Shared Equity Home - What to do next?

saverbuyer

Luke1987 wrote: »

We have paid 4 years of the mortgage repayments.

Plan b then, she is happy to stay in the house and continue to pay the mortgage and live there, if it has to be like that then I am happy to let her, what would the implications of this be 10-15 years down the line?

If I wanted to get a mortgage to buy a house with my new partner Im guessing the fact that I would be still liable for 50% of the mortgage would have an effect on a) my ability to get a 2nd mortgage and b) the amount the banks would be prepared to lend?

Also if we decided to sell the house in 10-15 years would she have a case to say that she was due more than 50% of the sale as she has been the one living in it and paying the mortgage?

Thanks

You'd get hit with the extra 3% SDLT after April.

Grenage

mrginge wrote: »

Erm. What?

When I separated from my wife, I simply did a transfer of equity, and the lender changed the name on the mortgage. The name was also removed from the deeds.

mrginge

Grenage wrote: »

When I separated from my wife, I simply did a transfer of equity, and the lender changed the name on the mortgage. The name was also removed from the deeds.

Probably best to read the OP.

Grenage

Wife/Partner/Whatever.

You can still make a transfer of equity.

Luke1987

mrginge wrote: »

No. She has.



You remain liable for 100% for the mortgage.
You would be assessed on affordability as such.
You would be liable for 3% stamp duty surcharge aswell.



Well of course she would. Why would you think you were entitled to any equity gain?

Ive had to move out of the house, Ive had to pay rental costs over and above what she pays in monthly mortgage repayments?

Grenage

Luke1987 wrote: »

Ive had to move out of the house, Ive had to pay rental costs over and above what she pays in monthly mortgage repayments?

You've been paying rent for somewhere else, somewhere you've been living. You've not been contributing to that house.

mrginge

Grenage wrote: »

Wife/Partner/Whatever.

You can still make a transfer of equity.

Perhaps re-read the OP again in a little more detail?

Grenage

You could elucidate the point, but I suppose being a smug douche is almost as useful.

mrginge

Luke1987 wrote: »

Ive had to move out of the house, Ive had to pay rental costs over and above what she pays in monthly mortgage repayments?

So let's say you'd moved out and bought another property instead of renting. You pay that mortgage on your own with no contribution from her.
Then let's say that this other property had increased in value over the last two years by 20k.
Would you be offering to give your ex half of that equity?

mrginge

Grenage wrote: »

You could elucidate the point, but I suppose being a smug douche is almost as useful.

Indeed it is.