Huge dilemma - Splitting from Partner

andrewmp

LandyAndy wrote: »

You still need to find someone who will lend you at least 4x your salary. That won't be easy today.

You will also have to retain at least 10% equity in the property to get a mortgage.

I don't think you can do it, sorry.

It's not hard at all to get a lender to give you 4 times your salary, even today, as long as you have a fairly decent LTV. It seems yours is 85% LTV.

Was the valuation from a survey or an estate agent? You'll probably be looking at closer to £900 per month on a repayment over 25 years on £135,000 though.

LandyAndy

andrewmp wrote: »

It's not hard at all to get a lender to give you 4 times your salary, even today, as long as you have a fairly decent LTV. It seems yours is 85% LTV.

Was the valuation from a survey or an estate agent? You'll probably be looking at closer to £900 per month on a repayment over 25 years on £135,000 though.

Bet it was an EA. What seller gets a survey done at this stage?

Sells at £145k, LTV <10%, no mortgage.

mlz1413

before you think about mortgages think about you - do you want to keep house? Do you want to live in that house? If the answers are no then why are you worrying about funding buying it?

Start by trying to sell house put it on the market as informal tender for 28 days and see what offers you get in. If someone(s) offer over £140k then you can decide if you want to sell. You could also tell EA to let buyers know that the furniture is also for sale if anyone is interested.

If no one offers over £140k ask your ex what she will buy out for?

Debt_Free_Chick

nick_w wrote: »

What happens to contents, do we select what we each want and agree to taking it?

Justr to address this point ...

What's hers are hers i.e. the things she owns, because she bought them from her income, are hers. What's yours, is yours.

Those things you bought jointly are for you both to decide e.g. you get the fridge/freezer and she gets the dishwasher, if you bought them from joint income.

There's no point in being "scientific" here as you're talking about "second hand tat" not priceless antiques. I don't mean to be rude, but I've been through this (via a solicitor and a mediator) and this is the lawful position. So just agree how to split the stuff. And before you get all defensive about it - which we all do - just remember .... it's only "stuff" and it has very little intrinsic financial value. So be prepared to compromise (as she must, too).

good luck

GDB2222

If you keep the house, you end up with:
A crippling mortgage
A house that you have done up beautifully, but which is in the wrong place
A house that is depreciating in value
No firm idea of what it is really worth, so no idea what you should pay your partner to buy her equity - that's an argument that can run and run
But the killer is that you will find another partner some day, and she won't want to live in the same house that you and your ex did up together.

nick_w_2

GDB2222 & Debt_Free_Chick
Your 2 post have been a big help

Thanks to everyone else who has contributed

Im sitting down with the other half sunday to discuss what she wants to do and her plans.

Thanks
Nick

poppysarah

Sell it before 2nd Oct and you have less to worry about.