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Joint Mortgage ex wanting equity after 4 yrs not living at here!!!!

by Tarlie81 17 September 2011 |

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In 2004 me and my ex partner bought a property of my mum. We got a cheap deal....in 2007 my ex partner left the property and said that they would take the name off the mortgage at no cost. 4 yrs down the line they have now decided that they want the equity!!!!!! When they left th property i got a valuation and was advised that the property was unsellable due to the lack of heating downstairs and decoraiton etc.....
Since they left my current partner has paid alot of money to bring the house up to standard. i.e.....central heating, new bathroom, partition wall, new carpets and general decorating.....my solicitor has advised that i shpuld get a current valuation and that my ex partner is entitled to equity of what the house is worth now!!!!

NOT HAPPY....is the way i feel and i feel that ex partner is in need of money and i am the only way out!!!!

Any advice is appreciated.....
Just to confirm we were not married and have two children....

Thank you xxxx

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Comments (2)

824

MikeGG1 posted
Was the original purchase 50/50 or as Joint tenants? If so then your ex still owns 50% of the equity (value minus mortgage outstanding).

You should have sorted this out in 2007 and your current partner should not have upgraded something without any ownership.

Any property bought by an unmarried couple should be bought on a 'Tenants in Common' basis and the deeds should include a 'Declaration of Trust' which spells out what should happen in the event of death or separation.

Mike
Posted on 17 September 2011 | Love 0 loves Report
36

Ruthless Investor posted
If the name of your ex-partner was taken off the mortgage when they (I am using the same word as you have used in your post) left then they have no claim what so ever on the equity now.

If the name was not taken off the mortgage and you have a documentary evidence of the valuation/survey report, which you took when your ex-partner left then that document may help you in court, if your ex-partner decides to take the matter to court.

Posted on 17 September 2011 | Love 0 loves Report

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