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what to do- relationship breakdown/selling house

2

Comments

  • VIGILANT22
    VIGILANT22 Posts: 2,516 Forumite
    RobertoMoir wrote: »
    IIRC he can put his share of the property up for sale.

    Are you saying someone can put half a house on the market??...:confused:
  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I would recommend one session each with a local solicitor so you know your rights with regards to split of assets, mediation to agree terms, then solicitors to make it all legal.
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
  • lizzymouse
    lizzymouse Posts: 65 Forumite
    thanks for the advise - the p.bonds ended up in his name simply because he already had some in his name and i though our love would last forever and all that and i didnt have any reason to think it would ever be a concern.......im hopeful he will be reasonable with all this, not be out to fleece my parents out of their money and i have heared him say its worth him paying every penny he has to get his old life back so there we are........

    anyway, does anyone know approx how much the value of our house might have dropped, it was valued at 140k in nov 2007. i know its gone down by alot but i dont know how much. also, roughly how much i need to set aside for solicitor fees and all the costs of selling a house.
  • RobertoMoir
    RobertoMoir Posts: 3,458 Forumite
    Part of the Furniture Combo Breaker
    VIGILANT22 wrote: »
    IIRC he can put his share of the property up for sale.

    Are you saying someone can put half a house on the market??...:confused:

    Not sure if he can put it up for general sale (though isn't it a share in an asset like any other?) but there's no reason why they couldn't agree a sale privately for his share.
    If you don't stand for something, you'll fall for anything
  • mlz1413
    mlz1413 Posts: 3,156 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    RobertoMoir wrote: »
    Not sure if he can put it up for general sale (though isn't it a share in an asset like any other?) but there's no reason why they couldn't agree a sale privately for his share.

    No lender would allow a mortgage on half a house as it would mean that they would not have title to the asset if needed.
  • mlz1413
    mlz1413 Posts: 3,156 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    lizzymouse wrote: »
    .anyway, does anyone know approx how much the value of our house might have dropped, it was valued at 140k in nov 2007. i know its gone down by alot but i dont know how much. also, roughly how much i need to set aside for solicitor fees and all the costs of selling a house.

    will depend on your area, there is no magic % to cover all.

    If you don't want an agent round then go onto Rightmove and put in your postcode or town, if there are any other properties for sale nearby it should show them.
  • Voyager2002
    Voyager2002 Posts: 16,349 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Firstly, be aware that arguing in this kind of situation can cost vast amounts in lawyers' fees. Whether you sell the house now or later, sort out between yourselves what you do about it rather than going to court over the matter.

    As suggested above, ask a local estate agent to value your house. In addition, ask their opinion about whether, in financial terms, it makes sense to sell now or later. Try to make sure that both of you are there to hear the response.

    And no, your OH cannot sell the house without your consent, unless he gets a court order. A far greater risk would be that he might get p*d off and stop paying the mortgage.

    As mentioned above (again), he might be willing to sell you his share of the house. If house prices have fallen so that your equity (the value of the house minus the amount owed on the mortgage) is now very small, then the value of his share (half of that) might be low enough for you to be able to raise the money. Of course, you would need some way to continue paying the mortgage, and you would need the mortgage lender to agree to this.
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    Are you 'joint tenants' or 'tenants in common'? A lot depends on your answer to this question.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • RobertoMoir
    RobertoMoir Posts: 3,458 Forumite
    Part of the Furniture Combo Breaker
    mlz1413 wrote: »
    No lender would allow a mortgage on half a house as it would mean that they would not have title to the asset if needed.

    You should probably phone the people who sold my mortgage and tell them they made an awful mistake.
    If you don't stand for something, you'll fall for anything
  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    lizzymouse wrote: »
    thanks for the advise - the p.bonds ended up in his name simply because he already had some in his name and i though our love would last forever and all that and i didnt have any reason to think it would ever be a concern.......im hopeful he will be reasonable with all this, not be out to fleece my parents out of their money and i have heared him say its worth him paying every penny he has to get his old life back so there we are........

    anyway, does anyone know approx how much the value of our house might have dropped, it was valued at 140k in nov 2007. i know its gone down by alot but i dont know how much. also, roughly how much i need to set aside for solicitor fees and all the costs of selling a house.

    You need to look at land registry sold prices for your street or area:
    https://www.houseprices.co.uk
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
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