I can't have my H back in the house, what happen to mortgage?

Sinked_boat

I can't find any clear info on the internet about what happens to mortgages after separation? Surely loads of people go through this

Would the money we get from the house be split equal ways then the remaining amount to pay on the mortgage be split equal ways? Basically I'm trying to price out what I could afford to buy.

What happens in the 3-4/whatever months it takes to sell the house?

Lets say we sell the house for £220k, we have £120k left to pay on the mortgage, so would I be left with a 60k mortgage and 50k in my bank account?

thorsoak

When you sell, the mortgage is settled with the proceeds of sale - if the mortgage cannot be redeemed with the funds from the sale, then the sale cannot proceed.

So, if you sell the house for £220k with a £120k mortgage outstanding, you will be left with a cash balance of £100,000 - and NO MORTGAGE. You would then have to renegotiate another mortgage.

Sinked_boat

Ok, thanks. So No mortgage and 100k between us?

thorsoak

seradjernie wrote: »

Ok, thanks. So No mortgage and 100k between us?

Correct. You would then have to start again.

If however, you failed to sell- or pay the mortgage and th building society repossessed the house, and you fell into negative equity, you would BOTH be responsible for any shortfall.

Guest101

Unless I'm missing something, u realise that he may not wish to sell and could return whenever he wants?

heartbreak_star

Guest101 wrote: »

Unless I'm missing something, u realise that he may not wish to sell and could return whenever he wants?

I was thinking similar - if it's half his he has a right to be there...

If there has been violence involved you may wish to contact the police, however.

HBS x

RAS

Are you married?

Do you have children?

In whose name are the deeds and the mortgage?

If you are both on the deeds, is it a joint tenancy of tenants in common? Was a deed of trust written at the time of purchase?

jackyann

Just a piece of general advice - always worth talking to the mortgage provider, let them know what is happening.

pinkshoes

seradjernie wrote: »

Ok, thanks. So No mortgage and 100k between us?

The £100k will have any costs deducted before being split between you, so EA fees and solicitor fees.

Providing you don't have kids, and neither can prove they paid significantly more than the other, then it would probably be split 50/50.

Kynthia

Are you married, are you both on the deeds, do you own as joint tenants or tenants in common, did you have a trust deed drawn up when you purchased the place, are there other assets to split, etc?