Splitting up with girlfriend - Advice Needed

haras_nosirrah

The 50/50 approach is the fairest

e.g. you bought for £210k so each of your shares is worth £105,000

girlfriend bought her 50% for cash, you bought your 50% with a mortgage of £105,000 so her equity on the day of completion is £105,000, yours is £0

moving on till now the house is worth say £260,000

your shares are both worth £130,000

the girlfriend therefore has £130,000 equity in the property
you have £130,000 minus your current mortgage which is say £95,000 as you have been repaying the capital over the last 4 years. That means you have equity of £35,000 (which is the increase in value of your half plus the money that you have paid off the mortgage.

To buy you out your ex will need a mortgage of £130,000 to pay off the 95k mortgage and to give you your 35k to go.

Brighty

Does your ex earn enough to get a £130k mortgage on her own? That could be an issue

getmore4less

Op is yet to say what the place is worth now.
£210k in 2013 I suspect it could be quite a bit higher now.

The OP OH needs to get a mortgage for 50%.

davids1982

A lot of interesting points have been raised. I think it would have been a lot easier (and fairer) to sell the property. She could have kept her £105k + 50% of the value increase and I would kept the rest of the money less any outstanding debt. The property was recently valued at £249k. I’ll be the one moving out so I want complete financial separation and use my part of the money to buy a new property and move on. Getting a new mortgage for the current house will be my ex-girlfriend’s problem as it was her decision the keep the house. If she is unable to get a loan big enough to cover the property and pay me off then it’ll obviously become my problem too but I’m sure her family will help if that’s the case.

qwert_yuiop

getmore4less wrote: »

Unbelievable 4 people thanked this seriously flawed algorithm.

David's girlfriend, her mother, father and best friend? Ka Ching.

ripon12

So it cost 210.000 now worth 250.000 less fees you may walk with 15.000 each profit
Is it worth uprooting your child if it has to be sold for the sake of £15.000 ??

gycraig_2

You act like 15k is pocket change