What is the best way to split a property fairly when the couple is separating and one person is moving out?

Question

I bought my house with my partner 5 years ago. We are now separating (not married) and working out how to split the property fairly. I am moving out and he will stay as I want to leave the town we live in. He has decided to 'buy me out' but the split is rather complicated. When we bought the house he paid a 50% deposit for the property - I paid nothing other than my half of legal fees etc. We then took out a mortgage to cover the second 50% of the property which we may half each. With this split we decided it made sense upon buying the property to put him on the deeds as owning 75% of the property and me owning 25% of the property. Now he needs to buy me out and we can't work out the fair way to do this. Does he pay me back all the mortgage I have already paid plus 25% of the projected profit? Obviously we did a number of home improvements while we lived here which I paid half of - now looking at it this seems unfair as I only owned 25% of the house? Any thoughts on how a situation like could play out would be much appreciated.

Joan Handley · Accepted Answer

NQ you need to get the house valued correctly then 25% of that is what he needs to buy you out I would have thought but honestly I would get some legal advice from a solicitor (most do 30 minutes free)

Answer

NQ in my opinion it’s like buying a car with someone you got half’s on everything and wen you sell it you get 50% of the car not 50% of the parts and then 50% of the selling price as it’s parts the cars need to work so same with a house so if you put down 25% then he owes you 25% of the value

Richard Marchese

30th March 2022

1 upvote

Answer

NQ. Unlike marriage division, for unmarried couples the the expectation is you get back what put in. You seem to have agreed this at the start and put on the deeds, so your share is 25%. The onus would be on you to make a case for getting back more. You should find a good property solicitor / family law solicitor to discuss in more detail if you can’t agree between you. mediation is a less expensive and more amicable arena for discussion but you’d be advised to have a clear understanding of your legal options beforehand

Jeanette Martinez

30th March 2022

Answer

NQ but I wouldn't think it would be fair you get all your mortgage payments back when you actually lived there

Answer

NQ. Whatever it is sold for, minus redeeming the mortgage. He gets 75% of the equity.

Answer

Nq I’m in the same boat he left in 2001 stopped paying mortgage my youngest was only 6 months didn’t think of their well being or my financial situation . So I changed it to interest only cos I couldn’t go to work . I had to keep a roof over my children’s head , he’s contributed nothing for 17 years but he managed to buy another property with another mortgage . My solicitor told me it’s not what’s fair but what is law . So basically he’s been sitting in a 3 bedroom house done nothing for all those years and laughing

Johnathan Casparian

30th March 2022

Answer

NQ You think it unfair you paid for half the upkeep/repairs yet you had 50% of the enjoyment of living there? Take the 25% or spend it on solicitors if you think you should get more. That's how I would see it.

Millicent Lopez

30th March 2022

Answer

Thank you for your thoughts. Please can I clarify that we are not selling the house - he is buying me out so we are working out the most fair way to do it. Please also know that I am not trying to get more than my share - we just are asking for advice on how we do it. Finally - in terms of the work done on the house - these have been significant and very costly changes to the house done extremely recently not simple repairs but again I am not suggesting I take more than I am owed, we are just looking for advice.

Anonymous

30th March 2022

Answer

Nq but I'd be happy to ger the 25% ,
what you've spent in renovations Is what you've paid to live there for 5 years :)

Answer

NQ 25% of its value? Get it valued by 3 estate agents and take the average.

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