What to do and options?

FocusQueen12

I am separated from OH and have a house in 17k negative equity. value approx 80k. Looking at approx 3 years to get to manageable saleable level. At this point the house may be sold, but do the costs of sale come out of any equity when parties are separated or will I have to burden the cost whatever?

I am early forties now so will I be struggling to get another mortgage either for current house on a remortgage on my own on a different house?

Have considered overpaying but this is a dilemma as I'm getting no help.

Any thoughts?

HappyMJ

FocusQueen12 wrote: »

I am separated from OH and have a house in 17k negative equity. value approx 80k. Looking at approx 3 years to get to manageable saleable level. At this point the house may be sold, but do the costs of sale come out of any equity when parties are separated or will I have to burden the cost whatever?

I am early forties now so will I be struggling to get another mortgage either for current house on a remortgage on my own on a different house?

Have considered overpaying but this is a dilemma as I'm getting no help.

Any thoughts?

Do you have any other assets?

You have to be very lucky for a property currently worth £80,000 to increase in value by £6,000 per year over the next 3 years so you are no longer in negative equity.

FocusQueen12

No assets only an old car. House valve has not increased in the last 5 years. This is reduction just by the payments process which will get the two figures close enough.

G_M

Well, someone has to pay the costs of sale.

If you are getting divorced, it should all be part of the divorce agreement.

If you are not married, you'll just have to agree between you how to dispose of the shared assets and who bears what costs.

FocusQueen12

Yes, of course the costs have to be covered. It would be best to refund the costs from the proceeds if any surplus!