Seperation - what to do with the house ....help!

xxcaggyxx

Repayment for the first 8 months then interest for the last 3 months.

hellokitty08

I would consider yourself lucky if you get out with nothing. i.e not owing anything and not trying to claim anything.

I managed to convince my ex to take over the property that we lived in, which just meant him taking over the mortgage, which was for £118k. He earnt £30k a year.

Mortgage company let me do it no problem, had to pay a solicitor about £300 to get my off the deads and remove me from the tennacy in common thingy. Apart from that all done. Even though I had lived in the house for two years and paid £8k in mortgage payments, i considered myself lucky to get out of it and not end up owing any one money (negative equity and all that)

Maybe you want to consider yourself lucky if you can get just sign your half of the house over. As others have said if the house is in negative equity you dont actaully have a claim on anything except for debt.

pinkshoes

How much does your ex earn?

If the neighbour's house sold for £120k, then you've both lost £10k in the last 11 months. Although you've paid the mortgage, as it's over 35 years, and only repayment for 8 months, then it's unlikely the mortgage has been reduced very much!!

In theory, for him to buy you out, you'd have to pay him £10k for your half of the loss. (As if it had gone up £20k in value, he'd be giving you £10k for your half of the increase).

If the mortgage company value the property at £120k, then he'd only have £10k equity (the £10k you'd give him for him to buy you out), which means he'd then need a mortgage of £110k. He can borrow around 3.5x his salary, so would need to earn around £32k to buy you out.

There is not a chance you would be able to buy him out, so I very much doubt this is an option.

Harry_Powell

Your ex has put in £30k and you have put in (and I'm being generous here) £3k in ACTUAL mortgage repayments, the rest of the repayments were to the bank for allowing you to 'rent' their house.

To be candid, neither of you can keep this house on your own so the only answer is to sell up and split the negative equity.

Your ex won't get a single mortgage because he's unemployed, you wont get a single mortgage because you don't earn enough. Neither of you want to continue with the joint mortgage. The only option here is to sell up. End of story. No more discussion.

babaganoosh

Had a similar thing happen to me. Split up with ex, he wanted to buy me out as he knew it would be better to hold onto house as an investment. I would have done it myself but couldn't afford it by myself - he had mummy to help him out. Had both been contributing towards mortgage so we had the house valued and I got half the profit we would have made had we sold it. He then remortgaged in his name only taking into account the outstanding mortgage plus what he had to pay me. Very lucky it was an amicable split.

Dinah93

In actuality if this was to go to court it could be strongly argued that while you have paid the mortgage payments for the last year, because he paid all the bills, you both contributed equally, its simply that this was how you chose to divide up the bills rather than stick all the money jointly into one pot.