I have separated from my ex, moving out of our jointly (50/50) owned property. Her intention is to buy me out but this seems to be strung out without a definitive timeline.
Can the members here share some advice on whether I can force a sale?
I have also read conflicting information on whether I should continue paying half the mortgage, council tax, and maintenance on the property? I have also heard that as it is my desire to sell and break up the relationship I will be liable for the full mortgage cancellation payment due rather than this be jointly split.
I have separately read that I could be entitled to charge her rent on my half of the property.
Ideally I wanted this to be civil, but i fear it is going to be less than so keen to hear advice.
We were never married. I find it hard to believe she could afford it based on salary and lifestyle but potentially if she saved she could afford to buy me out. Paying rent at the same time though would derail this.
If she cannot afford to pay rent and save to buy me out what options are there available in people’s experience?
Being joint owners you can seek an order for sale if sale of the property is not agreed. Your ex can resolve the matter by selling or buying you out but not doing nothing.
Your ex doesn't have to pay you rent. There is a concept called occupation rent which is where the outgoing person (you) allows the incumbent person to use their part of the property in their absence.
A solution to this is to cease making payments in relation to the property which could offset any possible rent that you might receive from the part of the property that you vacate.
However, if your ex continues to pay the mortgage they would receive all of the benefit of the reduction in the mortgage capital. This is not an issue of the mortgage is interest-only but something to bear in mind.
You mention about your ex taking time to save money to pay you out but in a rising market your share will become more expensive over time which mitigates against a fair purchase of your share. Furthermore, the longer you wait, the more settled your ex becomes and won’t want to move out.
Added to this, as the property ages it may be the case that serious maintenance issues crop up such as new roof, electrics etc. How would you deal with this? As a joint owner and in the absence of any fault of your ex, you might find yourself liable for half a roof for which you will not receive any benefit –particularly if your ex then buys out your share shortly thereafter.
It would be a simple question to your ex: “When can we value the property for you to buy me out or when do you plan to market the property for sale? Either way, I need you to release my interest in the property in order that we can both move on with our lives”