Buyin gout my partner after a breakup

MrMaffi

Hi everyone,


I bought a property with my partner nearly two years ago, but sadly our relationship has broken down and we have decided to split up. However, we now have the dilemma of what to do about our property.
We bought the house with a fairly large deposit and fixed the mortgage for 5 years, but as it was a new build, the value has dropped and not yet recovered. Long story short, if we sell now then I'll lose around £40k. I can afford to buy her out with savings, and I can afford the monthly payments, but I cannot get a mortgage for the outstanding value by myself!
So the way I see it, we can either sell the house now and lose a huge amount of what we put in, or we can keep the house and not be able to move on with our lives until the value has recovered years in the future!
Can anyone recommend another way around this?


Thank you!

foxy-stoat

You shouldn't need to buy her out if the value has dropped as your both jointly liable for the debt, your issue will be if you don't pass the lenders affordability criteria.

What are the numbers?
Purchase price?
Deposit split, you and your ex, or was it based on a joint deposit?
Mortgage in 2017?
Early Repayment Charges?
Settlement figure?
Approximate value?
If you are going to buy another property after this one, how much is it going to be worth?

Either sell now or sell in 3 years, to avoid ERC's and hope the value creeps up a bit.
If your not going to be able to get a mortgage on your own for this property then you will have to sell at some point.