What to do when the relationship is over?

nickybeal

Hello everyone,

I've recently split up with my partner of 18 years (I know, long time!) and we have a house together.

I'm not the best with understanding the money side of things but I will give some info and if anyone could advise me that would be great please!

We bought the house in 1999 for £41,950 and are both paying an equal amount. The current mortgage value left is £39,950 (we borrowed extra money on it). I have looked at rough values for a house of that type and it's saying that it would be valued between £98,000 and £110,000.

Now this is the bit that confuses me! I'm now living with my parents again and he wants to stay in the house and buy me out. What portion do I get, is it half of the equity on the house? Of course we still need proper valuations but I really need to be sure that I'm getting the best deal and not being walked over!

Any help would be great :-)

Thank you
Nicky

corf999

If the House value is £105,000 and you owe £40,000 on the mortgage then you have £65,000 equity in the house. If you own the property 50/50 then you would be looking for £32,500 as your share minus a couple of hundred fees to your solicitor to manage the transfer and ensure you are free from liabilities.

Ozzuk

Also note that if he wants to buy you out he'll need to be able to afford the mortage and the increase on his own before they can remove you from the deeds.

nickybeal

Thank you I did wonder if that was the case but I needed to confirm it! Well were going to get it valued then speak to the mortgage lender to work out if can afford it after giving me my share :-) we will see!

duchy

Did you both contribute equally to the deposit ?

nickybeal

Yep, equal all the way, far less complicated, well slightly :-)

tea_lover

nickybeal wrote: »

What portion do I get, is it half of the equity on the house?

It's basically what you both agree. As an example - I'm currently buying my ex out. We agreed a current value for the house (didn't get it valued), took into account that I'd paid the whole deposit, then split the rest of the equity 50/50. The mortgage is being transferred into my name, and I'm paying him the amount agreed out of savings.

j.e.j.

nickybeal wrote: »

We bought the house in 1999 for £41,950 and are both paying an equal amount. The current mortgage value left is £39,950 (we borrowed extra money on it). I have looked at rough values for a house of that type and it's saying that it would be valued between £98,000 and £110,000.

So in 16 years you've both paid £2000 off your mortgage??

That's about a third of what I used to pay my landlord, per year, just to rent a 1-bed flat

:eek:

nickybeal

Thank you Tea Lover, we could do it that way I guess but I think I'd rather have it valued just to make sure!

Yeah j.e.j that's a lot of money! I've been looking at renting temporarily but not sure now!

We did loan about £15000 I think for windows, conservatory etc so we've paid even more off!

wiltsguy_2

18 years, that's a good innings though :beer:! i have been with my wife 21 years now and couldn't bear to be apart from her!

I hope your'e ok.

nickybeal

Thanks Wiltsguy, I'm getting there! Getting better every day :-) I hadn't been happy for a long time and put up with far too much, finally got the courage to do something about it!

21 years is a long time, that's lovely :-)