Share of Equity on separation

Posted on 7 March 2011 by carla


Separated from my partner in October. He is living in the house which we jointly own. My 3 children and I are in a private let. The house is on the market to sell. But he wants to keep it and says he only has to pay me half the equity. Is this right. House valued at £90,000 mortgage outstanding is £73,000 we both lived in house for 5 years. He says all I am entitled to is £5,000. Is he right?

Carla,

If you were to sell the house how much would you receive? £90,000 less the mortgage leaves £17,000. Half of this is £8,500. There would be estate agent & legal fees to pay which could quite easily reduce the amount to £5,000. However, you are keeping the children with you and maybe an allowance should be made for this?

I am not a legal expert and you should take professional independent legal advice before agreeing to anything.

Peter

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

Stay connected....

Association of Mortgage Intermediaries

Legal

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.