Stuck - Ex partner taking the house but not buying me out!!

Mazkay

Any advice would be greatly appreciated. I work part-time, ex partner is full time. We broke up. Me being part time nearly impossible to afford mortgage and bills on my own. He's refuses to move out. So I've had to rent a room somewhere.
Problem is, the bank he's with has only been able to approve a new mortgage for him, paying off a joint loan, but no pay out to me (I can't have a mortgage being part time). The house is worth at least 10k above the mortgage cost and loan. That's 5k each, and that's based on the lowest property valuation.

If I demand my share, he more than likely will move out in protest and leave me paying the bills and mortgage with all of my wage. Nothing left over for groceries/food or transport.
I've tried Citizens Advice Bureau, but the phone lines are constantly busy. Obvious one solution is finding someone to rent a room out to.., but coming from someone that's been renting during this situation and close by, there's no one interested in renting.

Everyone is screaming at me to not sign away the house without payment. But without a solution, I can't see any other way.

Thank you for reading all of this. Just need to talk through any options more than anything.

bigisi

Move back in. He’ll soon get the message.

Linton

From what you say it sounds like both of the shares in the house are worth very little, especially after costs are taken into account. The property valuation is a guide only - the house could turn out to be in negative equity. Under those circumstances is it worth the hassle? Easiest if the ex takes on the mortgage and responsibility for the loan leaving you with no encumbhrances and so able to get on with your life.

Gav75

So the mortgage is currently in both of your names, but he's getting a mortgage only in his name, which will also pay a joint loan you both have?


I suppose this all depends on if the current mortgage is also in your name......because if it isn't, he's going to pay off a joint loan you both have (if I've read that right) but not give you half of a 'possible' £10,000 equity in the house? If I'm honest with you that seems fair to me.


Being part time wouldn't stop you being on a joint mortgage by the way. So I'm unsure why his current bank would only approve a new mortgage for him?

AdrianC

Mazkay wrote: »

Problem is, the bank he's with has only been able to approve a new mortgage for him, paying off a joint loan, but no pay out to me (I can't have a mortgage being part time). The house is worth at least 10k above the mortgage cost and loan. That's 5k each, and that's based on the lowest property valuation.

Your choice is a simple one - either he buys your joint ownership from you, or it goes on the market.

£10k of equity in the property is not much, and in the event of a sale it'd be very easy to see that disappear in a little bit of prep, some negotiation and EA/legal fees - as well as a few more months of mortgage interest. You could even end up with less than the current nothing. So perhaps if you agreed to him paying you, say, £2,500? Maybe £500-1k now and the rest over the next 6-12 months?


Can the two of you trust each other to have a sensible, adult discussion about this without descending into recriminations about the relationship...? Is there somebody you both trust who could act as a moderator to keep you on track?

onwards&upwards

For 5k just walk away.

If you had to sell you would be paying for estate agents, extra solicitor costs etc and would likely lose a lot of that anyway.

If you try to insist on him giving you 5k and drag it out you stand to lose much more.

Let him have the hous3, clean break, start again.

markin

How long have you had it, and how much is paid off? How much deposit did you both put in?


It would think it would be fairer to force a sale.

tacpot12

Another recent poster on MSE had a problem a joint loan where the ex wouldn't make any payment towards it. At least your ex is happy to clear all the joint borrowing you have so that you are unencumbered and cannot have a CCJ against you because he decides not to pay at some point.

As others have said, for the amount involved, I would walk away and be happy that you were able to achieve a clean break.

You have the option to do more work so that you can save for a deposit and pay a mortgage. It's always tough when a relationship breaks down, but given that this has happened, you should focus on bringing enough money in to make your dreams happen.

Mazkay

For some reason I've not been notified of the responses.

Bigisi, I am unable to move back in as he has a tendancy to be confrontationally unreasonable to put it politely. One of the reasons for our rift.

Linton, I am starting to realise the shares aren't worth very much either (after much research), it's more sentimental for myself, as this property has been in my family for three generations, and he fully knows the history. I am also very scared of rejecting transfer of equity, and then the house sells without clearing the loan, which is in joint names.

Adrian, I thought my choice was simple too, he pays me £5k or I pay him £5K, banks will not stretch that far with his salary or mine even though he is full time. Sensible adult discussion? - not sure he's capable - you know what they say, you only truely know someone once you live with them. Lesson learnt I guess!

Onwards and Tacpot, After having my family and friends grill me for leaving the house (for my own health) telling me I'm crazy to walk away without anything, I've been trying to figure out the fairest solution. Even though he is a **** I am a fair person. Strangely enough I was initally granted a mortgage and the loan cleared before christmas but he refused to move out for wanting at least £5k. Now he wants me to sign over without a share!

Time to tell the folks I'm losing the family house, but fresh start.. Thank you guys. I needed the impatial advice.

hazyjo

Mazkay wrote: »

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goodwithsaving

Honestly, just be done with it. I wouldn't usually advise that but it's a sum which isn't worth fighting and fighting over (as galling as it is giving in) and the relief you will feel when you walk away will be worth every penny.