Breaking up with partner - can I keep the house?

EllaHolding90

So we bought a house together recently. We are tenants in common on a 50/50 share basis. I put 100% of our deposit down (£40,000). We had a solicitor draw up a document to say if we ever split up I would get the first 40k and the split the rest. We have only been in the house a few months so the equity is not going to have gone up. I am desperate for us to split up. If we spit up is there anyway I get to keep the house? Or will I be made to sell it even though I could simply pay him his share? X

Zero_Sum

If youve only been in a few months then wouldve only paid off a few hundred quid of capital on mortgage. If you sell, the costs would surely outstrip your OH's share of any money back.

So if you have a legal agreement for you to get 1st £40k which will be 99% of equity then I'd just offer them £500 to walk away.

So its either £500 to go, or sell get nowt but a hefty legal bill.
So if OH has any sense, you keep the house.

Tom99

Do you have enough income to have the mortgage transferred to your sole name?
If you are on a fixed rate mortgage you might want to check that it could be transferred to you without incurring the early repayment charge.

Davy_Jones_II

There’s no need to sell, but what happens if your partner also want it, how would you decide who gets it?

AdrianC

If you can take out a mortgage in your name for 100% of the borrowing, then of course you can buy his share from him.

If you can't, then you will need to sell. It's quite simply "Can you afford the house on your tod?"

mark55man

who funded the costs of buying the house. rightfully your share of the deposit is yours, but are there other costs which you both incurred which your partner might legitimately claim - in which case £500 prob isnt going to swing it

Niv

mark88man wrote: »

who funded the costs of buying the house. rightfully your share of the deposit is yours, but are there other costs which you both incurred which your partner might legitimately claim - in which case £500 prob isnt going to swing it

I think it depends how amicable the split is. The partner can try to force a sale but it would end up costing them money. Or they can let the OP have the house and walk. I accept they may well have paid half solicitor fees etc so may see this as 'paying for the OPs house' at this point.

I suspect the partner cannot afford to take the house on as the whole of the deposit was paid by the OP.

AnotherJoe

EllaHolding90 wrote: »

If we split up is there anyway I get to keep the house? Or will I be made to sell it even though I could simply pay him his share? X

1. Can you afford the mortgage on your own?
2. Do you qualify for the mortgage on your own (a different question)
3. Will your to-be-ex be happy to walk away with perhaps some part of their mortgage payments made paid back (wont be much,a few hundred quid dont forget most is interest)?
4. Who will pay for the legalities?
5. Will your to-be-ex be amicable about this or might they wish to stay and take on the deposit / larger mortgage?
6. Would they rather force a sale with all the costs that entails

onwards&upwards

This advice is assuming that you can get approval to take on the mortgage on your own...

I would work out exactly what your ex has paid to the house, solicitor fees, stamp duty if relevant, furniture (if it’s staying), DIY, mortgage payments, everything.

Write down a list with each figure and a total at the bottom. Then offer him that figure plus an extra grand for the inconvenience of having to move so soon, in exchange for him letting you have the house. You will of course pay the solicitor costs for the transfer (won’t be much) and any fees from the mortgage lender.

He’d be crazy not to take that offer.

Comms69

onwards&upwards wrote: »

This advice is assuming that you can get approval to take on the mortgage on your own...

I would work out exactly what your ex has paid to the house, solicitor fees, stamp duty if relevant, furniture (if it’s staying), DIY, mortgage payments, everything.

Write down a list with each figure and a total at the bottom. Then offer him that figure plus an extra grand for the inconvenience of having to move so soon, in exchange for him letting you have the house. You will of course pay the solicitor costs for the transfer (won’t be much) and any fees from the mortgage lender.

He’d be crazy not to take that offer.

Depends - at the minute he's got home owners rights. Living somewhere rent free for as long as they want...

Exodi

Assuming you can take out a mortgage for the whole house in your sole name, all of this rides on your ex-partner.

Paraphrasing what Zero Sum said above "he can either take the £500 you offer him, or you sell the house and both lose money" - you stand to lose a great deal more than he does; if you ended on bad terms he may decide it's worth losing out on £500 for you to lose potentially out on tens of thousands selling the house.

He may not want to move out at all and be perfectly happy contributing into a mortgage/investment. I can't see why he'd jump at the opportunity of sending his money into a landlords bank account for £500...