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As is usually the case with serious matters, the BF forum shall provideth the answer... (hopefully..)
Bought a 3 bed flat last year with a 'friend' for £285k in Hackney (uber trendy these day, full of rich arty tw@ts)
Basically, I've been making a living on here for the past two years, dont make loads but make about £2k a month on average. same or better than I'd make going to work (I'm actually a semi qualified electrician, do some sparky work occasionally but prefer making money on the cricket.)
Bought this flat a year ago with this 'friend'. I had a massive deposit (£140k) but no proof of income. She had a steady income (£35k a year as primary school teacher) but no deposit. Between the two of us we could get a mortgage.
the original deal was that we'd split everything 50/50 and she'd get to own 50% of the house one day (provided she paid me back for the deposit money I'd fronted her) this would probably only happen if we sold the place really.
Anyway, in the last week its all gone horribly wrong and this girl fkin hates me and wants out of the deal. Given she paid nothing towards the house , can I get her off the mortgage and give her a token amount to f uck off? The morgage is in both our names but not sure who has outight ownership of the flat. (Didnt sign anything..
).
I'm pretty sure I've mugged myself off by giving this person a theoretical 50% share of a nice flat and she should be fkin grateful i got her onto the property ladder. hope she cant screw me over here..
Bought a 3 bed flat last year with a 'friend' for £285k in Hackney (uber trendy these day, full of rich arty tw@ts)
Basically, I've been making a living on here for the past two years, dont make loads but make about £2k a month on average. same or better than I'd make going to work (I'm actually a semi qualified electrician, do some sparky work occasionally but prefer making money on the cricket.)
Bought this flat a year ago with this 'friend'. I had a massive deposit (£140k) but no proof of income. She had a steady income (£35k a year as primary school teacher) but no deposit. Between the two of us we could get a mortgage.
the original deal was that we'd split everything 50/50 and she'd get to own 50% of the house one day (provided she paid me back for the deposit money I'd fronted her) this would probably only happen if we sold the place really.
Anyway, in the last week its all gone horribly wrong and this girl fkin hates me and wants out of the deal. Given she paid nothing towards the house , can I get her off the mortgage and give her a token amount to f uck off? The morgage is in both our names but not sure who has outight ownership of the flat. (Didnt sign anything..
).I'm pretty sure I've mugged myself off by giving this person a theoretical 50% share of a nice flat and she should be fkin grateful i got her onto the property ladder. hope she cant screw me over here..
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I you didnt sign anything or have anything written down about how much each of you have paid you might be boned.
Without anything in writing it sounds like you're in a spot of bother.
I know a chap who bought his mother-in-laws council house with a large deposit from years of savings and equity built up in his house, but left the property in his mother-in-laws name so he and his Mrs could buy it at a significant discount to its true value. Part of the deal was that he and is wife could also move in. This guy paid the mortgage and all the bills etc... for about 3 and a half years. When the marriage turned sour he was out on his arse and had no recourse other than paying someone to knee-cap his ex-wife.
Another mate allowed his girlfriend to move in to his gaff in Penge. After two years of living there rent free they split up. She sued him for 12 grand after he sold the house claiming that she had painted walls in his house that increased the value of the property and enabled him to sell it. Instead of telling her to p1ss off, he was advised by a lawyer to settle out of court.
Where money, houses and women are concerned, you need to have everything written down or they'll turn you over.
I know a chap who bought his mother-in-laws council house with a large deposit from years of savings and equity built up in his house, but left the property in his mother-in-laws name so he and his Mrs could buy it at a significant discount to its true value. Part of the deal was that he and is wife could also move in. This guy paid the mortgage and all the bills etc... for about 3 and a half years. When the marriage turned sour he was out on his arse and had no recourse other than paying someone to knee-cap his ex-wife.
Another mate allowed his girlfriend to move in to his gaff in Penge. After two years of living there rent free they split up. She sued him for 12 grand after he sold the house claiming that she had painted walls in his house that increased the value of the property and enabled him to sell it. Instead of telling her to p1ss off, he was advised by a lawyer to settle out of court.
Where money, houses and women are concerned, you need to have everything written down or they'll turn you over.
Jesus christ Lix, Good luck fella, you will need it ! 
Does not look good :( But if you find a good lawyer he may be able to limit the damage.
Doesn't sound good from what you have said but it depends what sort of title you have to the property. If you have a joint tenancy, it will be problematic but if you hold it as tennants in common there could be a way out.
Based on what you said about the original finance arrangements I would have expected the solicitor acting for your sale to have advised you on the pros and cons and to have directed you to a tenancy in common. If they did not do that then they may have been negligent - depends on what information you gave them.
Its donkeys since I studied Law so my advice would be to see a good solicitor immediately.
Based on what you said about the original finance arrangements I would have expected the solicitor acting for your sale to have advised you on the pros and cons and to have directed you to a tenancy in common. If they did not do that then they may have been negligent - depends on what information you gave them.
Its donkeys since I studied Law so my advice would be to see a good solicitor immediately.
