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Separation agreement for mortgage
Debtfree2024
Posts: 34 Forumite
Hi all,
I’m stating the process of buying my ex out of our mortgage, he only lived in the property for 3 months before we broke up and he has verbally agreed he only wants back what he put into the deposit which I can afford. He hasn’t contributed to the mortgage since he moved out. I wanted to enquire about getting this down in writing but I have been quoted £600 for a separation agreement which seems rather a lot, the only shared asset we have is the house and our dog who we share informally and that’s working well currently. We are pretty amicable but I just wanted to make sure he can’t get more out of the house than what he’s put in. Is it really worth going ahead with the agreement given it’s quite a lot plus other expenses I’ll have with taking his name off mortgage etc? Thanks
I’m stating the process of buying my ex out of our mortgage, he only lived in the property for 3 months before we broke up and he has verbally agreed he only wants back what he put into the deposit which I can afford. He hasn’t contributed to the mortgage since he moved out. I wanted to enquire about getting this down in writing but I have been quoted £600 for a separation agreement which seems rather a lot, the only shared asset we have is the house and our dog who we share informally and that’s working well currently. We are pretty amicable but I just wanted to make sure he can’t get more out of the house than what he’s put in. Is it really worth going ahead with the agreement given it’s quite a lot plus other expenses I’ll have with taking his name off mortgage etc? Thanks
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Comments
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My ex and I recently had a separation agreement drawn up as a precursor for the financial order for our divorce. You need to be aware that a separation agreement, whilst executed as a deed, is not legally binding. In my situation it will only become legally binding once the financial order is rubber stamped by the courts. So whilst a separation agreement may sound a good idea it may not fully protect you anyway. You'd have to speak with a solicitor to confirm though.
Our separation agreement cost £295+VAT and is very detailed as it is for a divorce and includes childcare arrangements, maintenance, split of other assets/savings etc. We have had to do a lot of work ourselves on it though to reflect what we have agreed, and the price didn't include any emails or letters associated with drawing up the agreement. Hope this helps.0 -
Getting his name off the mortgage and paying him back his " deposit " depends on you being able to take on the mortgage by yourself if the computer say YES.
All down to the Lender0 -
Were you married? Not just a question of shared assets but a division of all assets. Tying up loose ends legally is essential in order to make a clean break.0
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