Keeping a house after a breakup

FBaby

The issue is with your ex. What she might be amicable to now is likely to be very different soon and if she works in Law, that I would be amazed she would be foolish enough to not realise the implication of doing what is nothing more than a favour to you by staying on the mortgage (excluding the fact she can see it as the best possible investment she can get).

Her risk are mainly that for whatever reasons -and these can happen to anyone, even those honest and willing- you suddenly can't pay the mortgage any longer, the bank will go after her for the FULL amount and that up until you start paying again or the house is sold, with YOUR agreement... Why would anyone take that risk when they don't have to (unlike those who can't force a sell because of children remaining in the property).

The other issue is that despite the cash she has and therefore no need for her share of the equity, she might very much want to invest the money she has in property, but find that no lender will give her the funds she needs because of her link to her existing mortgage, and even more of an issue, the fact that she would need to be stamp duty as she would be buying a second property.

If she is foolish enough to agree to it (would really make me wonder which area of the law she works in!), then good for you, but it might not take long for her to seek advice from someone and realise that she has nothing to gain and all to lose by agreeing to it.

Lloyd90

She would be a real fool to agree to it!

Stop being offended by the people giving you the most sensible advice just because it's not what you want to hear.

You'd be best selling the house and buying yourself a flat or something like that!

cha1n

I'm not offended by anyone, it's just an annoyance of mine when people throw irrelevant questions into the mix. I'm not going into the details of our relationship as it's not relevant, you'll just have to take my word for it that this is something she'd be willing to do. I wouldn't expect her to stay on the mortgage in case there's a minor chance that she'll want to get her own mortgage in the near future but her plans seem to be more to do with travelling and I personally think she'd be better off with a share in the house, which I'd be happy for her to do.

I appreciate the advice I've had and I'll look into a transfer of equity. I'm concerned about how negatively it'll effect our credit rating to cancel a mortgage after only having it a few months, which is another reason I'm looking for options that don't involve selling up.

MiserlyMartin

Hi Cha1n, you are getting some rather stupid comments and responses here from some people who are really not helping. MSE forums get like this for some unknown reason. Wish people would just stick to the facts and issues instead of making things more complicated than they are.

Marvel1

MiserlyMartin wrote: »

Hi Cha1n, you are getting some rather stupid comments and responses here from some people who are really not helping. MSE forums get like this for some unknown reason. Wish people would just stick to the facts and issues instead of making things more complicated than they are.

Any helpful advise?

Lloyd90

I felt the questions were all very relevant because they can lead into practical realistic options for the OP.

Eg how much equity you have, how much your income is etc.

As your income is above £25k then as someone had already suggested you might be able to get a buy to let mortgage as it sounds like you possibly have 25% at the moment.

However, how much of that 25% belongs to your ex partner?

Pixie5740

cha1n wrote: »

I'm not offended by anyone, it's just an annoyance of mine when people throw irrelevant questions into the mix. I'm not going into the details of our relationship as it's not relevant, you'll just have to take my word for it that this is something she'd be willing to do. I wouldn't expect her to stay on the mortgage in case there's a minor chance that she'll want to get her own mortgage in the near future but her plans seem to be more to do with travelling and I personally think she'd be better off with a share in the house, which I'd be happy for her to do.

I appreciate the advice I've had and I'll look into a transfer of equity. I'm concerned about how negatively it'll effect our credit rating to cancel a mortgage after only having it a few months, which is another reason I'm looking for options that don't involve selling up.

How would we know what questions are irrelevant when you won't give us the relevant information but instead choose to use language such as "for the purpose of this exercise," why don't you just give us the facts as they are rather than a series of exercises?

There's a big difference between, "will have no desire to be paid back straight away," and "does not have any desire to be paid back straight away."

Pixie5740

The facts which you are so keen to have are that you cannot afford this property on your own and that if you wish to retain the property will have to do so with the good graces of your ex.

Thrugelmir

This is a UK site. Before you start spamming everywhere.

Bossypants

The only way that I can see of you keeping the house right now is finding a way to make up the £65,000 (or, if you can find a lender who will lend you x5 your salary - there are still a handful - £45,000).


You could see if your ex would agree to give you a year or so to pull it together, while you do whatever you need to (over time, second job, eBaying everything that isn't nailed down, living like a monk to save as much of that £1500 as possible). Any chance you have a flash car and a couple of Rolexes you could sell? An octogenarian relative who really wants to watch you 'enjoy your inheritance' while they are still alive? Anything like that?


I'm not being entirely glib here. Only you know your financials in detail, but if you really, really, really wanted to, it *might* be possible to pull something like that off. Everything starts with a conversation with your ex and then one with a good broker, though. Until you've had those, you really have no idea where you stand.