Hi
I have looked for similar scenario but couldn't find one. Any perspective much appreciated:
Bought house with ex in 2007 and split and moved out in 2009, around time of breakup mortgage went into 2 months arrears. I moved back in shortly afterwards in 2009 and arranged with bank to go interest only and repay arrears. Ex has not contributed in any way since he moved out and I rented out rooms in house to meet mortgage payments.
In 2010 I moved out and rented house out completely to members of my family who are still there today. From 2010 - 2014 the average market rent was less than mortgage repayments so I paid shortfall. I had 6 mths interest only period again in 2012.
Since 2015, improved rental prices mean I could now charge an extra €200pm rent if I rented to house out to strangers. You could say my family members are getting mates-rates, however I have not had the money to make any major improvements in the house to upkeep and modernize. While my family are happy living in house, I would need to upgrade kitchen, bathroom etc in order to rent to non - family. I have increased their rent slightly so this covers the mortgage payment to the bank but I still pay the LPT, insurance etc shortfall (approx. €100pm - my choice you could say but im in an awkward position of not wanting family to move out and have to pump money into home improvements without fully understanding my rights/position). Ex has categorically said he will not assist with any improvements.
I would really appreciate some opinions on where I stand with the ex:
House is 80k in neg equity. Bank will not agree to take ex off the deeds and he is happy to sit pretty until the neg equity is paid off and then look for his half of any equity. He has told me his will do this.
Does the fact I have the house rented and I am not personally paying off our joint negative equity mean he is entitled to the same equity as me? Am I basically a caretaker for his asset since I moved out?
Can I claim additional equity for maintenance and shortfall paid?
I have sought legal advice but didn't get a resolution one way or another. Solicitor said ex could argue I don't live there so am in same position as him.
Impartial views/opinions much appreciated.
thank you.
I have looked for similar scenario but couldn't find one. Any perspective much appreciated:
Bought house with ex in 2007 and split and moved out in 2009, around time of breakup mortgage went into 2 months arrears. I moved back in shortly afterwards in 2009 and arranged with bank to go interest only and repay arrears. Ex has not contributed in any way since he moved out and I rented out rooms in house to meet mortgage payments.
In 2010 I moved out and rented house out completely to members of my family who are still there today. From 2010 - 2014 the average market rent was less than mortgage repayments so I paid shortfall. I had 6 mths interest only period again in 2012.
Since 2015, improved rental prices mean I could now charge an extra €200pm rent if I rented to house out to strangers. You could say my family members are getting mates-rates, however I have not had the money to make any major improvements in the house to upkeep and modernize. While my family are happy living in house, I would need to upgrade kitchen, bathroom etc in order to rent to non - family. I have increased their rent slightly so this covers the mortgage payment to the bank but I still pay the LPT, insurance etc shortfall (approx. €100pm - my choice you could say but im in an awkward position of not wanting family to move out and have to pump money into home improvements without fully understanding my rights/position). Ex has categorically said he will not assist with any improvements.
I would really appreciate some opinions on where I stand with the ex:
House is 80k in neg equity. Bank will not agree to take ex off the deeds and he is happy to sit pretty until the neg equity is paid off and then look for his half of any equity. He has told me his will do this.
Does the fact I have the house rented and I am not personally paying off our joint negative equity mean he is entitled to the same equity as me? Am I basically a caretaker for his asset since I moved out?
Can I claim additional equity for maintenance and shortfall paid?
I have sought legal advice but didn't get a resolution one way or another. Solicitor said ex could argue I don't live there so am in same position as him.
Impartial views/opinions much appreciated.
thank you.