How do we split the sell of our house?

lbm22

Me and my partner have just split up after 9 years.

Complicated background: 6 years ago we bought a house together, got the mortgage together etc- only after a few months we split up. I'd already paid out at least £4000 on a damp proof course, drain repairs, house hold items and shopping etc. I never asked for a penny back. He stayed in the house paying for it himself for a year and a half. When I finished university I moved in with him. I paid into the shopping and expenditures. Later we moved to a larger property where we now split the bills and all finances 50-50. The 50-50 split has been like this for the last 4 years.

Now me and my boyfriend have decided to split up for good!!! Our house has been valued at less than what we paid for it due to the decline in house prices. Which means we have no equity in the house. He wants to stay in the house and 'buy me out'- first he offered £5000 but since finding out the current valuation of our house he has changed his offer to a couple of grand!!!!

Over the last four years I have spent every penny on that house. I'm not a drinker, I haven't bought new clothes in years and it doesn't cost me much when socializing- where as he has spent tons on drink and drugs and footballing holidays. We both earn a good wage, he earns a bit more than me. But it seems like I'm being taken for a mug being offered a few grand when I have spent every penny on this house and doing it up and getting things fixed.

As my name has always been on the mortgage, I think I'd have rights to more than just a few grand. Currently we are living together- both paying our way etc. Neither of us has been petty enough to not continue paying our bills and mortgage. I've decided to hold on living here till he offers me a decent 'pay off' because the only other option would be to sell the house and then we'd be owing approx £10- 20k.

What I'm writing for is some advice. I believe that he should pay the deposit on my next house. I'm not looking for a palace, just somewhere with a roof for me and the dogs. In the £70k region.

If you can offer any advice please write back.

PasturesNew

There is no money in the house. Nothing. He has also paid - paid more than you as he shouldered the responsibility throughout the period.

The house is worth less, you have to get over it.

You've lived in it, consider what you've paid so far as rent.

Getting a few grand is lucky for you imho. If you sold it, there'd be loads more costs (Agent, solicitor, fees) and the wait/worry/etc.

You've got off light.

As for him paying you a deposit on a new house, do you hear that noise...?? it's the cuckoo calling...

misskool

I'm really sorry to hear of the situation and perhaps this isn't what you want to hear but I think you should just take whatever he can offer and run with it. If you sell while in negative equity, you will end up OWING money to the bank.

Your name is on the mortgage and he's offering you a few grand to get out of owing the bank half of 10k.

GMS

Have you spoken to the lender to see if you can be talen off the mortgage? They may not allow it due to the negative equity.

You are being freed from any liabilities if you are removed so if your ex is prepared to offer a few grand on top I think you should snap his arm off. Make sure you are removed from the mortgage though or you could end up with issues later on.

herewegoagain2010

I agree with everyone. Your ex is willing to pay you a couple of grand and you walk away from the house,neg eq and can start again. I'd jump at the chance and keep your ex sweet. If things turn nasty he could force the sale and you'll both owe thousands. Sounds like a great deal to me. Good luck x

pinkshoes

If your house is now in negative equity, then it's highly likely that he won't be able to "buy you out", as he won't have any deposit to re-mortgage on his own unless he has a 10% deposit stashed away.

Your only option would then be to sell at a loss, then take out a loan each to pay off the outstanding debt.

If he's offering £2k and CAN buy you out, then I'd bite his hand off! I'd even accept to walk away with nothing, as this is far better than the alternative!

rilou81

I agree with the above. I know its ahrd to have ploughed money into a property and it not been worth anymore or even less than paid, I am in that situation. We spent a lot doing up our house over the years to find it worth the exact same now : (

Its just life at the moment and we all have to get on with it.

If it was the other way round and I was your boyfriend, Id be asking for half the negitive equity off you to walk away, the way I see it the negitive equity is both your responsibility and for you to walk away not owing any money.........well I would not allow it, i'd be asking for money from you to walk away not the other way round.

Bite his hand off and run far far away before he realises its you that actually owes him, good luck xx

lbm22

I really appreciate the advice. At the moment I'm only able to hear the advice of my parents and friends and I knew that I needed an outside opinion. I know it doesn't mean that I get what I want but I really needed to hear this. It means that I can start to get my head around what to do and quickly. Thanks everyone

bris

Take the money and run, thats a great deal. But as has been pointed out whether the bank lets you do it is a different matter.

poppy10_2

Yep, he's doing you a massive favour, essentially letting you walk away from the negative equity and also giving you a cash bonus as a sweetener. This is a fantastic deal, bite his arm off, if he has the money to follow through on his offer.

tomitma

I would rather walk off with £2,000 and be thankful that I have no debt in the house.