Now single - don't want to lose house - please help!

HeadInSand_2

PasturesNew wrote: »

Try to cut her a deal. Point out that you'll be holding onto something that's losing value. You put all the work in. She's the unfaithful one. So would she settle for £90k now because if you decided to sell it and divvi up you'd probably end up not finding a buyer until it was under £180k.

"I have yet to have the house valued but I think it is worth about £225,000 and we have an outstanding mortgage of £176,000."

The equity (assuming it actually sells) is only £49k, of which she would get a max of £24.5k.
TBH try and drag your heels somewhat, the housing market is *dire* at the moment and prices will continue to fall, if you get it valued at £180k then you only need to give her £2k (half of the equity)

Trune

what kind of terms are you 2 on now?

my friend was in a very similar situation, he paid most of the mortgage over the years and had most of the equity, in normal terms anyway. however when it came to his wife, it wasnt really seen like this.

However, as she was unfaithful, he gave her a very fair offer, but below half, and she accepted it on the terms that it would be alot easier for him to keep the house than sell it. She wouldnt have to pay half the fee's for the sale etc etc (as she had no money anyway).

So she accepted his offer, they got divorced, and he continued to pay the mortage on his own... it was just over 1000 a month, and he was on around your wage. He's still doing ok...

zippygeorgeandben

Sorry to hear about your predicament boo12345.
Do you really really really love this house? Wouldn't it hold too many negative vibes and bad memories once you're in it alone?
I'd be tempted to tell her that if she wants to sell it, sell it herself and let her do all the hard work.
Don't waste your time getting more angry and hurt over something as trivial as bricks and mortar.
Keep us updated though.
Ben

Incisor

As bubbles indicates, if you sell it and divi up, then you each get half of the selling price, less fees. So when you value it, take solicitor and EA fees into account.

HeadInSand seems to be peeping at the real world, re waiting before valuing, because the longer you go, the more it is in your favour. On the same theme, you are doing up the house - if there is anything unfinished, resist the temptation to do more, just leave everything as it is, even to the extent of not clearing up dust sheets or whatever.

And from the point of breakup, you you should both be paying 50-50 on the mortgage - so that should be set against any settlement.

With £50k from family, you might be edging towards being able to hang on to it, but don't bust a financial gut if you can't keep up the payments.

Mark-W_2

Boo,

i feel for you as im going through a similar thing at the moment.
My Girlfriend of 7 years just left one day, i went to work and came home to find she had moved out... neither of us had been unfaithful, no real arguments she just said shed had enough all came as a shock to me and everyone else.
She refuses to listen to reason and now wants the house sold that we bought 2 years ago...

So the first thing you should do is get the house valued be 3 or 4 local estate agents, if they are pretty close together you and the ex can come to an agreement of the current market vlaue.. also be aware that the market is falling so the EA prices may be a little optimistic. there was a £27k difference between the highest and lowest on my property.
The next step is to agree what will be a fair share of the equity for your ex, did she pay 50% of the mortgage and running costs, Did she put in 50% of the deposit?

When you both come to a figure that you are both happy with you can find this capital in anyway you want. you must get her name removed from the mortgage deeds etc.. so its best to contact a solicitor for the exact details.

However looking at selling it may be an option as you may struggle to get a mortgage of over £135k.. .. and would you be able to keep up repayments if anything happens... selling my be the best financial option for you at this present time.

Pal

Stamp duty will also be payable on a house of that value, although you only need to pay half (as only half of the house is being sold).

Personally I would get four or five valuations, asking the estate agents for a price that will get you a quick sale, then take the average of the bottom three and offer half of the difference between the mortgage and the value, less half of the sales fees, stamp duty, solicitors fees etc. Hopefully the final figure would be in the £10-£15k range.

Also agree that waiting a few months (if possible) is a good idea, given falling prices.

However.... your main problem will likely be convincing the mortgage company to lend to you alone. You might need someone to act as guarantor on the mortgage, but the main issue is whether you can afford the payments by yourself, with suitable allowance for future interest rate rises.

You might want to see if you can borrow the rest of that £50k from your family to reduce your mortgage.

However, perhaps my main advice is that you see a solicitor before you do anything. The financial seperation of unmarried couples can be very messy indeed.