Advice needed please!!

Debbieuk100

I know i will have to get legal advice but just would like to ask if anyone else has had a problem like mine!
Im currently living with my x boyfriend in a house we both have bought together...we have an interest only mortgage..the house will be worth about £70,000 which is a guess on my part...we payed £68,000 so still owe all the mortage!
My x refuses to move out unless i buy him out,he say's he wants £30.000 to do this....How can this work out...am so unsure of what to do and say to him!
I have lived in this house nearly 19 years now and we bought it about 4yrs ago...not sure if that has any merit on the matter...but he says if i cant pay that then i will have to sell the house which i dont really want to do...I cant take much more of him being here...Help please any ideas!!

getmore4less

He is having a laugh if he wants £30k.

How much do you each earn this will be one factor in finding out if one of you can take on the debt.

The other issue will be that lenders will want some equity so you may(very likely) need to find 10%-20% to do a buy out.

If either of you have the income and can find a deposit then you copuld buy the other out.

Remind him he will be liable for a share of any shortfall if you sell up so you would be doing him a favour to let him get out without paying you.

keith969

How much is the mortgage? And what deposit did you put down, and did you split it equally?

Your ex is only entitled to 50% of the proceeds of the sale, i.e. what you could sell the house for less the amount of mortgage outstanding. It sounds like that is unlikely to be much. Don't know where he gets the idea of £30,000 from!

benood

If the house is worth £70k then surely his fair share is £35k - paying him £30k for something worth £35k must be a good deal?

However, he will have to pay off 50% of the mortgage. If that is £68k(?) then that's a cost to him of £34k. So he's £4k down.

You need to give more information to get any useful answers.

girleight@

If you pay him 30k and then still have to pay the mortgage off then you are paying 98k for the house! His share of the equity would be 1K on your reckoning. You could get it valued and offer him a share of the equity. Also if it's only worth 2k more than you paid for it then it might cost more than that to sell leaving him with nothing. Q is can you get him taken off the mortgage?

mizzbiz

His share is half the equity - not half the value of the house!!!! This, as you say, is £1000.

Where in gods name did he hear he'd get £30k? Unless he'd put £30k in, he can't have £30k out, as it's borrowed money. What does he think he'd get if you sold for what you bought it for? Offer him a grand and tell him to boot off!!!

olias

And if he won't play ball or understand the above (he does sound a bit thick!) Then tell him to take you to court for his share and watch and laugh as he pays out a fortune for a solicitor, only to end up getting a measly £1000 awarded in court:rotfl:

Olias

clutton_2

""end up getting a measly £1000 awarded in court""

and then getting a lawyers bill for £3,000 !!!