Negative Equity and Separation...where do I stand?!

[M355Y]

Hi there,

I have looked around and have been told different things from people and just want to know where I stand.

Me and my ex boyfriend were together for 3 years rented two properties then in May/June this year we bought a property and unfortunately we have grown to become just good friends so I broke it off just over a month ago.

He originally wanted me to stay living in the spare room for the next 3-5 years until the house prices went back up but I just cannot do that because it is just plain uncomfortable and I feel we cannot move on in our lives.

Our house is in negative equity and he has told me that I am not allowed anything out of the house due to him taking the 'debt' on therefore I have to move out with nothing. He put 6k into the property and I put 4k when we originally bought it. I was going to give him 1k when I had the money when we were together and now he is not willing to give me my 4k back and only the other day asked me for the 1k I owed him back which has made me angry because he has now contradicted what he originally said.

My friends say no matter whether the house is in equity or negative equity I am owed money but other people say I am owed nothing because it is in negative equity.

I was told that I could have an agreement written up so that when he gets
4k back in the equity of the property I would get it back but he originally said yes then spoke to his mother and has now said no and that I should be glad that he is willing to take on all of the houses debt. THING IS....he will make money on the property in the future.

I even said rent my half out so that I stay on the mortgage and he has said no so I have come to my wits end!

All I want to know is am I owed anything or do I just need to walk away?

HELP ME PLEASE!!!

 

[irish223]

This is not a family law issue. It's a real estate issue.

If your name is on the mortgage, then you are liable for the mortgage. It is unlikely that your name will be removed from the mortgage unless your ex refinances. If you don't contribute to the mortgage payment, he can sue you. It doesn't matter whether you live there or not. You signed a contract.

How do you know he'll make money in the future? There is no guarantee that the real estate market will improve anytime soon. Since he has agreed to take on the debt and maintenance of the home, he could end up losing money in the long run.

IMO, your ex is being very generous.

 

[M355Y]

Oh no I would be coming off of the mortgage and he is going to get his brother to go onto the mortgage. I know I am liable and I would never not pay.

I didnt mean to put this in the incorrect area, apologies. I was advised that I had to speak to a family lawyer by the 24 hour helpline I spoke to at work.

I just feel like he is getting everything and I am getting absolutely nothing. So just wondered if what my friends say is tru regarding that I am owed something no matter whether the house in in equity or not.

 

[irish223]

IMO, he owes you nothing. In a way, his brother is buying out your share. Since your share has decreased in value and there is no equity, his brother may actually be overpaying on the investment. However, that's only my opinion. I'm not very knowledgeable about real estate.

I think you should repost your original question in the general real estate section. Those with knowledge of real estate transactions may not bother searching the family law areas.

 

[M355Y]

Thanks have done.