Joint tenant home owners, poss break-up

Moneyhelppls

Hi everyone,
I am currently a joint mortgage owner with my partner, and I strongly sense a break-up may soon be on the cards.
I’m actually less worried about splitting pounds and pence than just getting out of the situation intact, saving my sanity and having enough to live on. I’m also going through a career change into teaching from recruitment and my initial income will drop significantly.
Advice I’ve had from well meaning friends is to change to “tenants in common” but I’m not sure what the key differences are?
Said partner can be difficult so the cleaner the break the better, I don’t want to complicate things and also don’t want to prolong the process by trying to renegotiate the terms of our mortgage if he can’t see the benefit to him.
I’m thinking we could perhaps change the house to a rental property, but then the challenge would be to deal with each other long term, which I’d really prefer to avoid. I’m wary of quick sale schemes, but we’re not in a place where we’ll want prolonged interaction with each other as that will go round in circles ad nauseum and nothing will get resolved or agreed.
I just want as quick, fair and painless exit as possible. Asking a lot maybe. Can anyone help or advise?
Thanks.

foxy-stoat

Changing to tenants in common isn't really going to help you, unless one of you dies and or you have children.

Just put it on the market to sell and get a clean break up, if possible.

boxer234

I’ve just been through this it’s not an easy time.  He tried to buy me out but couldn’t secure the mortgage so we sold and split the profit 50/50 and walked away.  I am renting will buy in a few years hopefully but am super comfy in my rented cottage and enjoying my freedom. 

macman

JT means that, if one of you dies, the entire property passes to the survivor. TiC means that you owned a defined % share of the property each (might be 50% in your case, but doesn't have to be), and on death, that share passes to the beneficiaries as defined in your will or, if intestate, to the next of kin as defined under the intestacy laws. So, you really need to change that ASAP, assuming mutual agreement (if not, you can't). And, revise or make your will (i'm assuming you are not married or in a civil partnership).
Sounds like you cannot afford to buy him out, but can he afford to buy you out? If not, it's best to sell up, which you can't do as JT without mutual agreement.  Please don't even consider renting it: being a 50% accidental landlord bring major responsibilities and pressures that you really don't need. 

greatcrested

You say 'partner' so I assume not married. If married, the divorce agreement will deal with the property.

If not, you are right- you must make a clean break:

* do NOT consider keeping the property jointly and letting it.

* either sell it, and somehow agree how much you each get (50/50?)

* or one of you buys the other out for an agreed amount

Changing the joint ownership method won't make any difference to te above, but to understand the difference, see

https://www.gov.uk/joint-property-ownership

gwynlas

All things might not be as equal as you imply.
Did one of you put down a larger percentage of the deposit? Did one of you pay a larger percentage of refurbishments?
If you have not got a Deed of Trust are you prepared to sort out the above amicably?
Is the property in a fit state to sell, ie would it benefit you both financially to invest some money in property prior to sale?
Are either/both of you able to move elsewhere whilst property sold or will you be forced to share?
Ideal would be a clean financial break asap.