unmarried & splitting up. who gets what?

Wilma33

Why would she loose her bursary if she signed the house over to you now?

If she is living at her parents but claiming to live with you in order to get the bursary then that is fraud! Sorry if I have misunderstood the situation.

If are still living together, do you really want to live with your ex for 14 months?!

NOTSUREWHATTODO_3

Wilma33 wrote: »

Why would she loose her bursary if she signed the house over to you now?

If she is living at her parents but claiming to live with you in order to get the bursary then that is fraud! Sorry if I have misunderstood the situation.

If are still living together, do you really want to live with your ex for 14 months?!

sorry, i didnt mean to cause confusion. she is still living here for now, and will speak to the bursary people when we can. she will be going to her mums and we will adjust the bursary to suit as its sure to reduce, but thats only fair as she wont need as much to live on!

the bursary didnt take into account any mortgages anyway. just living costs and commuting money as there is a phenominal amount of travel involed which is very expensive!

like you say, no we dont want to be living in the same house anymore. it would just be a bit too awkward! lol.

we were worried that if she signed the house over then that would automatically cancel the bursary. i dont think this is the case in reality from what we have read about it. like i said earlier...im very new to this situation and dont want to make any mistakes that could cost us dearly later! we will sort this out in the next few days when the bursary people ring us back.

im so glad i asked these things on here. seems i was a little blinded by it all! please keep replies coming everyone

A

zzzLazyDaisy

The short answer is - the best thing to do is to sever ties now, while things are still amicable.

On a separate note - you seem to be saying that if you wait 14 months, and find there is equity in the property, she will give up any right to her share.

But, if the value has dropped by then, and the house is in negative equity, then she will have to give you her share of the shortfall.

Have I got that right? Seems a bit biased in your favour to me... :cool:

And have you thought about what you will do if you can't get a mortgage in your sole name, and she wants out so she can buy a place of her own?

NOTSUREWHATTODO_3

zzzLazyDaisy wrote: »

The short answer is - the best thing to do is to sever ties now, while things are still amicable.

On a separate note - you seem to be saying that if you wait 14 months, and find there is equity in the property, she will give up any right to her share.

But, if the value has dropped by then, and the house is in negative equity, then she will have to give you her share of the shortfall.

Have I got that right? Seems a bit biased in your favour to me... :cool:

And have you thought about what you will do if you can't get a mortgage in your sole name, and she wants out so she can buy a place of her own?

thanks lazydaisy,

the waiting 14 months does seem very strange i know. but she is prepared to let me keep the lot once she has finsihed uni. i think she needs to be made aware that if we are further into negative equity then she will need to pay me her half. im not sure she realises this just yet.

it does seem biased towards me, thats why i wanted to find out the facts. i dont want to see her out of pocket, but i dont want to be out of pocket myself. she wont be in any position to get a place of her own until she finishes uni as she has a very limited income. so there is no worries about her wanting out for the reaosn of buying her own place.

one of the things i am most worried about is getting a mortgage on my own. i have £7000 in my isa which is my pension which im not prepared to touch under any circumstances unless i am totally screwed! we should have some equity now just, but wont know until the place is valued and i get the yearly amazingly depressing mortgage statement. i cant remeber the last one. i think we owed abotu £91k. my calcs put the place at £95k but it could be much worse. i guess getting the place vlaued would put an entirely difffernt take on the whole situation!

like i said earlier, i popped on moneyfacts and checked out the mortgages available to me at my prices and i dodnt get let down. although there is far more to do first.

what advice can you give me on the next stages?

zzzLazyDaisy

NOTSUREWHATTODO wrote: »

she wont be in any position to get a place of her own until she finishes uni as she has a very limited income. so there is no worries about her wanting out for the reaosn of buying her own place.

Sorry, I didn't make myself clear - what I meant was, once she qualifies and is earning, she will want to cut ties and may want to buy a place of her own. If the market has fallen further by then, you may be unable to get a mortgage in your own name even if she does give you half of the shortfall (remember you will have to find the other half).

It seems to me the first thing to do is to get three estate agents round to value you property. Then you will know what you are dealing with. You may already be in negative equity, and that may have a bearing on your discussions with your gf.

Wilma33

NOTSUREWHATTODO wrote: »

she has moved back to her parents, but is still getting her bursary.

NOTSUREWHATTODO wrote: »

if we stay as we are (she isnt living here anymore) then i can manage the bills etc, and in 14 months would go through the legal side with her giving me everything and walking away.

But then when I mention fraud...

NOTSUREWHATTODO wrote: »

sorry, i didnt mean to cause confusion. she is still living here for now, and will speak to the bursary people when we can.

She either needs to move back in or phone the bursary people today and inform them of her chance in circumstances (and the date they changed). If she does anything else then she is committing fraud.

