Splitting up and selling the house

crafty*kate

Hi all,

I feel like I've been lurking forever and wish that my first post was under happier circumstances. However - 2 years ago my partner and I bought a house together. He has now decided that the relationship is not working and so we have split up (can you tell there's a long story hidden there...)

The house is in joint names, 50/50. We had a 95% mortgage, fixed rate for 5 years. If we sell now we will lose money on the house, and on early redemption fees. I have seen a solicitor who advises that we need to come to some kind of agreement between ourselves - basically it's not worth going to court as it will only cost us money.

He wants me to give him my half of the house, and I can take the car (worth about 3k). He also kindly said I can take my possesions and my computer...what a gent.

The solicitor suggested that I should ask for a 'nuisance payment' to cover my input into the house, and the costs of setting up somewhere else. I have no idea how to start working this out - any suggestions?!

Thanks,
Kate

pawpurrs

5% deposit, how much was that? As prices are back down to 2 years ago it may not be such a bad deal, but I would try and get half of that back.

chewmylegoff

crafty*kate wrote: »

Hi all,

I feel like I've been lurking forever and wish that my first post was under happier circumstances. However - 2 years ago my partner and I bought a house together. He has now decided that the relationship is not working and so we have split up (can you tell there's a long story hidden there...)

The house is in joint names, 50/50. We had a 95% mortgage, fixed rate for 5 years. If we sell now we will lose money on the house, and on early redemption fees. I have seen a solicitor who advises that we need to come to some kind of agreement between ourselves - basically it's not worth going to court as it will only cost us money.

He wants me to give him my half of the house, and I can take the car (worth about 3k). He also kindly said I can take my possesions and my computer...what a gent.

The solicitor suggested that I should ask for a 'nuisance payment' to cover my input into the house, and the costs of setting up somewhere else. I have no idea how to start working this out - any suggestions?!

Thanks,
Kate

how much of the deposit did you put down?

how much of the mortgage repayments did you make, and how much of that was capital repayment?

ad9898_3

Hi Kate, well if you're getting a car worth 3k I suggest you run to the nearest solicitor and sign the house over to him, with a 95% mortgage 2-3 years ago you're probably in neg equity.

I hope for your sake his wage is good enough that the bank you have your mortgage with will let him take it on. I had 122k mortgage on a 190k house, earning 28k a year with a perfect credit record and they turned me down when I wanted to do the same from my ex even though i had been with them 4 years.

Good Luck;)

crafty*kate

Nearly £6k...I just hate the fact that I am going to walk away with "stuff" and he is going to end up with MY house

crafty*kate

Oh sorry, didn't see those other posts, you guys are quick!

He put down the deposit - but we had already been together over 2 years, so although it came out of his account we had sort of agreed it was "ours". My solicitor said that as the house is 50/50, the deposit makes no difference.

I have been paying half the mortgage every month.

I suppose I can see it makes sense really, it just feels unfair...this was supposed to be OUR home. He's been cheating, but I have to move out

What happens if the mortgage company won't let him take it on? ad9898, the figures are almost identical to yours except he doesn't have a perfect credit rating.

lil_me

Sorry honey, however unfair it seems, try to see it as the banks house (as they own it) and not yours. I would be inclined to take what I could, run and move on. You're bound to feel hurt but don't let that cover your need to be rational when it comes to your future. You might be suprised that a solicitor might be wrong when it comes to the deposit if he really wanted to argue it as you've only been together 2 years. Wishing you all the best for the future.

pawpurrs

If the mortgage company wont let him take it on, which it sounds like the figures dont stack up.
You will have to either buy him out (or whatever)
Or sell I guess.
I think it would be better for you if let him take it on, if he can secure the mortgage.
Start afresh,sounds like your well rid! But sorry you have found yourself in this situation, not nice.

ad9898_3

Hi Kate, well luckily for me (however i didnt feel lucky at the time), I had to sell the house to one of these quick house buyers for 22% less than the market value. (this was only 2 months ago)

I could have kept the house to be honest because my ex left the country (like you there is a long story their) ..... but with the market falling and the fact she was entitled to 50/50 of any equity, I thought it best to sell, it was no use paying £700 per month when the house wasn't all in my name.

crafty*kate

You are all such voices of reason, thanks.
I know that financially I will be better off on my own, renting somewhere. I haven't got any other debts so realistically I know I'm better off without a huge mortgage and negative equity.
Life just sucks, huh? :S

Incisor

crafty*kate wrote: »

You are all such voices of reason, thanks.
I know that financially I will be better off on my own, renting somewhere. I haven't got any other debts so realistically I know I'm better off without a huge mortgage and negative equity.
Life just sucks, huh? :S

Tis an ill wind which blows no good. You might not feel like it now, you are being blown out of your comfort zone, but if you go with it, and trust this wind, it will take you somewhere better. Take care to have a good dream, so the wind knows the right place to take you.