FabSwingers.com forum: Anyone ? Property/mortgage legal advice please ...

By (user no longer on site) OP
over a year ago

Ok, son and girlfriend buy a house and move in 2 weeks ago. Although no furniture ect was purchased so not put down roots yet.

They split up.

Son has put down and paid in approximately 15k some of this was army help to buy.

Girlfriend has put in less than 2k.

She moves out.

We were thinking as its only been 2 weeks, give her the money shes put in and pay for name changes ect so she womt be out of pocket.

She is hurt and angry

Is saying she wants house evaluated and any profit if son keeps the house or sell the house.

Both on the mortgage. She can't manage the mortgage alone and doesn't want it. Son can at a push.

If her route is taken they will both be out of pocket, waiting for eval ect or selling means they will both be paying the mortgage and any other fees ect.

If this scenario was a few years down the line fair enough.

But literally its been 2 weeks.

Thoughts?

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By *emini ManMan
over a year ago

There and to the left a bit

I can see her logic in asking for a valuation now if there's likely to have been an increase in value between the purchase price and now (which I would think is doubtful) - but morally expecting a cut of any future profits is just wrong unless she's continuing to contribute to the mortgage payments.

Legally where you stand though given her name is on the mortgage and the purchase documents I'm not sure where you'd stand - might be worth a word with a solicitor or the CAB to establish that.

Might also be worth pointing out to her that there will be costs involved in having the paperwork changed so her getting her £2k back is a generous offer considering.

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By *andare63Man
over a year ago

oldham

"I can see her logic in asking for a valuation now if there's likely to have been an increase in value between the purchase price and now (which I would think is doubtful) - but morally expecting a cut of any future profits is just wrong unless she's continuing to contribute to the mortgage payments.

Legally where you stand though given her name is on the mortgage and the purchase documents I'm not sure where you'd stand - might be worth a word with a solicitor or the CAB to establish that.

Might also be worth pointing out to her that there will be costs involved in having the paperwork changed so her getting her £2k back is a generous offer considering."

This

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By (user no longer on site)
over a year ago

My thoughts are that after just 2 weeks, she's trying to pull a fast one and perhaps thinks she's entitled to 50% of any equity in the property from either buying her share out, or from the capital raised through the sale of the property. I don't know the full circumstances, but it is a little hard to believe that she didn't question going through with completion just 2 weeks ago if things are bad enough between them now to have separated.

I'd get some proper legal advice from a solicitor to make sure that whatever your lad has put into it doesn't end up going into her pocket. Break ups of course happen, but her timing strikes me as being quite suspicious.

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By *orkKnightMan
over a year ago

hornsea

Hi ladybird.

As Gemini has said. Id also recommend getting copies of all bank transactions involving the house. Not just the purchase but any upkeep taken. If ir comes to a court case the difference between what your son and the ex have put into the property should be taken into account.

Hope it works out.

XxxD

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By (user no longer on site)
over a year ago

The first step should be going back to the Mortgage Company, they will give them all the advice that is needed and have dealt with situations like that many times.

They also have Solicitors that are used at the time the Mortgage was agreed.

The Mortgage paperwork they have will have all the contact numbers they need on it to contact the correct department as well.

They need to be the first point of contact or you will be going against the conditions of the Mortgage they have just agreed too.

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By *om and JennieCouple
over a year ago

Chams or Socials

Are they joint tenants or tenants in common?

Did they get a written agreement stating who put in how much?

After 2 weeks (plus more time since purchase offer accepted) can’t see there being much equity…

He needs to speak to mortgage company. They might not accept him solo

J x

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By *ranny-CrumpetWoman
over a year ago

The Town by The Cross

The house belongs to both of them.

She is entitled to half the value of the house.

It doesn't matter what he put down or what she put down. They were both buying it and she is entitled to half , including any increased equity so far.

If I was her i'd take the 2k and run but legally she is entitled to more.

If there are any costs involved in the selling etc ( and I'm sure there will be ) she will have to pay half of those.

