Property advice

pixie76

Could really do with some advice as just don't know what to do for the best regarding my house.

I bought my council house in 2009, it was valued at 92k & I got a 30k discount from the council as I had lived there & paid rent many years previous to that. So got the house for 60k Early last year I separated from my husband, I had a very tough time with him over the years and he was abusive. Because I got the mortgage based on my own income and paid for the mortgage & a lot of the improvements he has walked away from the house & says he will sign papers to stipulate that.His name is secondary on the deeds.

Fast forward to this year, I have been seeing someone for the past six months & have stayed at his an awful lot. He is renting a flat and pays £450.00 a month. It is in a nice village type area & I feel happy & less stressed away from my house. am still paying my mortgage (it is just £379.00 a month) .

Cut to the chase I just do not know what to do anymore. Although it is a smallish monthly payment the house needs extensive work to the kitchen & many of the rooms need re plastered. The place holds bad memories for me & my partner & I have never spent a night at my place. I know long term that we cannot pay for both a flat & a house (two sets of bills for each place as well as mortgage/rent). I am tempted just to say to my ex I don't want it & just walk away. Another option could be to hand it back to the council however I don't know how much it would currently be worth as in a state of disrepair and I could end up owing them money. I could get the work done then rent it out but it is going to cost me thousands of pounds...

I am quite frugal & I would rather pay a low mortgage than throw rent at somewhere but I just don't want to be there & want to move on with my life. I feel at peace & happy with the area my partner is in and would love to stay in this area long term. Sorry for the rant .. I just don't know what all my options are & what would be the right thing to do...

princeofpounds

Maybe I am missing something here...

Why not just sell it? If your ex will sign it away great, but if not split the equity and go your separate ways.

Ps are you divorced now with a financial settlement? Makes a big difference.

G_M

As above!

Why when you divorced (you have haven't you?) did you not sort out your finances and property?

If you had (and got the property into your sole name) you could just sell.

If it is still in joint names then either
* your ex will agree to sign, you can sell, and walk away with the equity or
* you do a deal with your ex to split the equity

Thought: is the issue that under the terms of the Right-to-Buy discount you are not allowed to sell for X years? How long?

pixie76

We are not yet divorced , if I wanted to do a transfer of equity the papers would go hand in hand with the divorce.I think after just over 3 years I would lose some of the discount , plus anxious about the work that needs done to the property...

G_M

pixie76 wrote: »

, plus anxious about the work that needs done to the property...

anxious in what way? It will simply affect the sale price. Either do the work and get a better price (perhaps) or don't and sell at a lower price.