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Does having beneficial interest in house protect me?

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
Hi, I hope you can help me. Two years ago I bought our house with my partner (we're not married). I put down 50% cash deposit and he raised his half on an interest free mortgage. As my name is on the deeds the lender insisted I be named on the mortgage although it was raised on my partner's sole income. Because he was going through a divorce at the time we agreed that my equity should be protected and we signed the TR1 giving me 100% beneficial interest. Since then my partner has made interest payments only so the TR1 has never been amended as he hasn't made inroads into the equity.

Our relationship is now breaking down and I'm not sure what I can do. I can't see that we could easily sell the house, nor has it increased in value. My partner has a good income and could rent, whereas I have no income and would be unable to rent or raise a mortgage to buy him out. However I do have savings and other assets so my preference is that he leaves and I take over the mortgage payments while I get the house ready to sell. I understand that even though our arrangement is that the mortgage is his, we are jointly liable. Would offering to indemnify him be sufficiently reasonable? Does having 100% beneficial interest mean I can force him to leave anyway?

My partner has two children, 18 and 20. One is at Uni and the other lives with us alternate weeks. Will their housing needs take precedence over mine ? My partner has a tendency to anger and I want to negotiate this gently, whilst still knowing my last resort if it turned ugly. Thanks.

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Welcome to the boards :)

    Sorry to hear your going threw a hard time :(

    It depends really have u spoken to the people that sells the houses where u brought it and see what advice they can give u.

    Heres a link that might help u

    http://www.thesite.org/housing/buying-a-property/
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I expect you'd need specialist advice on this one.

    The children shouldn't be a factor - being over 18 they are independents I'd have thought.

    Even though your relationship is breaking down you should try to resolve this house situation amicably. I expect that your situation is complicated by your having no income. How are you expecting to pay the payments if he were to move out?

    The issue that I see is that, if for whatever reason he wants out, you'd be forced to sell, because you can't get a mortgage yourself if you have no income.
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