Splitting up advice needed

rpc

You have one property in negative equity (£11k) and one property with about £20k equity. So you have about £9k invested in property. After solicitors and estate agents, you might get £3k each as the end settlement.

If you want him to take on the negative equity, you should be prepared to pay your half of it.

silvercar

If you stayed in the current property, could you afford to keep up with mortgage payments and bills etc if you received your income plus any benefits that you would be entitled to as a single parent plus the maintenance he would need to pay you for your child?

Tinkerbell1981

I would be able to afford the current property but only if it stayed as it is with an interest only mortgage.

rpc

Will the bank still mortgage it with only your name against the debt? If you remain in the house, the mortgage would probably need transferred to your sole name. At that point, they'll probably put it back onto repayment too.

getmore4less

Tinkerbell1981 wrote: »

I would be able to afford the current property but only if it stayed as it is with an interest only mortgage.

You cant afford it.

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Did the rented house go back into both names or stay in his?

Sell the current house, put the rented back into his name

£10k of the equity was from the other house so that goes back, less some about 10% of the equity that the mortgage paid.

Split what's is left after bills. and hope he does not want the rest of the negative equity owed on the rental.

Clean break on the assets financial links except for maintanence.

andy.m_2

you will need to consider that the 50/50 split will take into account the negative equity you will saddle him with in the ex property.
There may well be nothing left and you both walk away with material possessions only.

RAS

Tinkerbell1981 wrote: »

I would be able to afford the current property but only if it stayed as it is with an interest only mortgage.

Have you been on https://www.turn2us.org.uk and checked what support you can get towards your household expenses and in mortgage interest Allowance?

Your ex will pay 10% of his salary for each of your child and his 14 year old. When the lad reaches 18-20 years old that will increase to 15% for your child.

Beyond that you are responsible for the costs of your household.

The courts would regard both houses as being assests of the marriage and would probably award you more than 50 percent but possibly put some sort of order on that meant a payment to you ex when your daughter left home (18-20) if you stayed in the more expensive house.

Otherwise sell both and clear your debts, clean break and start again.