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

getmore4less

Does he really want to live in this place?

If not there is the risk that he decides not to and sell up this could drag on for some time and result in chasing the market down I would watch out for that senario.

This all sounds a bit too complicated and ties your finances together for a long time.

£8k @100pm is over 6.5 years. and it could well be longer than that before the value exceeds the amount paid. What happens if he loses his job and has to sell and the price is even lower will he want more, lots of unknowns. If you did sell at a profit later how much of the increase would you get.
Do you really want a small part share in this house with an ex?

If you want to give up your interest in the property the debt will exist if you decide on a lower price than you paid for the house.

The offer to pay interest free over long time is nice if you don't have the money but does tie you together and the bit where you keep an interest makes no sense to me and a new partner could well see it that way and get him to change his mind.

If you don't have the money then even though it will cost more it might be better to borrow it and make a clean break. Your lives will move on in 6 years and you never know how things go, money and partners don't always mix, money and friends should not be mixed.

feisty1

we're getting more valuations done to,Quote

Who is doing all these "valuations" an estate agent or qualified surveyor?

rchddap1

Personally I wouldn't want the financial tie. If you're splitting up....you're splitting up. Being stuck together for x years until you've given him 8k that legally you may never see again might not be a good idea. Besides you might need that money yourself. The economy isn't too good afterall. What if you loose your job?

It may seem a good idea to pay him 100 a month but there are so many ifs and buts and things that probably will go wrong.

If he wants his 26k out again then he'll have to wait until the market improves. Its not your responsibility to get it back for him.

If the mortgage is 122k and the valuation 130k then his cash injection has been lost to the credit crunch. Its not your responsibility to pay him back for it. It was his choice I assume and not yours. That leaves 8k equity in the house. So obtained an extra 1k....so lets assume that your payments in the last 18 months have just managed to pay that off. This leaves you with no debt and him with 8k equity left in the house.

This is assuming he wants and is able to take over the mortgage (ie, your name comes off it) and your name comes off the title deeds.

If he's not happy with that then calmly but firmly tell him that the best thing is to sell the house. Mind you that could take a while.

Don't tie yourself to him. And don't make a financial commitment to him. The credit crunch and fall in house prices isn't your fault. That he put 26k in isn't your fault. You have no responsibility or requirement to pay him anything.

Or that's my theory anyway.

Oh....and if you do end up giving him 8k then you need to see a solicitor and get things all sorted out legally. The 'some of the interest' would need to be quantified. He could give you 2p extra and it would still be 'interest'. Then you have all the other issues outlined above. That's where solicitors are useful things because all of the issues outlined above (and more) would have written down consequences for you (in terms of getting your money back).

jockettuk

if possible make a clean break.. what happens when you both get new partners .. then it can get nasty take it from me what ever amicable arrangement you have now will not go down with new partners especially if he gets one that moves into the house with him..

aaron772

i'd just walk away clean break get more valuations done and hopfully will go back to 145 and then you have no loss no gain walk away.


____________________________
Dont be too quick to judge

baby_boomer

There's loads of good advice above.

And also food for thought for other couples who might be considering buying together.

A split is always difficult to resolve, but in a falling housing market it's murder. We saw similar troubles in the wake of the 1989 boom,,fuelled in its death throes by the announcement that the Chancellor was going to withdraw double mortgage interest tax relief for unmarried couples.

I'm pleased and impressed that the OP's negotiations have gone amicably so far . Long may it continue.

feisty1

pls note if yr having all these "valuations" done by estate agents, legally they mean nothing. Estate agents are NOT valuers, they put a price on yr house they hope it to sell for........and by pricing it higher they are hoping to secure your business (for placing it on the market) & of course the higher price the higher commission for the agent.

Don't be drawn in by these varying prices.... I suggested in post 2 that you seek professional advice & i stand by that. All you will rcv on here is varying opinion & quite honestly some of it is way off course.

If you dont take the advice of a solicitor & just go ahead with change of titles, when yr ex's solicitor writes to you he will also recommend u seek legal advice before signing the house over.
As several people have said on here, (and yourself) cut yr losses and walk away (no money changing hands). His suggestion in post 13 is ridiculous to say the least. If you cannot arrive at an amicable agreement (or yr ex doesn't qualify for a mortgage on his own based on the lender's affordability) your solicitor can advise on "forcing a sale"

feisty1

I could buy the house Quote........ Do u want that baggage? If nothing was documented about that "26k" other than yr goodwill he has no legal right to it, u will be treated as 50/50