Splitting up with girlfriend joing mortgage advice

jordanb84

Me and my gf purchased a house around a year and a half ago on a 3 year term, overall it is around 30 years.

We purchased the house for £75k, and I paid around £10k from my own savings and help from family members.

I am hoping to be able to take on the mortgage myself, I have done some basic sums and while it will be tight, I recon that I could manage.

If the lender wont let me take it on myself then I recon my parents could possibly be guarantor.

The question is, my girlfriend is asking what is owed to her when she leaves, bearing in mind that Im pretty sure that the house prices havent rose in my area, if anything they will probably slightly decreased, and also that I have paid the £10k at the start.

Many thanks for any advice, we were 1st time buyers, and as such am not too clued up on mortgages etc,

thanks

suburbanwifey

This isn't going to be helpful to your predicament and I do apologise about that, its just an opinion of mine that I wish to voice - but I do wonder why a man & a woman, who are just boyfriend and girlfriend would happily take on a 30 year commitment, in the form of a mortgage, when they don't consider their relationship serious enough or long-term enough to warrant marriage. Seeing how you have both split up only 1 1/2 years into this relationship/mortgage, it is beyond belief that couples out there are still doing this!

If lenders only gave mortgages to married couples who actually do plan on having a long-term future together, I think situations like this would happen a lot less!

jordanb84

I appreciate your opinion, but me and my gf were going steady for 6 1/2 years prior to getting the house and mortgage, we were living together for approx the last 4 years or so of that 6 1/2 years, so we couldnt have envisaged that things would have turned out like this.

CLAPTON

how much deposit did she put in?

jordanb84

she didnt put in any of the deposit.

suburbanwifey

jordanb84 wrote: »

I appreciate your opinion, but me and my gf were going steady for 6 1/2 years prior to getting the house and mortgage, we were living together for approx the last 4 years or so of that 6 1/2 years, so we couldnt have envisaged that things would have turned out like this.

A 30 year mortgage is a big commitment, can't you work at your differences and work at your relationship rather than throwing away your joint home and the 6 1/2 years you have both invested in your joint lives? Isn't that an option too?

jordanb84

I do appreciate your input, we have tried, but things just arent the same anymore, we have talked and talked about this over the last few months and would rather leave it the way things are so we can still remain really good friends, unfortunately there is no future for us together.

suburbanwifey

jordanb84 wrote: »

I do appreciate your input, we have tried, but things just arent the same anymore, we have talked and talked about this over the last few months and would rather leave it the way things are so we can still remain really good friends, unfortunately there is no future for us together.

I'm sorry to hear that it hasn't worked out for you. Taking into account your individual circumstances I would say that you are quite fair in asking for that 10K back as you were indeed the one that invested that 10K in the form of a deposit. However, it will depend on the terms of your ownership (joint tenants?) as to if you will be entitled to that in the division of proceeds should the house be sold. If she is decent and does the right thing, she will allow you to have that back. But sadly, when relationships fail, sometimes people do not do the decent thing. Has she indicated how she feels about that 10K and what she feels she is owed on a more specific basis?

jordanb84

thanks,


I would not be asking for the 10k back as hopefully I would be able to keep the house.

We are joint names on the mortgage, we are still living together and on really good speaking terms, so I recon this should go relatively smoothly.

She is just worried about moving out and having to find somewhere else to stay and paying for a new place, I am concerned for her aswell as I dont want to see her out of pocket or struggling to get by month to month basis.

suburbanwifey

jordanb84 wrote: »

thanks,


I would not be asking for the 10k back as hopefully I would be able to keep the house.

We are joint names on the mortgage, we are still living together and on really good speaking terms, so I recon this should go relatively smoothly.

She is just worried about moving out and having to find somewhere else to stay and paying for a new place, I am concerned for her aswell as I dont want to see her out of pocket or struggling to get by month to month basis.

But you need to consider you would be taking that 10K back, as if you remortgage to your name only and she is taken off the house and deeds, if she is legally entitled and she pushes that issue, she could well demand that she is paid that money by you. You would have to find half of the equity to give to her as she may well be entitled, regardless of that 10K you put in. Property division isn't always fair sadly, especially in situations such as yours. However, if you got her to agree (she should agree, you put that 10K in, not her) to take no equity from the property (that is, in fact, if there is any equity in light of fluctuating house prices since you bought) then the transfer of the mortgage and deeds to you from joint ownership/responsibility should go relatively smoothly. Have you had a valuation of your house yet? before you do anything else I would advise you to get an estate agent around (or 2) to see what your house is currently worth. Then you can figure out what (if any) equity is in the property. Then, the job is to figure out how to remover her as quickly and cleanly as possible.

jordanb84

thanks for the advise, It is really confusing to me with regards to everything to do with mortgages, I dont really understand mortgages at all tbh. A house sold next door to me recently for 75k ish which is a 2 bed, ours is a 3 bed needing modernising upstairs, next door was decorated throughout.
I would be happy if she aggreed to just sign over to me, and if I would be owed any money from her then I would let it go, as she is not in a very good financial footing.

thanks