Sticky situation

Dan_1976

He/she is being unfair, £50 neg equity is not £12k. You need some legal advice. If you dont do it properly he/she could come back in the future and claim any equity that comes back.

If you can afford it and live there in the long terms then it may be a good idea!

You can only put it in your name if your income will cover it on its own. Probably 4 times.

Good luck

Reason123

hi currently earn 30k with total outstanding of 158k...

littlemrtinkle

50 - 12 = 38

divide this by 2

19 k each, she should walk away with 19k of debt

Gorgeous_George

My advice would be to get the relationship back on track or sell up.

If the relationship cannot be recovered, selling up will allow the negative equity and debt to be shared out once and for all. This will mean some rather hefty personal loans but will bring closure to the relationship both financially and emotionally.

If one of you wants to keep the house (and I wouldn't want it), you need to reach an agreement regading the debt. If the total debt is £50K (I'd guess it is more) and if the £12K was built up entirely on your own, it would seem (on the face of it) that the split should be £31K/£19K as previously mentioned. Legally, the debt is likely to be £25K each.

Good luck and work on the relationship.

GG

Reason123

Thank you for the help all

We have thought of an option.

We keep the house in joint names.
I stay in the house paying the mortgage/bills etc. My partner pays me a monthly sum to help out. Once the house prices come back up, 5 years or whenever, as soon as the house can be sold with no debt, we can both walk away happy???

Also someone said just give the keys back and walk away...
Is that possible?

beecher

You can't give the keys in and walk away as you're liable for the shortfall between what the house is sold for (presumably at auction if you walk away), and how much your mortgage has left.

It is going to take a lot more than 5 years for your house to go up in value by 50k in my opinion - what happens if your partner refuses to pay you this monthly sum after a while?

I think selling up, dealing with it, and moving on is the best option.