DEFACTO MORTGAGE SPLIT

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Palms

Well-Known Member
12 November 2019
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Bought a property together been dating 6 years. Myself put down the full deposit $35,000. Was going through tough time so don’t think papers said that I was majority stakeholder but can prove deposit came from my personal account.

What happens if we split ? Reason I ask unfortunately it seemed perfect take next steps but I find myself lately being unhappy and worried we are drifting.

Any legal advice please as to what will happen?. I want to keep place myself and can afford the repayments on my own. Bank may not like just one income though so I can get a flat mate if there worried I won’t make payments but I can defiantly with some to spare for utilities.
 

Paul Cott

Well-Known Member
LawTap Verified
26 May 2014
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Ballarat, Victoria
Hi Palms,
Who is the legal owner on the Title to the property? That is probably critical, and you may also have what is called an equitable interest by reason of the payment of the deposit.
 

Palms

Well-Known Member
12 November 2019
22
0
126
Hi Palms,
Who is the legal owner on the Title to the property? That is probably critical, and you may also have what is called an equitable interest by reason of the payment of the deposit.
Hi Paul, thank you for your comment. The title is that the council deed title ? I believe we are both on all documents.
 

Palms

Well-Known Member
12 November 2019
22
0
126
The certificate of title from land titles office or similar. And are you generate in common or joint proprietors?
How would I find that out sorry I’m not good at this legal stuff ? I’ll have a read of my title documents
 

Rod

Lawyer
LawTap Verified
27 May 2014
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2,894
Does it say 'joint proprietors' or 'tenants in common' on the title?
 

Rod

Lawyer
LawTap Verified
27 May 2014
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2,894
Then you'll need to come agreement how to do a split. Sooner is better else she gets a larger share when the property is sold.

If both names are also on the mortgage you'll need to refinance if you keep the property.