Any advice ?

carlym81uk

Hi there

I split up with my long term boyfriend in January, and we had just bought a house in July 2012 together. I moved out of the house in August, but i'm still continuing to pay my half of the mortgage. Getting so fed up with him, trying to reason with him and get him to sell it, but he keeps making excuses (depressed, busy at work) so won't come down with me to see a solicitor. I'm on the verge of having to raise a court order to get the house sold, but if i could avoid that, i would. I met him last night and he has now asked if i would consider renting the house out. Our mortgage is with HBOS and apparently all we have to do is sign a missive to say we will rent it out. I don't know why he even wants to do this, or of what benefit it would be long term. I just want rid of it. He also asked me if i do not want to do that, then to give him a figure so that he could see about buying me out. I have no idea what kind of figure to give him. Does anyone know anything about this sort of thing?
Thanks all
Carly
x

Pixie5740

If I were in your position I would want to avoid renting it out too. Like you I would just want to sell the house, sever all ties and get on with my life.

Did you both contribute equally to the deposit or did one of you put more in than the other?

carlym81uk

Hi thanks for replying.
He put in the 20k deposit, money which he released as equity from his other property. The mortgage is in both of our names though . I do just want to move on with my life now, this has been going on long enough and really is becoming a stress in my life. x

ACG

Did you put down any deposit?

If not then i dont think you can ask for too much - maybe your payments since you moved out/since you asked him to sell it?

19lottie82

I’d advise against renting it out as well,especially if you want to move on with things without being tied to your ex.



Is your ex in a financial position to takeover the mortgage alone?

BitterAndTwisted

You both arrange for independent valuations and agree a price based on those. He then applies for a mortgage in his sole name and if he can get one he buys your share from you. Whether you will any money from this transaction depends on whether there's any equity after his deposit is deducted from the proceeds. This is likely to cost you a whole heap less than going to court to force a sale.

In your position I would not agree to letting the property as that just continues the financial tie between the pair of you. Meanwhile you both have to finance somewhere else to live and cover the mortgage-payments if or when you don't have a tenant paying rent.

Pixie5740

BitterAndTwisted wrote: »

You both arrange for independent valuations and agree a price based on those. He then applies for a mortgage in his sole name and if he can get one he buys your share from you. Whether you will any money from this transaction depends on whether there's any equity after his deposit is deducted from the proceeds. This is likely to cost you a whole heap less than going to court to force a sale.

Since your ex-boyfriend put in all of the deposit I'd go with what B&T says. Good luck with sorting it all out. I hope the ex can get a mortgage for the property on his own so you can put this all to rest.

Foxy-Stoat_3

Get your ex to go to the lender to see if they will accept him on his own. If they will and he earns enough then you can sign a transfer of equity to him. Legal/mortgage fees shouldn't be more than £1000.

If you ask for the equity you have contributed since you bought it and pay half of the legals then will be fair. I would say, dont ask for anything but you won't be paying any of the legal costs. Make sure your name is off all utility bills as well.

If you don't want to be fair then you have another road to go down.....

Kynthia

BitterAndTwisted wrote: »

You both arrange for independent valuations and agree a price based on those. He then applies for a mortgage in his sole name and if he can get one he buys your share from you. Whether you will any money from this transaction depends on whether there's any equity after his deposit is deducted from the proceeds. This is likely to cost you a whole heap less than going to court to force a sale.

In your position I would not agree to letting the property as that just continues the financial tie between the pair of you. Meanwhile you both have to finance somewhere else to live and cover the mortgage-payments if or when you don't have a tenant paying rent.

This. Do you want to be a landlord with all the risks and responsibilities? Do you want to be tied to him and the property as well as declaring income to the HMRC?

Ask the EA for an achievable price, see if he can get a mortgage for the property on his own and find out the cost of any early repayment charge and legal fees to do this. Then deduct the outstanding mortgage balance, his deposit and all the fees from the achievable sale price quoted and half of this figure is what you ask for.

princeofpounds

Same advice.

Bear in mind that as you have not owned the house for very long your equity repayments will have been pretty minimal and so you are unlikely to be due much, if anything, from the sale or transfer of equity of the house. Maybe a bit if prices have gone up.