You could nudge her around by mentioning what she would save by taking the 2K

What ever is decided make sure you have all in writing and signed before any money changes hands. Get it done legally and of course she pays half of that cost too.

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By *om and JennieCouple
over a year ago

Chams or Socials

"The house belongs to both of them.

She is entitled to half the value of the house.

It doesn't matter what he put down or what she put down. They were both buying it and she is entitled to half , including any increased equity so far.

If I was her i'd take the 2k and run but legally she is entitled to more.

If there are any costs involved in the selling etc ( and I'm sure there will be ) she will have to pay half of those.

You could nudge her around by mentioning what she would save by taking the 2K

What ever is decided make sure you have all in writing and signed before any money changes hands. Get it done legally and of course she pays half of that cost too. "

GC, not correct if they had a legal agreement in advance of purchase (although everyone thinks they’re going to live happily ever after so most don’t bother)

J x

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

First check with lenders, they may not allow name change on TR1 especially if using any form of equity / HTB. Get a valuation, get a solicitor , pay her off , wrote a new TR1 with his name on

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By *ranny-CrumpetWoman
over a year ago

The Town by The Cross

"The house belongs to both of them.

She is entitled to half the value of the house.

It doesn't matter what he put down or what she put down. They were both buying it and she is entitled to half , including any increased equity so far.

If I was her i'd take the 2k and run but legally she is entitled to more.

If there are any costs involved in the selling etc ( and I'm sure there will be ) she will have to pay half of those.

You could nudge her around by mentioning what she would save by taking the 2K

What ever is decided make sure you have all in writing and signed before any money changes hands. Get it done legally and of course she pays half of that cost too.

GC, not correct if they had a legal agreement in advance of purchase (although everyone thinks they’re going to live happily ever after so most don’t bother)

J x"

But correct if they didn't have a legal agreement, the absence of which from the O.P. would indicate strongly that no such agreement exists your honour ... my majesty , m'lord.....

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

Doesn’t matter if they had a “legal agreement” the title deeds state the owner and will be in both names m. You can sometimes get the conveyancer to do a document saying when the house sells so much transfers back to this person , but they are rare now, many lenders won’t even lend based on that, they insist on a letter stating the opposite , that the money is a non conditional non refundable gift

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By *om and JennieCouple
over a year ago

Chams or Socials

"Doesn’t matter if they had a “legal agreement” the title deeds state the owner and will be in both names m. You can sometimes get the conveyancer to do a document saying when the house sells so much transfers back to this person , but they are rare now, many lenders won’t even lend based on that, they insist on a letter stating the opposite , that the money is a non conditional non refundable gift "

I never had a problem with this type of agreement & am glad as it made things much easier when a relationship broke down. My mum is a conveyancer though, my niece a mortgage advisor & I’m a legal advisor.

IMO, the process needs to be made more user friendly as there are so many relationship & financial variants these days

J x

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By *entleman JayMan
over a year ago

Wakefield

If they just sell up she will also be responsible with half the legal costs associated. If it’s a brand new house she will be responsible for half the depreciation. She pulling a fast one.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

Take legal advice.

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By *ig1gaz1Man
over a year ago

bradford

"Ok, son and girlfriend buy a house and move in 2 weeks ago.

They split up.

Son has put down and paid in approximately 15k some of this was army help to buy.

Girlfriend has put in less than 2k.

She moves out.

Is saying she wants house evaluated and any profit if son keeps the house or sell the house.

First off get proper advice.

They will ask how long they was together before they purchased.

Your sons input is traceable so can proove that hes put more into it.

You both will need solicitors and the bank can refuse to take her name off the mortgage if he defaults she can be liable as well as him.

so may want to force the sale of property

not saying this is true but really looks like a big con

buy a house together and then split up to get a bigger share of the proceeds

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By (user no longer on site) OP
over a year ago

Thank you all for your repies.

So spoke to legal and lenders and ex gf

Legally yep its half hers.

Morally, well.

Cant sell for 6months and with penalties it means between them the 6 months will total just under 12k.

