what to do- relationship breakdown/selling house

pinkshoes

Before coughing up a lot of money in lawyers, see if you can sort it out amicably first.

Firstly, go on https://www.houseprices.co.uk, and look up your postcode to see if you can find any houses that have sold recently that are similar to yours. Also look on rightmove.co.uk to see what price people are asking for similar properties in your area, and how many are for sale. If there's a large range, some may be over-priced/over-optimistic, so the ones at the lower prices will no doubt be the ones that are priced to sell.

If your parents gave you £20k, then I think that they should get back £20k. Get your ex to cash in the premium bonds, and pay the £8k back to your parents. When the house is sold, then first £12k should then go to them, and the rest should be split between you. If there's less than £12k profit, then you and your ex should pay half each of the defecit to your parents.

mlz1413

RobertoMoir wrote: »

You should probably phone the people who sold my mortgage and tell them they made an awful mistake.

So you have a mortgage on a house you only have a 50% share of?
who owns the other 50%?
Has other owner had to sign legal documents to satisfy your lender?
Does other owner have any mortgage/loan on their 50%?

Place_of_Design

lizzymouse wrote: »

hi all
i fear i am in quite a bad situation. here is summary of my current position

husband and i bought house together in joint names on mortgage in november 2007, house was bought for 140K with a 126k mortgage on it. My parents were able to give us 20k last year, 12k of which went to paying off mortgage, the remaining 8k is currently in premium bonds in my husbands name only. so we now owe about 112k on the mortgage.

This is all down to the maths

1. the morgage company get paid first, no mater what
2. continue paying the mortgage or everyone looses
3. The money from your parents needs to be treated as a separate issue
4. while it grates, keeping things amicable will help lots. that means you both need to be in communication, and supporting eachother, or you both will loose oue in the long run
5. consider one of you buying out the others share in the house, and keeping the mortgage intact. in other words if you draw a line down the middle, the deficit / leftovers are halved - thats all you will need to find / be paid. You may need to have the mortgage company agree to this, and the deeds etc. will need to be ammended

RobertoMoir

mlz1413 wrote: »

So you have a mortgage on a house you only have a 50% share of?
who owns the other 50%?
Has other owner had to sign legal documents to satisfy your lender?
Does other owner have any mortgage/loan on their 50%?

That isn't what I said.

mlz1413

Quote:
Originally Posted by VIGILANT22
IIRC he can put his share of the property up for sale.

Are you saying someone can put half a house on the market??...

Not sure if he can put it up for general sale (though isn't it a share in an asset like any other?) but there's no reason why they couldn't agree a sale privately for his share.
.............................................................................................
Originally Posted by mlz1413
No lender would allow a mortgage on half a house as it would mean that they would not have title to the asset if needed.
You should probably phone the people who sold my mortgage and tell them they made an awful mistake.
..............................................................................................
Originally Posted by mlz1413
So you have a mortgage on a house you only have a 50% share of?
who owns the other 50%?
Has other owner had to sign legal documents to satisfy your lender?
Does other owner have any mortgage/loan on their 50%?
That isn't what I said.
..............................................................................................

I therefore gather you have a mortgage of 50% LTV - which is completely different to buying 50% of a house.

If I have still gathered incorrectly then please explain as "the people who sold my mortgage" is confusing.