Renting my half of the mortgage to the other owner

jivebunny

I agree, but she won't get a mortgage for the house on her own and there's nobody to buy me out. The house is up for sale and must remain so as part of the deal.

I would assume we wouldn't have too much trouble selling it over the next year due to the location and condition it's in, but you never know.

jivebunny

Jeffrey_Shaw wrote: »

Either way, what the parties negotiate between themselves is irrelevant from the mortgagee's viewpoint.
They remain jointly and severally liable for 100% of the mortgage payments (i.e. not 50% each).

Covering the mortgage won't be a problem. Neither of us would stop paying.

It's more the negotiating between each other and how we make sure that we both stick to what's agreed.

If we meet with a solicitor to discuss, will they basically be able to bind us to whatever weird and wonderful rules and scenarios we come up with?

Any ideas on rough costs for drafting such a document?

Werdnal

jivebunny wrote: »

I agree, but she won't get a mortgage for the house on her own and there's nobody to buy me out. The house is up for sale and must remain so as part of the deal.

I would assume we wouldn't have too much trouble selling it over the next year due to the location and condition it's in, but you never know.

Am I the only one here wondering if the remaining partner still living in the property is going to keep up the "actively marketing" part of the deal? OP if you are absent when viewings are being taken, and you sign up to agree to allow your ex to stay put, do you think they are going to be welcoming to viewers, present the place in the best condition, point out all the good points and make the place irresistable to any prospective purchasers? I just think they will sit tight, and try everything possible to keep their cosy roof over their heads for as long as possible.

If you really want to make a clean break and new start, sell it before you sign up to this new "agreement", both take what is owed to you from the sale, move on and start again. IMO, tying yourself up in knots like this will only complicate matters.

Jeffrey_Shaw

jivebunny wrote: »

It's more the negotiating between each other and how we make sure that we both stick to what's agreed.

If we meet with a solicitor to discuss, will they basically be able to bind us to whatever weird and wonderful rules and scenarios we come up with?

By a Deed duly completed. Each of you will need separate legal advice, of course.

jivebunny wrote: »

Any ideas on rough costs for drafting such a document?

Maybe £150-200 + VAT.

jivebunny

Werdnal wrote: »

Am I the only one here wondering if the remaining partner still living in the property is going to keep up the "actively marketing" part of the deal? OP if you are absent when viewings are being taken, and you sign up to agree to allow your ex to stay put, do you think they are going to be welcoming to viewers, present the place in the best condition, point out all the good points and make the place irresistable to any prospective purchasers? I just think they will sit tight, and try everything possible to keep their cosy roof over their heads for as long as possible.

If you really want to make a clean break and new start, sell it before you sign up to this new "agreement", both take what is owed to you from the sale, move on and start again. IMO, tying yourself up in knots like this will only complicate matters.

That is a concern. Especially when the new bloke moves in. She’ll find she’s filled the financial hole I left, is happy as larry with her new bloke and could potentially carry on as they were indefinitely.

This is why we’d have to be able to review the situation at, or a few months prior, to the end of the fixed mortgage. And by review it I mean end it if I wanted to and move back in. This would hopefully be a deterrent to such antics. But I do worry that if I move out I’m giving up some legal right to return.

As far as selling it, she’s too house proud to slag off her own place to potential buyers and it’s spotless every day anyway. She could be lazy with pushing the estate agents although I could make up for that.

jivebunny

Jeffrey_Shaw wrote: »

By a Deed duly completed. Each of you will need separate legal advice, of course.


Maybe £150-200 + VAT.

Thanks Jeffrey.

That price seems reasonable. I'll need to find a local solicitor as we used her's to buy the house.

Would I search for someone who is 'Property law' or is there a better term to look for.

Werdnal

jivebunny wrote: »

Thanks Jeffrey.

That price seems reasonable. I'll need to find a local solicitor as we used her's to buy the house.

Would I search for someone who is 'Property law' or is there a better term to look for.

Jeffrey's signature tagline might give you a clue

Jeffrey_Shaw

Werdnal wrote: »

Jeffrey's signature tagline might give you a clue

You might well say that; I could not possibly comment.

jivebunny

Werdnal wrote: »

Jeffrey's signature tagline might give you a clue

Jeffrey_Shaw wrote: »

You might well say that; I could not possibly comment.

ha, ha. You should've replied with one of these Jeffrey:

:whistle:

I will certainly bear you in mind should this progress.

Just had another viewing confirmed. :cool:

dopester

jivebunny wrote: »

My issue is that while I’m happy to charge her occupation rent for only for my half of the mortgage, I feel it’s likely that within a few months her new fella will move in a reap the benefits of the house which I paid for. He’ll use my stuff – bringing the associated wear and tear - and only have to pay half the mortgage, which would be ~£150 a month less than what I would get if the house was rented it out: (Market rental value – mortgage repayment)/2

Have a read of this thread.

Not exactly like yours, as the joint mortgage person who left didn't expect rent coming back to them, but shows some of the risks.

The ex and new boyfriend living happily together.... then told the joint mortgagee that he needs to begin repaying the mortgage because her and new boyfriend want more money to spend on themselves. (My interpretation of it anyway)

https://forums.moneysavingexpert.com/discussion/comment/45772630#Comment_45772630