Seperation - What happens to the house??

xxcaggyxx

Me and my partner of 3 years have just split up, we bought a house together, (not married and no children).

He paid a £20 thousand pound deposit and we got a joint mortgage for the rest £120 thousand. (house cost £140 thousand). He has also paid about £5 thousand on doing it up (plus we both got a £5000 loan). He wants to buy me out and im not sure what that means? How does that work? I would like to keep the house myself but only earn $16 thousand and dont have a grat credit history so i dont think i will be able to.....

Please can you explain what happens if he was to buy me out? Do i get money or do i pay it to the mortgage company?

Not got a clue!!

We have had the mortgage for 11 month so not that much paid off (its over 35 yeras!). Also does he need to be earning a certain amount to be able to get a mortgage for the whole house, he is not working at the min as he was made redundent, but i think his parents may be willing to go on a mortgae with him.

Thanks

beecher

If your partner isn't working at the moment then he won't be able to take over the mortgage I'm afraid as the lender will treat it as a new application.

Selling up might be an option though your partner will have lost the £20k deposit probably, depending on how much value has been added to it by doing it up.

CLAPTON

the key thing what is the house worth now ?
is there any equity in it?

xxcaggyxx

One next door sold £120 thou last week...but it needed alot of work doing to it....i dont think he wants to sell it....he wants to buy me out.

CLAPTON

basically if the house is worth less than the mortgage then there is nothing to buy out as you don't actually own anything (in fact the exact opposite)... so the value of the house is crucial.
If he has put in 30k and you nothing then just getting yourself off the mortgage is a good deal for you.
The lender will probably see this as a new mortgage application which will make it impossible until he finds a new job.
It's also very important that he doesn't default on the mortgage or other debts will unemployed as this will reduce his credit rating and make remortgaging more difficult and expensive.

beecher

xxcaggyxx wrote: »

One next door sold £120 thou last week...but it needed alot of work doing to it....i dont think he wants to sell it....he wants to buy me out.

Unfortunately it isn't about what he wants, but what is possible. Taking on the mortgage when he has no income is impossible, unless he has someone - a relative? - who can go on the mortgage with him. But that's for him to sort out really.

xxcaggyxx

Thanks for the help...

He does have parents who will help him.

So basiacllay i will get my name off the mortgage and get nothing....is that what your saying?

beecher

xxcaggyxx wrote: »

Thanks for the help...

He does have parents who will help him.

So basiacllay i will get my name off the mortgage and get nothing....is that what your saying?

I don't think you're entitled to anything since the house will be worth less than it was when you bought it and your partner paid the deposit. If I was you I'd be more worried about being liable for any negative equity, and your partner expecting you to pay him money.

Harry_Powell

Your ex puts in £30k and you put in nothing, yet you want to keep the house yourself?

Is this a wind up? Have you created this just to cause a bit of a row?

I noticed that you have also created an identical thread elsewhere on the forum...

xxcaggyxx

I pay the mortgae payments each month and he paid for £5000 of houshold repairs...we got a loan for the other £5000 repiars... and his parents gave him the deposit as a gift!!!

CLAPTON

the key issue is,what is the house worth now.