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Relationship end, mortgage advice.
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whippetboy
Posts: 18 Forumite
ok i M27 years old she is F30 years old.
we have a house in joint names with mortgage,
owe 93K house value is about 115K
We have 2 children one 3 years old and the other 13 which is step daughter.
We are not married.
She is in bad debt with letters from debt companys every other day, she had her bank account withdrawn and cant even have direct debits.
We both in house at moment but she seems to think she can sell house to one of these companys who rent it back to you.
Can anyone tell me the best way to go about this as i dont want to end up in debt. I very much doubt she would get the mortgage in her name.
Thanks.
we have a house in joint names with mortgage,
owe 93K house value is about 115K
We have 2 children one 3 years old and the other 13 which is step daughter.
We are not married.
She is in bad debt with letters from debt companys every other day, she had her bank account withdrawn and cant even have direct debits.
We both in house at moment but she seems to think she can sell house to one of these companys who rent it back to you.
Can anyone tell me the best way to go about this as i dont want to end up in debt. I very much doubt she would get the mortgage in her name.
Thanks.
0
Comments
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she seems to think she can sell house to one of these companys who rent it back to you.
1) You will get significantly less than market value for it.
2) I'd expect them to increase the rent sharply after 6 months.
For me, I'd be looking to get her on the council waiting list and to try and achieve a private sale of the house for market value.
All easier said than done, but probably better for clearing debts now and longer term stability for the kids involved.
Good luck.0 -
If the relationship is over, sell up and move on. Give her half of the proceeds to find somewhere to rent.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Hi,
Once a relationship has ended it is sensible to break the financial link so that should be the approach to take.How you do it dependss on the best price you can get. I'm not sure its advantageous to sell to a rent back company, the only benefit perhaps is that you have a buyer lined up but if the price is right the house will sell quickly anyway. Maybe your ex would rather not move however I think she shoud consider the best long term solution.
Have you considered what finanical contribution you will be able to make to the child? CSA site does have a calculator.In addition you'll need to consider how to divide the equity. When a child is from the relationship solicitors recommend a 1/3 split each, with the child's share going to the adult who will be main carer but I suggest you talk to a family law solicitor - usually you can get 30 mins advice for free.
Good luck0 -
whippetboy wrote: »we have a house in joint names with mortgage,
owe 93K house value is about 115Kwhippetboy wrote: »She is in bad debt with letters from debt companys every other day, she had her bank account withdrawn and cant even have direct debits.whippetboy wrote: »We both in house at moment but she seems to think she can sell house to one of these companys who rent it back to you.whippetboy wrote: »Can anyone tell me the best way to go about this as i dont want to end up in debt. I very much doubt she would get the mortgage in her name.
I'd put the house up for sale. Now. At a keen price. If the relationship is sadly over then you need to go your financially and emotionally separate ways. From the sounds of the wolves at the door, this can't come soon enough for you.0
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