Mortgage Advice - After a relationship separation?

Azpi

My partner and I are splitting up. So the splitting is on good terms. We are not married but we have a mortgage together. My partner's relative gave us a deposit for the mortgage and we have been meeting the payment. We brought the house last summer and our house value has gone by £40k. But we can't agree on whether to rent it or sell it.  I am keen on renting the property out and the property will go up in value next year but my partner wants to sell it as the relative wants their deposit back. The mortgage is in my name and my partner's. 

I would like mediation (someone is mutual and help discussion out options). Is there anything else I need to think about? Or advice?

K_S

@azpi CAB has an article on mediation options during separation https://www.citizensadvice.org.uk/family/how-to-separate1/mediation-to-help-you-separate Alternatively, you might have someone common in your lives who can perform that function.

Personally, based on the limited info in your post, I would lean towards your partner's opinion.

Thrugelmir

What is mediation going to achieve?  Your ex ultimately has the option of court action to force a sale. Better to come to an agreement and go your seperate ways. . 

ACG

I suspect the relative is probably not all that bothered about wanting the money back asap, but probably more a case of the ex wanting a clean break. If you want to invest in property, take your £20k and put it in a property on your own or with a friend/relative. 

I side with the ex here personally. So will a court if it gets that far, but in the process you will both probably wrack up some debt and that amicable split could become the opposite. Life is too short to be arguing and making enemies. 

steve866

Was the deposit a a gift or a loan? I would say do the right thing and sell, why would you wanted to be entangled financially with your ex? What if you want to buy another house in the future and you are stuck with your equity in a house with a lodger?

Markneath

I think your ex is right, if you want to do btl buy one on your own. 

ironlady2022

Sever financial ties is the best option. If he gets in debt or vice versa, having a joint debt will link you both. 

If you want to keep as btl, you buy from him. 

Unfair on him and the relative especially as it was prob lent on good faith that you would be together. 

Forget mediation, sell up and move on.