Mortgage advice needed: equity division after split up

Thrugelmir

christinasmummy wrote: »

I'm married and very happy to move on.

To avoid wasting a huge amount of money on legal bills. Be prepared to give a little and start negotiating a settlement. Money's nice to have. But having no stress and worry is priceless.

King_Slayer

Enterprise_1701C wrote: »

If it is interest only then someone is going to have to find the capital at the end of the term, either by selling or another mortgage. How can this possibly be his pension if he pays nothing towards it?

I was wondering the same thing! Also as he's not sharing the cost of the mortgage, won't expect that he will pay off the capital either. OP may find that although £300 is affordable now, being unable to pay off the Capital, resulting in her not owning the property at the end of the term, is just as equal to paying rent. Therefore Neither would be able to benefit from the sale, depending on the value of the property.

christinasmummy

The plan is/was to stay put at a very affordable rate and then sell the house in about 15 years. When we bought the property it was at a time when prices were relatively low in our area... Next door sold their house last month... They had it on the market for 170k last year... Took it off the market, then back on a year later and sold for 205k... Their house is almost identical to ours... So I was planning on keeping an eye on the market value of my house and make sure it didn't dip... So when it came to sell, I would make at least double of what we paid and give him the 50k and walk away with almost 100k and pay the existing mortgage off with the remaining..... Does that make sense??

dimbo61

For now you have very cheap housing at £330 a month.
If you tried to rent you would be looking at £850-900 a month.
Stop worrying about the EX if he tried to move in the police would have a few words to say to him.
Save you money each month and WAIT and SEE what happens

Thrugelmir

christinasmummy wrote: »

The plan is/was to stay put at a very affordable rate and then sell the house in about 15 years. When we bought the property it was at a time when prices were relatively low in our area... Next door sold their house last month... They had it on the market for 170k last year... Took it off the market, then back on a year later and sold for 205k... Their house is almost identical to ours... So I was planning on keeping an eye on the market value of my house and make sure it didn't dip... So when it came to sell, I would make at least double of what we paid and give him the 50k and walk away with almost 100k and pay the existing mortgage off with the remaining..... Does that make sense??

Playing the devils advocate then. Why should your ex wait 15 years for his share of the equity.

Enterprise_1701C

christinasmummy wrote: »

The plan is/was to stay put at a very affordable rate and then sell the house in about 15 years. When we bought the property it was at a time when prices were relatively low in our area... Next door sold their house last month... They had it on the market for 170k last year... Took it off the market, then back on a year later and sold for 205k... Their house is almost identical to ours... So I was planning on keeping an eye on the market value of my house and make sure it didn't dip... So when it came to sell, I would make at least double of what we paid and give him the 50k and walk away with almost 100k and pay the existing mortgage off with the remaining..... Does that make sense??

It does make sense. Would you not be best to force a sale now and move one? As long as you are living in "his pension" he is not going to leave you to live your lives.

At least at the moment you have evidence that he rented the house out without paying the mortgage and he is paying nothing towards your daughter, and you had to pay off the arrears that he left on the house. Everything is in your favour at the moment.

Thrugelmir wrote: »

Playing the devils advocate then. Why should your ex wait 15 years for his share of the equity.

Read the first post - her ex that is refusing to sell.

laurasavon

Are you sure you and your new partner can get a mortgage to buy your ex out, if you can't get one for another property it's unlikely you'll get one for your current property

christinasmummy

No that's my point, with my credit score !!!!!!ed up by him not paying the mortgage for a year and my husband has absolutely no credit which is just as bad!
Maybe I'll spend the next 6 years trying to mend my credit score and then look at getting a mortgage in principle with my husband... Till then, with the help of the occupancy order... Sit tight and pay any extra we earn into a savings account to save for our next family home :-) x

christinasmummy

Thrugelmir wrote: »

Playing the devils advocate then. Why should your ex wait 15 years for his share of the equity.

Because he's refusing to sell or refusing to let us buy him off the mortgage... I would want to wait 15 years till our daughter has left full time education too... The courts don't take lightly to forcing a sale while a minor is occupying the property.
So I guess.... Why should I be forced into this situation rather than why should he wait....

:beer: