Help ! Splitting up and selling house.

Zacwhite

Help ! I need some advice asap on this - my partner and I bought a property 50:50 as cash buyers. However, we are now splitting up so I will move out. The property cost £350k. How do I get my £175k ? She obviously cannot afford to just pay me my share so does she have to sell the property even though she wants to stay there ? Many Thanks

theartfullodger

Are you defined as "joint tenants" or "tenants in common" with land registry?
https://www.gov.uk/joint-property-ownership

How & where (eg on paper, signed by both and witnessed..) was the 50/50 split agreed??

Once you'd moved out it will be very hard to force her to sell, albeit there are ways, but they are complex and slow (understandable). Suggest you discuss with a GOOD solicitor who can demonstrate he understands this sort of problem..
https://www.citizensadvice.org.uk/relationships/relationship-problems/relationship-breakdown-and-housing/if-you-live-with-your-partner-relationship-breakdown-and-housing/if-you-live-with-your-partner-and-you-own-your-home-relationship-breakdown-and-housing/

AnotherJoe

Can she afford a mortgage for £175k?

Zacwhite

Hi and thanks for reply. We are Joint Tenants and want everything to be amicable but I don't want to force her to sell and I cannot afford to just "write off" £175k so feel stuck...

penguingirl

Does she have an income? Would it be enough to get a mortgage for £175k? When did you buy- is your house still worth £350k? Do you have any children in the house?

TBagpuss

The options would be:
1. She gets a mortgage to buy you out
2. You sell the house and both get your money out
3. IF she can't get a mortgage for as much as £175K you *could* agree that she pays you a smaller lump sum now, and you have a reduced % share of the property, with n agreement to sell the property at a (set) later date, if she thinks that there is a realistic prospect of her being able to raise a further lump sum within a reasonable timescale. This option of course means that you have less money available to you in the short term so is only practical if you would be willing to delay getting (some of) your money, and it would be vital for you to have a clear agreement (both of you getting separate legal advice) to ensure that you had very clear provisions for when / in what circumstances the property will be sold if she can't buy you out.
4. You could agree to defer the sale and have an arrangement in the mean time for her to occupy the property, paying rent. Again, you would need to be very careful to get proper advice and ensure that there is a very clear agreement about the length of time she can stay and when you will sell the house.