Help - me and partner split - what to do with house?

norangeduck

Hey all - I wonder if anyone can give advice or share experiences -
I sopose I should fill in on the detasils:

Me and partner have just split, we have house and mortgage, on the paperwork we have 50/50 share - recently he put in 26k of his cash.

the house was brought for 147k 18 months ago, we now have a mortgage of 122k (bearing in mind that the 26k he put in is his)

Now we have split he said he wants the house (I dont want it) - so Im getting it valued this thursday - but I know that it wont of made any money, or even lost money.

So in these circumstances, would I literally sign over the house to him if the house had not made any profit? - and the 18 months of money I had been contrubuting to the mortgage is now gone?

Do I ask for some cash? as In a couple of years the market would (hopefully) have picked up

How I feel and see it at the moment is that I just have to cut my losses

Has anyone been in this situation? but have decided to keep the mortgage together just because you would loose so much money if you sold the house - if so how did it work?

Sorry I gotta lot of questions here, but I just wanna see what everyone thinks or any advice if poss

how does the whole process of signing the house over work, and suggestions over how much it would cost?

Thank you all lovely people!

feisty1

advice if poss quote

seek legal & finacial advice

CluelessJock

norangeduck wrote: »

Hey all - I wonder if anyone can give advice or share experiences -
I sopose I should fill in on the detasils:

Me and partner have just split, we have house and mortgage, on the paperwork we have 50/50 share - recently he put in 26k of his cash.

the house was brought for 147k 18 months ago, we now have a mortgage of 122k (bearing in mind that the 26k he put in is his)

Now we have split he said he wants the house (I dont want it) - so Im getting it valued this thursday - but I know that it wont of made any money, or even lost money.

So in these circumstances, would I literally sign over the house to him if the house had not made any profit? - and the 18 months of money I had been contrubuting to the mortgage is now gone?

Do I ask for some cash? as In a couple of years the market would (hopefully) have picked up

How I feel and see it at the moment is that I just have to cut my losses

Has anyone been in this situation? but have decided to keep the mortgage together just because you would loose so much money if you sold the house - if so how did it work?

Sorry I gotta lot of questions here, but I just wanna see what everyone thinks or any advice if poss

how does the whole process of signing the house over work, and suggestions over how much it would cost?

Thank you all lovely people!

norangeduck,

These things happen and getting legal advice is good advice however, it really will help if you can reach agreement with your bf prior to this, as any disagreement can be costly to sort out through solicitors.

As long as you both agree you can essentially go for any of the options you suggest, as you have pointed out each has different pros and cons.

If you were selling together now you would have to cut your losses irrespective of how much mortgage had been paid. Remember you have lived in the property for 18 months.

It may be that your bf would be happy to give you some money as a goodwill gesture and that would be fine, although remember that the house value may fall below the mortgage amount putting your bf in a negative equity situation some time in the future.

Once you have a value it should help you both assess the options and hopefully reach agreement.

Best of luck!

zzzLazyDaisy

You need to get a copy of the title deeds from the Land Registry (you can do it on-line for a small fee, it used to be £3.50 but I don't know if that is still the case)

That will tell you the legal shares that the house is held in.

The fact that your bf put in £26k of his own money is irrelevant unless this is also reflected in the title deeds (sorry, i should say 'irrelevant in law' - you may think it is morally relevant but that is a different issue).

Once you know the legal position, you can chat to him about coming to some kind of amicable solution that takes into account both the lump sum that he put in, and the contributions that you have made as well.

baby_boomer

Make a clean break.

You don't want to get saddled with a declining asset - the house.

And all the arguments which will come from it.

Does your boyfriend earn enough on his own to be able to remortgage at the end of the your initial mortgage deal?

And does he go on MSE?

KellsBells

Sorry to hear of your relationship break up. I feel for you (more than you'd believe!!) and it's so much more difficult when there is property involved.

Are you and your ex on good enough terms to discuss what you want to do? In my opinion, once your valuation is done you will be in a better position to negotiate with him.

It's a tricky situation, I feel that you should be entitled to something, even if it is just a share of the mortgage you have paid in the last 18 months back. Has he indicated how he feels about this?

Good Luck, I hope he is reasonable with you.xx

getmore4less

Always a tough one a split, *&it happens

bought £147k any deposit?

mortgage left £122k

equity injection £26k

Does not add up where is the other £1k
What was the original mortgage?

What sort of mortgage was it?

If this was interest only and paid half then you have just rented some money same as renting a house there is nothing "gone in".

You also seem to owe more than you borrowed after the equity injection.

If he can take it over and wants to then let him and walk.

Anything missing from the numbers that you have not told us.

Financial and legal can cost there seems to be no money for you to fight over so try work it out.

grogdog

his 26k is all but gone anyway, so your easiest option is as you say a clean break and walk away

zzzLazyDaisy

If you are going to give up the house and walk away, make sure the house is legally transferred into his sole name, and that your name gets taken off the mortgage.

You will need a solicitor for that.

PasturesNew

If it was £147k and is now worth £130k, then run away quick ... in a black/white paper and pen exercise you'd be owing him money to leave.

Anything you did pay into the mortgage, wasn't much mortgage anyway. Most of what you paid was interest, or rent to the bank.

getmore4less

norangeduck wrote: »

Hey all thanks for all the advice -
I have just got the house valued - he said worth no more than 130k - which i was sort of expecting.

to getmore4less - we got and extra 1000 to cover expenses, god knows why we done it that way, it just happened - the 147k was 100% mortgage, and re-payment mortgage.

Me and ex are on good terms, which is good, we havent really discussed other options apart from him taking the house over - which I now feel would be the best solution if he could afford it. And we havent discussed what I would get out of it (if anything)

babyboomer - he doesnt go on mse!

zzzlazydaisy - its more of a moral thing with the 26k he put in - I would never take that money from him, though its not in title deeds

Ok you owe (£148-£130)/2=£9k less a bit for the repayments then add 1/2 the costs if you decide/have to sell.

If he want to and is in a position to take on the house then I would go with that,, useand see if he wants any contribution.

If he says nothing be very nice and get the paperwork done.

You will need to have the mortgage re done and the deeds modified. It would be a good gesture to pay for those costs which will not be that much.