Seperation and mortgage issues

james1094

Hi everyone

Me and my ex split up at the beginning of this year and after a few months she moved out and I moved all bills into my name and have paid them myself ever since. This was all on the belief that I was going to be buying her out of the house. This is no longer the case as it is going to cost me more than what I would actually be gaining from her half.

The house is on the market but is struggling to sell for what we paid as it is on a new build estate.

Where do I stand in regards to:

Can I get a solicitor to make her pay her half of the mortgage since she moved out?
She has said she will start paying half of the mortgage now if I move out - I am happy to do so

She wants to get a solicitor involved to see how much money she can get out of me as she is claiming that I kicked her out.

Any help please?

getmore4less

Do you want the place?

will there be a shortfall on the mortgage?

if not and it won't sell to recover the deposits and costs any buyout would be for less than the inputs.
Unless you made a mess on a trust deed that says you have to pay more.

Why is it costing more than her share of any equity?

if you move out you just end up both paying for an empty place till it sells.

usually there is a trade of the occupier pays the mortgage and then does not have to pay rent to the other.

Can you do a buyout? can you borrow enough?

TBagpuss

You are unlikely to be able to get back payments of mortgage. You have, after all, been occupying the property.

If it is a new build, then unless it is in a very popular area / development, it's unlikely that it will sell for what you paid for it, so you will have to accept that you are both likely to lose money on the sale.

However, that also goes for hoe much you would need to pay to buy her out.
Assuming that you own in equal shares, what you would normally expect to pay her, is what you would each have if the house were sold and the proceeds of sale split. So:

Actual value of the house (i.e. what you could realistically sell it for)
less
estimated costs of sale (usually 2% of the value, based on an estimate of the likely legal and estate agents costs if you were selling on the open market).
Actual mortgage redemption (including any amounts payable in ERC if you were to sell now

divided by 2.

In the short term, you would have to remortgage which might or might not involve paying the ERC, and you would have some costs involved in getting the house transferred into your sole name. However, you would not have t pay estate agents at that point, and may find it saves you money in the longer term, especially if paying he mortgage is cheaper than renting or starting over elsewhere with a new mortgage.

Why do you think it would cost you more than you would gain?