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New mortgage help
Danny-147_2
Posts: 2 Newbie
Hi all.
I'm moving in with my partner next week and we have a major problem in regards to buying her house, ie her ex.
She got with her ex when she was 17 and since she was to young to be put on a mortgage he got the mortgage solely in his name. The whole time though she has either been paying 50% of the mortgage and a lot of the time since he was to lazy to work she either paid all or the majority of it. They have been broken up for near 2 years now and for well over a year he has not been living in the house in which time she has paid 100% of the mortgage.
We spoke to him about buying the house from him and he agreed he wanted off the morgage so that he can get his equity from the house. Myself and my partner have been granted permission for a mortgage and set it all in motion ie a bank has agreed to give us a mortgage, we had someone from the bank come out and value the house and we have also spoken to a solicitor who has agreed to do it for us once everything is sorted with the ex.
The problem is the ex wants 25% more money than he has equity in the house as he feels the house should be worth more when it isn't. He's basically told us that unless he gets the money he wants he won't sell to us or let us sell it to someone else so that my partner can get her equity from the house.
They are still married despite being broken up for 2 years aswell as having 2 young kids together.
Anyone know what we can now do? We are happy to give him his full equity from the house which is a lot of money but he won't take it.
Thanks for any help.
I'm moving in with my partner next week and we have a major problem in regards to buying her house, ie her ex.
She got with her ex when she was 17 and since she was to young to be put on a mortgage he got the mortgage solely in his name. The whole time though she has either been paying 50% of the mortgage and a lot of the time since he was to lazy to work she either paid all or the majority of it. They have been broken up for near 2 years now and for well over a year he has not been living in the house in which time she has paid 100% of the mortgage.
We spoke to him about buying the house from him and he agreed he wanted off the morgage so that he can get his equity from the house. Myself and my partner have been granted permission for a mortgage and set it all in motion ie a bank has agreed to give us a mortgage, we had someone from the bank come out and value the house and we have also spoken to a solicitor who has agreed to do it for us once everything is sorted with the ex.
The problem is the ex wants 25% more money than he has equity in the house as he feels the house should be worth more when it isn't. He's basically told us that unless he gets the money he wants he won't sell to us or let us sell it to someone else so that my partner can get her equity from the house.
They are still married despite being broken up for 2 years aswell as having 2 young kids together.
Anyone know what we can now do? We are happy to give him his full equity from the house which is a lot of money but he won't take it.
Thanks for any help.
0
Comments
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When you say give him his full equity, do you mean an equal 50-50 split between the pair of them?The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
If your partner is still married to her ex I would tell her to get some legal advice. When I got divorced(granted 9 years ago)because we had a son together and he was staying with my ex it turned out because of my son the ex was entitled to 2/3rds of the equity and me a third. In the end it was done 50/50. Things could of changed but would defo make enquiries0
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When you say give him his full equity, do you mean an equal 50-50 split between the pair of them?
Yes it would be 50% each despite him not really deserving it due to not living here for over a year so not paying anything towards the mortgage and similar with him being to lazy to work for certain periods and paying little or nothing.If your partner is still married to her ex I would tell her to get some legal advice. When I got divorced(granted 9 years ago)because we had a son together and he was staying with my ex it turned out because of my son the ex was entitled to 2/3rds of the equity and me a third. In the end it was done 50/50. Things could of changed but would defo make enquiries
Both kids will be living with my partner and myself. Will be seeking legal advice if it isn't sorted soon enough. Just looking to find out if possible what the rules would be regarding all of this.
Thanks for both of your help.0 -
Best to get some legal advice I think. He is being unreasonable to be expecting more than a 50-50 split.
When my sister got divorced, because there were children under 16, she was granted the right to remain in the house until her youngest child turned 16 and then the house was to be sold & the proceeds divided 50-50 between her & her ex.
Are you & your partner living in the house in question?The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0
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