Advice on my options :(

lettingyouwin

I just checked the loan and its got 3 years left.

Just exactly what will I be entitled to if the house is sold?

bigadaj

Sounds like you between ten and twenty grand of equity between you. Logically therefore, and leaving your child to one side initially, you would negotiate from a position that you could force a sale and potentially get half the equity from the sale.

In reality you have your child there, so as well as the loan a,Lunt now much maintenance do you pay, and how much does this compare with what you might have to pay if it was CSa or court ordered?

Knowing this you can then assess where you are in financial terms, but there's also what you need or want to do for your child.

Thrugelmir

Unlikely you would be able to force sale of the property. As its your sons home. Providing your ex maintains the payments, albeit on interest only terms, then the status quo will remain.

You'll remain on the mortgage as long as your son is regarded as a child in the eyes of the law. I suspect.

As to division of the equity in the asset. Best to park that now until the appropriate time arrives. As joint owners you'll need to come to a compromise. As making it legal will merely eat up the profit in solicitors costs.

As for your own debt. Save up hard and build a lump sum to clear it with.