Ex Partner staying in Jointly owned house.

PRINCE$$

Hi All,

I'm sure this is a fairly common problem but I keep running around in circles about what to do that's fair for everyone. My partner and I split up recently and we were originally both going to move out and rent the house out. I have found a new rental property and am moving in next week but he hasn't so is looking to stay in the house for the foreseeable future. My question is, what do we do about the mortgage? He'll be living there alone but doesn't want to buy me out. Who should pay what while he lives there? It would be better of for me financially if we rented it out as that would more than cover the mortgage so I would not pay any extra on top of my new rent. But I can't force him to move out. I dont want to lose my share of the house either. I was thinking that I should pay half the interest but that then makes me a lot worse off and would only benefit him.
Is there anywhere I can go to seek advice on this?

Thanks in advance

Cannon_Fodder

I think a common formula used, is for the person staying to pay half of a reasonable rent to the other, as well as their share of the mortgage, while the one leaving still pays their half of the mortgage.

By paying half a mortgage and half a rent, he will pay roughly the same as paying a full rent or a full mortgage if he got a place on his own.

You, paying a full rent on your new place plus a half mortgage, but getting a half rent, will also be about right.

Obviously, there will be some difference, if the property types are different, or if the mortgage is particularly big/small compared to an average rent.

But you've chosen your rental for a reason and he has chosen to stay for a reason. If the maths doesn't suit either of you, you can try renting out properly - but that entails paperwork, obligations and legislation, as well as the risk of void periods - while if you can agree on a equitable arrangement you should have a solid "tenant", while waiting for prices to rise allowing you to sell when the time is right for both of you.

Jowo_2

You can go to court to force a sale if your ex won't buy you out, won't sell and won't pay a reasonable share in your opinion.

What's your long term strategy as clearly he has the potential to enjoy the property why you could struggle with living expenses? Did he really try to find onward accommodation or was it just passive resistance - much better to stay where he is as less hassle and probably cheaper....

Renting out the property to someone else won't necessarily be the panacea you expect - rogue tenants, void periods, tax, repairs and so forth.