Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • bambino22
    • By bambino22 8th Oct 16, 4:08 PM
    • 1Posts
    • 0Thanks
    bambino22
    seperating when not married
    • #1
    • 8th Oct 16, 4:08 PM
    seperating when not married 8th Oct 16 at 4:08 PM
    Hi

    Looking for a bit of advice please. Partner and i are seperating. I want to stay in our home. It is valued at 230k. we owe 45k mortgage. We have an endowment which is currently worth 44k.
    I was going to take over the mortgage, and add another 40k to the mortgage to pay him off along with the endowment of 44k.
    So he will get 84k. I will have a mortgage for 90k which i can do but then have read somewhere that as we are not married i have to pay stamp duty on the value of the house?
    Does anyone know if this is the case? i really dont want to move but this might push me over the mortgage limit? Thanks
Page 1
    • onomatopoeia99
    • By onomatopoeia99 8th Oct 16, 5:48 PM
    • 2,298 Posts
    • 4,813 Thanks
    onomatopoeia99
    • #2
    • 8th Oct 16, 5:48 PM
    • #2
    • 8th Oct 16, 5:48 PM
    You need to get actual legal advice about this, but as I recall when I bought my ex-girlfriend out the stamp duty was calculated on the value of the share I was buying, not the whole property, which in my case worked out under the threshold. The rules may have changed since then though as it was some time ago.
    INTP, nerd, libertarian and scifi geek.
    Home is where my books are.
    • DomRavioli
    • By DomRavioli 8th Oct 16, 11:14 PM
    • 2,853 Posts
    • 4,764 Thanks
    DomRavioli
    • #3
    • 8th Oct 16, 11:14 PM
    • #3
    • 8th Oct 16, 11:14 PM
    OP, is there a reason you're not giving him half of the value?
    Observe, Adapt, Overcome.
    SPC 2015 #497
    • Gloomendoom
    • By Gloomendoom 9th Oct 16, 12:29 AM
    • 11,453 Posts
    • 15,327 Thanks
    Gloomendoom
    • #4
    • 9th Oct 16, 12:29 AM
    • #4
    • 9th Oct 16, 12:29 AM
    From memory, you have to pay stamp duty on the share you are buying from the other party. It's not the whole amount.

    So as post 2.
    Advice; it rhymes with mice. Advise; it rhymes with wise.
    • sheramber
    • By sheramber 9th Oct 16, 12:20 PM
    • 2,724 Posts
    • 2,110 Thanks
    sheramber
    • #5
    • 9th Oct 16, 12:20 PM
    • #5
    • 9th Oct 16, 12:20 PM
    What about the equity already on the property? Does he get a share of that?

    Has he agreed to that arrangement?
    • Caz3121
    • By Caz3121 9th Oct 16, 2:31 PM
    • 9,967 Posts
    • 6,523 Thanks
    Caz3121
    • #6
    • 9th Oct 16, 2:31 PM
    • #6
    • 9th Oct 16, 2:31 PM
    I thought 50:50 was the norm when not married
    House equity = £185k plus endowment gives total pot of £229, £114.5k each
    why £84k?
    • easilydistracted
    • By easilydistracted 9th Oct 16, 2:51 PM
    • 437 Posts
    • 481 Thanks
    easilydistracted
    • #7
    • 9th Oct 16, 2:51 PM
    • #7
    • 9th Oct 16, 2:51 PM
    The stamp duty on half your share was certainly current in the last year or two when I bought ex out.
    Your calculation seems like it should be really straightforward as the endowment pretty much covers the outstanding mortgage so you're basically mortgage free and surely be due 50:50.
    When I bought ex out it looked like he was being underpaid as I had put in a lot more of the deposit but we hadn't got anything in writing. This was therefore documentation as a transaction under value and ex had to sign to say he agreed to this and I had to buy an insurance policy because if he were to go bankrupt the receivers could attempt to recover this. Luckily he's still solvent
    • ThomasMJacobs
    • By ThomasMJacobs 14th Oct 16, 11:39 AM
    • 16 Posts
    • 7 Thanks
    ThomasMJacobs
    • #8
    • 14th Oct 16, 11:39 AM
    • #8
    • 14th Oct 16, 11:39 AM
    I think its better if you consult a legal attorney for this matter as he will be able to guide you better.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

272Posts Today

2,299Users online

Martin's Twitter