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How to split with your partner?
kingbuxton
Posts: 104 Forumite
Myself and my partner are currently splitting. We have all arrangements ironed out in terms of money, kids, furniture etc. The last thing is the house.
She is looking to move back home, and doesnt want the house. I however would like to retain the house and want to buy her out. Seems very complicated.
I should be easily be able to afford it on my own as it stands. I do however need to borrow X amount to pay her off.
The house was bought for 82k 5 years ago, and is now worth approx 100k due to the money invested in the house. How much is a fair pay off for her, and how will that affect my mortgage payments do you think?
Do we need to involve solicitors at all during this process. We are very amicable.
She is looking to move back home, and doesnt want the house. I however would like to retain the house and want to buy her out. Seems very complicated.
I should be easily be able to afford it on my own as it stands. I do however need to borrow X amount to pay her off.
The house was bought for 82k 5 years ago, and is now worth approx 100k due to the money invested in the house. How much is a fair pay off for her, and how will that affect my mortgage payments do you think?
Do we need to involve solicitors at all during this process. We are very amicable.
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Comments
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Assuming you are both named on the register of title at the Land Registry then she is entitled to 50% of the equity (this does assume you hold the property as Joint Tenants).
What is your outstanding mortgage?
Solicitors will need to be involved to remove her name from the mortgage - your lender will not automatically permit this if you alone do not meet its affordability criteria please note.0 -
one would think that the children would be a consideration (depending upon age of course)0
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kingbuxton wrote: »Myself and my partner are currently splitting. We have all arrangements ironed out in terms of money, kids, furniture etc. The last thing is the house.
She is looking to move back home, and doesnt want the house. I however would like to retain the house and want to buy her out. Seems very complicated.
I should be easily be able to afford it on my own as it stands. I do however need to borrow X amount to pay her off.
The house was bought for 82k 5 years ago, and is now worth approx 100k due to the money invested in the house. How much is a fair pay off for her, and how will that affect my mortgage payments do you think?
Do we need to involve solicitors at all during this process. We are very amicable.
Well done you are to be admired as it is not always easy to agree especially when children are involved.
If you are married your partner will be entitled to 50% of house price value even if not on deeds of house and didn't pay mortgage, but if not married it is a different story. You need to get legal advice.
Good luck at this difficult time.
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one would think that the children would be a consideration (depending upon age of course)
He did mention he and partner had agreed arrangements with regards children so they are both to be admired putting their children first......cant understand why you mention this as it is confirmed they have done as above.0 -
Cheers for all the replies guys (bar one moron.)
Spoke to the mortgage company today and they feel 10k is a fair amount as a pay off, they are going to get a specialist to ring me Saturday to confirm it is ok for me to take it on etc.
House aside, we are splitting furniture etc tonight by sitting down and outlining who is having what. Does all this need to be signed on something official would you say?0 -
He did mention he and partner had agreed arrangements with regards children so they are both to be admired putting their children first......cant understand why you mention this as it is confirmed they have done as above.
It seems a little odd to have come to firm financial arrangements about the children which has not included the house finance.0 -
kingbuxton wrote: »Spoke to the mortgage company today and they feel 10k is a fair amount as a pay off,
Doesn't answer the question as to how much equity is in the property or what your ex will agree to.
While matters may start amicably. If one party attempts to take advantage then the relationship can soon sour.0 -
They pretty much said there was 20k equity in the house I think.0
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kingbuxton wrote: »They pretty much said there was 20k equity in the house I think.
Bought for £82k and valued at £100k.
No mention of outstanding mortgage balance. This will determine the equity.0 -
Think they have said we have about 20k to 25k equity in the house.0
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