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Advice Please

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  • Advice Please


    I have come here looking for some advice, and think that this will be the best place to find it.

    I own a mortgaged property, which has a joint-mortgage on it. I am approaching my 3-year period on my mortgage and am looking to move home.

    I seperated from my ex-partner over 2 years ago. As such I have been living with my new partner for 2 years and together we have been paying the mortgage on the property.
    The names on the mortgage are mine and my ex-partner. My ex-partner has had a £10,000 debt asigned to the equity on the house, and now that he knows I am planning to sell has demanded that what equity is left over he wants 50% of it. Can this be right?

    I have 2 children (my ex-partners) who live with me full-time and my new partner who has been living with me for 2years now.

    We estimate that the equity in the house is £30,000 (not including the £10,000 debt asigned to the equity for my ex). Also, my ex-partner took a lot of things of value when he left including a £6,500 car that was bought with the mortgage money, and other things. He also said previously that he wanted nothing more from the house, but now has changed his mind. We was told by a solicitor that even if we had that declaration in writing, it wouldn't be considered a legal statement.

    My question is, is my ex-partner entitled to 50% of the equity that remains after the £10,000 debt has been taken off or not? Please also bear in mind that the £10,000 is in HIS name only and is not a joint-debt.

    Any advice would be greatly appreciated. We was looking to move to a better location for a better life for our children, but with this news it is looking like we cannot afford to do that.

    Please help.

  • #2
    I'm not a professional advisor, but so far as I understand it, so long as both you and your ex are on the mortgage deeds, then this means both of have a 50% share in the property.

    Whether this is before the £10k your partner took out or not may be dependent on the conditions of the loan, ie, whether solely in your partners name.