Ex refusing to let me buy her out

DeclanA94

Hi there, looking for some advice on the situation I’m in.

basically myself and my ex-partner are separating (not married) and we are both owners of our house. I have offered to buy her out which she is refusing. She is wanting me to move out and pay half the mortgage instead of child maintenance for our son as she can not afford to buy me out. I have refused that as it makes no financial sense for me to walk away from a house which I jointly own. I have offered her 7k buyout as we have about 15k equity in the home. Currently waiting to speak to a lawyer but anyone know what my rights are if I can force a buyout? 

Thanks

TripleH

I doubt you would get her to move out by offering her under half the equity in the property.
How is the property owned? Looking at it from her position, it makes sense to stay in the property with your son so he has a home. Plus that way she can ensure you pay something towards maintenance otherwise your file would get trashed as well. One of her biggest fear is that you abandon supporting your son financially.
I am playing devil's advocate here and why you two have split up is your business. If you approach the problem by trying to consider her point of view (however rational she is thinking) you have a better chance of coming up with an amicable solution. 
Also why is it important either one of you keep that house? Is downsizing to different properties not a solution?

Thrugelmir

You have no more rights than she does. You can take the matter to court. A very expensive option that rarely benefits anyone without a just cause. 
 I'd pay the requisite amount of child maintenance at the very minimum. Rather than pay half the mortgage. Until you've received legal advice. Though your options are more directed to finding a compromise than winning a battle. 

DeclanA94

I have already agreed that if she let me buy her out I would pay child maintenance, as the split has been amicable and the offer was 7.5k so was equal was a typo on my part. I was going to get a lawyers agreement with her about child maintenance and how often my son would stay with me just would be better if either she could buy me out to enable to buy a new property or I buy her out but as I said she won’t allow that.

TripleH

Thanks for the clarification. As Thrugelmir suggests, you need to work out a solution without using solicitors or you could find the £15,000 equity is cut to nil.

minimike2

Instead of thinking about what makes the most financial sense for you, it might be best starting off with what is best for your Son?
You are not "walking away" from it, you would still own it jointly and it would be providing a secure home for your Son without uprooting them and causing even more havoc in his life.
This situation isn't just about money.

DeclanA94

minimike2 said:

Instead of thinking about what makes the most financial sense for you, it might be best starting off with what is best for your Son?
You are not "walking away" from it, you would still own it jointly and it would be providing a secure home for your Son without uprooting them and causing even more havoc in his life.
This situation isn't just about money.

I know the situation isn’t just about money, but as I am on money saving expert forum I’m asking for advice for the financial side. 

Thrugelmir

Do either of you meet the affordability criteria to fund the mortgage along with buying the other out. That £7k of equity remaining in the property could soon disappear. 

DeclanA94

Thrugelmir said:

Do either of you meet the affordability criteria to fund the mortgage along with buying the other out. That £7k of equity remaining in the property could soon disappear. 

I can afford it, the only issue is that with her salary she would be unlikely to afford it. Just ideally house prices don’t take too much of a hit in my area but that’s being very optimistic.

Socajam

I would offer her £10,000, that's £2,500 more than she deserves. Sometimes, you have to think outside the box, even if it meas going higher.
Just remember the fees that you will be paying to a solicitor could come to the £2,500.
If, she refuses the £10,000, then tell her that you will not be paying anything towards the mortgage and that its best if the property is sold - which would mean that both of you will come away with a lot less than you are offering.  Do not offer her anymore than the £10,000.
Support your son according to the maintenance guidelines and move on with your life.

Thrugelmir

DeclanA94 said:

Thrugelmir said:

Do either of you meet the affordability criteria to fund the mortgage along with buying the other out. That £7k of equity remaining in the property could soon disappear. 

I can afford it, the only issue is that with her salary she would be unlikely to afford it. Just ideally house prices don’t take too much of a hit in my area but that’s being very optimistic.

What LTV is the new mortgage likely to be?