Getting mortgage after separation

Vashta

Dear All,

I'm hoping that someone here may be able to advise me - I've tried to get an answer out of quite a few people but no-one has been forthcoming as yet.

I've been with my partner for 6 years and, although not married, we do have a joint mortgage on a house that we have owned for over 2 years now.

Sadly, recent events have made me come to the difficult decision that I am going to have to end my relationship and strike out on my own, but I want to know exactly where I stand before I initiate anything - I want to try and make the transition as painless as possible as I still love my partner very very much and don't want to cause more hurt than will be naturally caused by the split.

He won't be able to afford the mortgage on our house alone, and so we will have to sell up. I've done my research and know that I can both afford a mortgage on my own (for a smaller property of course) and that I will be able to get said mortgage if I apply.

What I would like to know is how it would work with deposits etc? I know when you're moving around when renting that you can't 'transfer' the deposit - so you have to find that extra £1k for the deposit on the new property, and then you get your £1k deposit from the previous property back after the move etc. I'm assuming that this is different when you move house and are in a chain, do deposits become something a little more 'transient'?

I have what should amount to just over £15k equity in my current house when it's sold - what I need to know is whether I would have to find an extra £15k or so to cover a deposit & legal fees etc when moving from the old house to a new one, or can I somehow use that equity I have in my current property?

Does that make sense? Any advice appreciated

Thanks all

Vashta

kingstreet

You use the equity.

If you sell and buy on the same day, the solicitor simply uses the money he's got left over after paying off your current mortgage, added to the new mortgage money, to pay for the new property.

If there's a gap between the sale and purchase, you'll be paid the difference by the solicitor who'll then ask you for it later when it will be needed for the deposit.

Vashta

Thanks so much kingstreet - it's what I had suspected but just wanted a straight answer on.

It's a horrible situation but, I imagine, one that is very common.

Kindest Regards

Vashta

kingstreet

You're welcome.

Relationship breakdown is one of the most "popular" subjects we come across on here, sadly.