other Law Specialists are ready to help you
Customer: replied 11 months ago.
Thank you for the reply. So to make it clear, I do owe her half the 3.5k which is 1.75k for the original costs for the solicitors fees and stamp duty etc?
And I end up with £250?
This is just regarding the money we saved.Then regarding when she remortgages...I would need to take off half of the early repayment charge off the profit and she would buy me out with that?Seems unfair that she's the one making me leave our home and I would have to pay that. But I understand if I do as we are breaking the terms of the mortgage.
Sorry I just need it in black and white and clarification if she asks.
Customer: replied 11 months ago.
What are the costs of sale? I thought it was just an early repayment charge and an exit fee. Sorry first mortgage, I don't know much regarding. I appreciate your time and I will rate you
Customer: replied 11 months ago.
Customer: replied 11 months ago.
I'm not talking about costs of sale. I'm talking about her buying me out. So the fees we paid to get the mortgage totalled 3.5k, I just need to know if I am liable to pay her half these fees back if she's keeping the house or not. Thank you
Customer: replied 11 months ago.
Also she's being hard so she's not willing to pay all the early repayment charge herself or anything, she wants it full 50/50

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.