Thank you Beetle. Will look into it properly when she leaves the country. Will get the family lawyers on the case!
can u proove that u heaved up the deposit, by showing it came from yr bank account? thats about all i can think of.
otherwise, im afraid i have to agree with everybody else. wimmin WILL ruin u. they are evil.
the tale of the scorpion and the frog.
a scorpion on a riverbank and needs to get to the otherside, so he asks this frog to give him a piggyback. the frog says 'but what if u sting me - u will kill me?'
the scorpion replies 'but if i do that, i will drown as well! why would i do that?'
halfway across the river, the scorpion stings the frog and they both start to drown.
the frog says to the scorpion 'but why? why did u do that?'
the scorpion replies 'because its in my nature'.
when dealing with wimmin, go by the rule of thumb that they are evil, wicked, selfish, spiteful and untrustworthy. if u follow this, yr life will be far simpler and easier.
otherwise, im afraid i have to agree with everybody else. wimmin WILL ruin u. they are evil.
the tale of the scorpion and the frog.
a scorpion on a riverbank and needs to get to the otherside, so he asks this frog to give him a piggyback. the frog says 'but what if u sting me - u will kill me?'
the scorpion replies 'but if i do that, i will drown as well! why would i do that?'
halfway across the river, the scorpion stings the frog and they both start to drown.
the frog says to the scorpion 'but why? why did u do that?'
the scorpion replies 'because its in my nature'.
when dealing with wimmin, go by the rule of thumb that they are evil, wicked, selfish, spiteful and untrustworthy. if u follow this, yr life will be far simpler and easier.
Oh yeah, can defo prove where all the monies came from. Nowt from her bank account.
She's off to Equador soon for a year.
Anyone know any S American hitmen...
She's off to Equador soon for a year.
Anyone know any S American hitmen...
Oh dear. Ignore that comment - I don't think my brain's switched on yet this morning!
Given the massive imbalance between the initial capital injection, any solicitor worth his/her salt should have directed their mind to setting up a tenancy in common arrangement with a declaration of trust.
Along the lines of:
1. Mr X and Miss Y hold the legal estate and are registered @ Land Registry as joint legal owners and joint mortgagors.
2. Mr. X contributed £140k more to the purchase price than Miss Y.
3. Therefore agreed that on sale, the proceeds of sale are applied as follows:
(a) To pay off the mortgage
(b) To pay the costs of sale
(c) To pay the next £140k to Mr. X (with or without interest, as agreed)
(d) To pay the balance 50-50 to Mr X and Miss Y
4. In the event that after steps 3(a) and (b) have been followed, there is less than £140k left, Mr. X gets what is left, and Miss Y gets zilch.
If your solicitor didn't point this out to you, you may have a claim for negligence against them.
Otherwise, Google the case of Stack v Dowden, which is the most recent relevant exposition of the law. Don't bother reading the case, its quite complex, even for lawyers, but read one of the potted summaries that decent solicitors and barristers put on their websites.
HTH and GL.
Along the lines of:
1. Mr X and Miss Y hold the legal estate and are registered @ Land Registry as joint legal owners and joint mortgagors.
2. Mr. X contributed £140k more to the purchase price than Miss Y.
3. Therefore agreed that on sale, the proceeds of sale are applied as follows:
(a) To pay off the mortgage
(b) To pay the costs of sale
(c) To pay the next £140k to Mr. X (with or without interest, as agreed)
(d) To pay the balance 50-50 to Mr X and Miss Y
4. In the event that after steps 3(a) and (b) have been followed, there is less than £140k left, Mr. X gets what is left, and Miss Y gets zilch.
If your solicitor didn't point this out to you, you may have a claim for negligence against them.
Otherwise, Google the case of Stack v Dowden, which is the most recent relevant exposition of the law. Don't bother reading the case, its quite complex, even for lawyers, but read one of the potted summaries that decent solicitors and barristers put on their websites.
HTH and GL.
Excellent stuff Cymro , thanks a lot.
My solicitor was fairly useless tbh. Hassled me non-stop for £8k+ to pay the stamp duty. Had about £1.5k left to pay and she suddenly stopped hassling me. Turns out there was no stamp duty to pay at all in my area (area classed as disadvantaged
) She paid it all back but cant help feel she was either trying it on or very stupid not to know about something so integral to her job.
My solicitor was fairly useless tbh. Hassled me non-stop for £8k+ to pay the stamp duty. Had about £1.5k left to pay and she suddenly stopped hassling me. Turns out there was no stamp duty to pay at all in my area (area classed as disadvantaged
) She paid it all back but cant help feel she was either trying it on or very stupid not to know about something so integral to her job.
Bit mystified about that disadvantaged area SDLT point. The rate is still 3% over £250k, the same as property in a non-disadvantaged area. Don't know if special rules apply to London Boroughs though.
Might be worth you checking up that you paid the correct amount, as well as the other issue.
Might be worth you checking up that you paid the correct amount, as well as the other issue.
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