JaneRN

If I understand your last post your outstanding balance is £91K and current market value £95K? I assume that since you say that your GF paid £3K more than you towards the deposit that the market value is now lower than when you first bought?
I think I would equire with your own mortgage provider first as they have already got an interest in the property. When I was in the same situation I stayed with the same mortgage provider - just completed a new application in my name only and didn't have to go through the serches, valuations etc when buying a new property. It may well have changed but I think you best bet is approach them by phone and get an "in Principle" decision from them.

If you don't want to do that go and see an Independant Financial Adviser, it costs nothing and they will be able to give you an idea of what you can expect to be able to borrow up to. You'll then know if you are in a position to proceed.
I would do it sooner rather than later and as there is little equity in the property it would be better for your GF to cut her losses. If it was to be sold at £95K the amount you would both come out with is after EA and legal fees would be near enough zero. I think in the circumstances, if I was your girlfriend, not paid the mortgage for months and you boosting the equity out of your own pocket - I'd be happy to call it a day.

JaneRN

On a side note - getting the house & mortgage in your name only is a separate issue to your GFs bursary. What information she chooses to divulge to the appropriate authorities is nothing to do with you - unless you were asked to confirm she lived there.
I would strongly suggest you start the ball rolling now, do not wait.

NOTSUREWHATTODO_3

Wilma33 wrote: »

But then when I mention fraud...



She either needs to move back in or phone the bursary people today and inform them of her chance in circumstances (and the date they changed). If she does anything else then she is committing fraud.

thanks wilma,

she is calling them today to update them on her current situation. im sure its going to cause some pain and a reduction in bursary, but thats the law afterall! quite keen to not break it!

NOTSUREWHATTODO_3

JaneRN wrote: »

If I understand your last post your outstanding balance is £91K and current market value £95K? I assume that since you say that your GF paid £3K more than you towards the deposit that the market value is now lower than when you first bought?
I think I would equire with your own mortgage provider first as they have already got an interest in the property. When I was in the same situation I stayed with the same mortgage provider - just completed a new application in my name only and didn't have to go through the serches, valuations etc when buying a new property. It may well have changed but I think you best bet is approach them by phone and get an "in Principle" decision from them.

If you don't want to do that go and see an Independant Financial Adviser, it costs nothing and they will be able to give you an idea of what you can expect to be able to borrow up to. You'll then know if you are in a position to proceed.
I would do it sooner rather than later and as there is little equity in the property it would be better for your GF to cut her losses. If it was to be sold at £95K the amount you would both come out with is after EA and legal fees would be near enough zero. I think in the circumstances, if I was your girlfriend, not paid the mortgage for months and you boosting the equity out of your own pocket - I'd be happy to call it a day.

thaks janeRN,

the 3k extra she put in has effectivly been cancelled by the extra money i have paid into the porpoerty on her behalf while she is a student, and a little with the £1k overpayment, and the kitchen paid for by me only. i think if you were to weigh it up i would own more as i have paid a little more into the place, and built more money in. not sure how you would prove this but i doubt it would be overly contested.

yes unfortuanatly the value is undobtedly now lower than when we first bought, however we have paid eneough down on the mortgage hopefully to be in a little equity. so when you remortgaged through youre existing mortgage providor, did you buy youre other half out of the existing property, or did you seel up and buy somewhere new entirely?

im looking to stay here if i can as i like living here, have made it my own and dont want to leave. the bursary buisness is her buisniness and i dont want them to commit fraud as its wrong and could land us both in trouble. She will have to look at altenative income sources if the bursary is cut too far ( i doubt it will be cut excessivley as her course is v expensive).

its a tricky one as if we wait 14 months, she effectivly wants to waive all rights of ownership and sign them over to me for free. if we dont wait then i will have to fund her half of the equity and then get a mortgage on my own with a very high LTR. if in 14 months we are in massive negative equity, then she will have to pay her half of that to be relaeased and she needs to know the reality of this decison. however if there is equity there, then its all mine and she would have no claim to it. on the face of it it sounds like it is a sweet deal for me, but thats another reason why im worried.

its a deal of convinenence more than anything. im sure with many splits there are very sour grapes on both sides which sparks the decision to proceed immedialty wth severing ties. however, we still get on well and have no plans to change that ever as we are good freinds and plan to be for life.

do you think getting the place valued would be a good step in the right direction and speaking to my mortgage providor once i have a valuation, about what kid of deals are available to me from them at present? even if i choose to not to proceed with the formal split then at least i have these figures in writing for my own benfit and discussion.

sorry to ramble on. im really trying to get a better understanding of my current situation and see the most efective way out. thanks for all your replaies so far and please keep me posted!

A