If son wants to keep house he needs to find another 19k.

13 from the sale of the house will go back to the army.

I've yet to tell her this, she has been focussed on her rights rather than the numbers.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"Thank you all for your repies.

So spoke to legal and lenders and ex gf

Legally yep its half hers.

Morally, well.

Cant sell for 6months and with penalties it means between them the 6 months will total just under 12k.

If son wants to keep house he needs to find another 19k.

13 from the sale of the house will go back to the army.

I've yet to tell her this, she has been focussed on her rights rather than the numbers.

Obviously I don't know the specifics or the ages of your son and his ex but she's probably hurt or angry or both and people are giving her "advice" . Maybe once things have cooled down and she looks at the cold, hard facts she might change her mind.

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By *estofbothCouple
over a year ago

Cardiff

Not going to advise as have nothing really to add, but just to clarify if I may as I’m a little confused as to the ex partners plan.

What is her ideal scenario here? To walk away, pay nothing further and then when your son sells the property in say 10 years be entitled to half of the equity?

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By *allySlinkyWoman
over a year ago

Leeds

Could they rent out the house and the rental income cover the mortgage ?

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By *ranny-CrumpetWoman
over a year ago

The Town by The Cross

"Ok, son and girlfriend buy a house and move in 2 weeks ago.

They split up.

Son has put down and paid in approximately 15k some of this was army help to buy.

Girlfriend has put in less than 2k.

She moves out.

Is saying she wants house evaluated and any profit if son keeps the house or sell the house.

First off get proper advice.

They will ask how long they was together before they purchased.

Your sons input is traceable so can proove that hes put more into it.

You both will need solicitors and the bank can refuse to take her name off the mortgage if he defaults she can be liable as well as him.

so may want to force the sale of property

not saying this is true but really looks like a big con

buy a house together and then split up to get a bigger share of the proceeds "

Proper advice

We are armchair EXPERTS you know......... and we have Google ! n STUFF.....

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By (user no longer on site)
over a year ago

Offer 2k or sell the house and share the selling costs 50/50 which I assume would leave her out of pocket.

Your son would also be down, but at least it won't be in a house that he picked with an ex (which may be a bug bear for future relationships)

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By (user no longer on site) OP
over a year ago

Thank you all. The house will now be sold.

The info provided has predominantly been my views and thoughts also, I wanted to make sure id covered all bases and not missed anthjng out. I was hoping there could be some leeway being as there is only 2 weeks.

It may be my son but believe it or not i am balanced and am present no bias.

Like we have said legal v morals.

Onwards and upwards!

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By *ex HolesMan
over a year ago

Up North

Sell the house. There won’t be much profit if at all any after 2 weeks. Throw in the legal fees to sell the house and she will be out of pocket. It will teach her a valuable lesson in life.

Your son will be hurt but it’ll make him stronger in the future

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By *agneto.Man
over a year ago

Bham

[Removed by poster at 20/07/21 21:18:43]

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By *agneto.Man
over a year ago

Bham

Take some legal advice but as I understand it, unless there was a pre-contract, like a pre-nup, as she's named as joint owner she is entitled to 50% of any profit from the sale of the house, irrespective of what percentage she's put in.

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By *ig1gaz1Man
over a year ago

bradford

"Thank you all for your repies.

So spoke to legal and lenders and ex gf

Legally yep its half hers.

Morally, well.

Cant sell for 6months and with penalties it means between them the 6 months will total just under 12k.

If son wants to keep house he needs to find another 19k.

13 from the sale of the house will go back to the army.

I've yet to tell her this, she has been focussed on her rights rather than the numbers.

actually thats a result

If shes thinking ive just coined it in with buying the house together.

I will get half the value of the house price not thinking that others would want theres.

I thought the help would want its payment back

General question here

I note the 13k above did your son equal it to 15k therefore only putting 2k for the house

ref:

Son has put down and paid in approximately 15k some of this was army help to buy.

In end it will be whats left will be split between both partys.

In a way they will either gain or loose money for them both.

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