Sell or Buy out? Help needed

jermaindefoe

I am in need of some desperate help, I have no family to turn to advice from, only my ex’s parents (who of course have her best interests at heart) and I feel lost and confused (mainly because for the last 10 years my ex has sorted everything out)

It started that at Christmas my now ex cheated on me, decided that was that and wanted to separate. I am currently being harassed by her to sell the house we jointly own as quickly as possible so she can get out.

The house was bought for 187 and was valued at 235 this week, we were also told it can get 1000 a month in rent. Stupidly however, I recently put all my inheritance from when my parents died on the joint mortgage (50:50) and now im about to get screwed over (this stupidity is probably why she left me in the first place) …. You can see where this is going

I have been given her word that she will only take her equity but when she gets angry she threatens me to take 50% (sometimes even more) and is continually harassing me in to contacting the estate agent to agree to put it up for sale, why she doesn’t just do this is beyond me. I am hoping someone can advise me on which would be best to do. If I sell the property she will get half, on completion day and may not give me anything back, if I buy her out I think im right in saying I can choose how much to buy her out for? In which case I cover myself but still own a house
I have a decent job, im earlish in my career, earn 50k a year but currently pay 600 a month in train fair to commute from ashford to London. If I sell or even rent my next step is to move to London and rent.

As ive said, I have nobody to ask for advice and feel scared and confused, I was hoping someone might be able to provide me some kind assistance for a fellow human in need 

Thanks

Ma77hew

Sorry to read this.

If I was you I'd speak to a solicitor, you can usually get 30 mins free. I think you can do some kind of financial separation agreement, so in that you really want to state you want X back (ie your inheritance) and then presumable the remaining equity paid 50/50.

When you sell a house the solicitor forms ask where the money should go, and you can split it anyway you want as long as you both sign the forms so I don't think you need to worry about her being paid the money and then you having to ask for it back.

If you want to buy her out, you need to work out how much to offer her, you should do that by working out how much equity is in the house, after your inheritance deduction and dividing it by 2. You would need to arrange a mortgage (assuming you dont have the cash) to be able to cover this amount, plus be able to take on your existing mortgage without her income so you can get her taken off the mortgage and house ownership.

If your thinking of relocating, I would get the financial seperation agreement sorted and then sell the place jointly, at least that way you split the selling fee's.

Make sure you do everything by the book via a solicitor, don't give her any money unless documents are signed transferring sole ownership to you.

jermaindefoe

Thanks for this

I am still considering the rent option just because it might make me a bit more money - i asked a solicitor for cost of setting up that document and he said 180 initial discussion and then we can talk about how much more from there! A little steep but what can i do, got me by the short and curlys

Thrugelmir

Don't be bullied by your ex. However difficult it maybe. Stand your ground.

How much do you owe on the mortgage?

amnblog

You have not mentioned the outstanding mortgage nor how much she wants out of the property.

Your quickest and easiest option if possible is to remortgage to raise the cash to buy her out and rent the property out. That way you hold the cash and just need her to sign the property to you for her to get her hands on it.

In the first case sell nothing until you have a signed agreement that she only gets her 'true' equity out.

Contact a solicitor, contact a mortgage broker.

[your user name tells me you deserve some decent advice]