what to do after a split

smnb08

my partner and i have split up.
we have a joint mortgage which i am now paying by myself.
he is willing to stay on the mortgage as i dont earn enough for the amount we have outstanding to remortgage.
what worries me is that i am going to be paying the mortgage for the next 10 years or so by myself and then he is going to be entitled to half the equity when i come to sell.
i say 10 years as we have two children who i imagine will be living with me for the next 10 years or so.
i am also about to do some work on the house which may add value.
what i want to do is have the house valued now and have some sort of agreement that when he left there was x amount of equity in it so he is entitled to half of that otherwise i would rather just sell now but realise renting is not the best thing to do.
is this something that can be done??

Thrugelmir

Consult a solicitor and have an agreement drawn up that covers all eventualities. This will specify his interest in the property as well.

julie11_2

I am going through the exact same thing. My soon to be ex husband left the house Jan 2010 and I have been paying all bills and mortgage since; he has been paying maintenance for our 3 children. I am in the process of looking to get a transfer of equity or a remortgage and it is proving difficult as I am self employed.

My ex and I have agreed an amount I will pay him and since he left I have made lots of improvements to the house and value, however our agreement still stands for now. I guess if I don't get my mortgage offer, I will look to having an agreemeent drawn up where I pay him his money and have his name removed from the deeds only and get him to sign over his interest in the property and wait a year or so until my circumstances are better apply then. Obviously he and the lender would have to agree. Good Luck to you; it certainly is a very stressful time.

smnb08

Thank you julie you are right it is very stressful.
The only difference between us is that i need my ex to stay on the mortgage and thats what makes it so complicated.

smnb08

also where does my ex stand in that as far as im aware his name is not on the deeds.
i had the house first he only came on the mortgage as i wanted to remortgage and didnt earn enough to cover it.
does this mean he isnt entitled to anything?
i am not wishing to shaft my ex but obviously wish to know where we all stand.

Thrugelmir

smnb08 wrote: »

also where does my ex stand in that as far as im aware his name is not on the deeds.
i had the house first he only came on the mortgage as i wanted to remortgage and didnt earn enough to cover it.
does this mean he isnt entitled to anything?
i am not wishing to shaft my ex but obviously wish to know where we all stand.

Discuss this with the solicitor. The property is in joint ownership so you do need to come to an amicable split of the equity. Even if your ex-partner does not receive his share for the foreseeable future. Your ex-partner will still be liable for the mortgage in event of default so its worth taking a reasonable approach. At least you both seem to have put the interests of the children first.

neverdespairgirl

When he first was added to the mortgage, did you draw up an agreement stating what would happen if you split up? If you did, that's the place to start from.