Joint Mortgage and Separation

Flibbet

Hello all I am hoping to get some information on this issue.

My SO and I purchased a new home around 2 years ago, with them putting in the deposit but us gaining a joint mortgage (we are both on the deeds and mortgage as equals.)

Since then we have equally paid into the mortgage and ground rent. The house is worth substantially more than when we purchased it (30k+)

We have since broken up but are living in the same house as current while we attempt to reconcile or go our separate ways. At the moment the house is something that is worrying both of us.

They don't want to sell the property and want to live on it themselves. My SO wants me to transfer the mortgage over to them, and I know they have contacted the bank on their own to enquire about the process. I want a fair resolution for both parties if we cannot fix things and cut ties completely.

What would be the typical resolution for this type of scenario? I am worried about getting soliciters involved or even asking for documents at the moment for fear of things getting messy or my SO thinking I am out for myself and potentially making the scenerio worse, but at the same time am worried about being pushed into signing something and potentially being left homeless.

Thank you for any feedback! Let me know if you require any more information.

amnblog

What is your major concern?


Not rocking the boat, or not getting taken advantage of?

Let_Us_See

Flibbet wrote: »

Let me know if you require any more information.

Yes, what the hell does SO stand for?:o

Mojisola

Let_Us_See wrote: »

Yes, what the hell does SO stand for?:o

Significant Other?

Flibbet

Thanks for the quick response

@AMN blog - both really.

@Let us see - Significant other we aren't married.

Let_Us_See

Blimey.............Significant Other!!! No wonder their relationship has broken down. Is there an Insignificant Other in a relationship?

amnblog

Flibbet wrote: »

@AMN blog - both really.

Both does not sound possible

Mojisola

Flibbet wrote: »

My SO and I purchased a new home around 2 years ago, with them putting in the deposit but us gaining a joint mortgage (we are both on the deeds and mortgage as equals.)

Since then we have equally paid into the mortgage and ground rent. The house is worth substantially more than when we purchased it (30k+)

Three valuations from different EAs - take an average to get the house's value.

Take off the amount your SO put in as the deposit, divide the remainder in two - the result is what you will walk away with. If you want to be ultra-fair, work out what interest would have been made on the deposit money if kept in savings and give your SO that amount.

Also think about sharing the costs of the legal fees, etc.

Flibbet

@amn I guess then what should I do, or what would be the normal course of action?

@Mojisola that's what others have said but that would give me more back than if we just sold it and split the profit. Is that normal?

Angry_Bear

There is a missing step in Mojisola's advice ....

Mojisola wrote: »

Three valuations from different EAs - take an average to get the house's value.

Take off the amount remaining on the mortgage, and the amount your SO put in as the deposit, divide the remainder in two - the result is what you will walk away with. If you want to be ultra-fair, work out what interest would have been made on the deposit money if kept in savings and give your SO that amount.

Also think about sharing the costs of the legal fees, etc.