Separating from ex, I’m moving out but planning to sell house in 12 months. Should I be worried?

Sam.walker22

Me and my ex mutually agreed to end our 14 year relationship. We are not married, have a child and a mortgage. We both have new partners, but currently still living together in our mortgaged property that we both own.

I have agreed to move out and rent somewhere for 12 months with my new partner, whilst he stays in our home and his new partner moves in. I personally would choose to just sell the house now, however he doesn’t want to at the moment and instead wants to live in the house with his new partner for 12 months, whilst saving as much money as possible in the mean time, then planning on buying the property off me. I’ve agreed to this because him buying the property off me will avoid £14k in mortgage early exit fees, plus I just want to get out the house now.

His new partner will cover my half of the mortgage, however I have insisted that the mortgage payments still come out of our joint bank account, with his new partner paying into the account each month, just to ensure mortgage payments are still coming from a bank account in my name.

I’m aware that after the 12 months, I still won’t be able to force him to sell the house if he doesn’t want to without incurring legal fees. 

However, is there any legal agreement/process I need to put in place before I move out, to ensure I still get 50% of the house sale, when it eventually happens?

I’m worried that by me moving out and letting him and his new partner pay the mortgage, I am in some way throwing away some of my entitlement to the house sale somehow - but is that possible? It’s mine and his name on the deeds of the house, 50/50 split. Surely regardless of who is paying the mortgage/living in the house, it’s still 50/50 my house when it comes to selling?

molerat

You most definitely need to go legal on this.  New partner "will cover my half of mortgage" is an immediate red flag.  That could give her a beneficial interest in the property reducing your half.  Who will the child be living with ?.

swingaloo

Definitely not a good idea. If your ex's new relationship does not work out and they split she/he will have a claim on the property if they are paying towards the mortgage.

It may be amicable now but twelve months down the line things may be vary different.

Sam.walker22

swingaloo said:

Definitely not a good idea. If your ex's new relationship does not work out and they split she/he will have a claim on the property if they are paying towards the mortgage.

It may be amicable now but twelve months down the line things may be vary different.

Even if the mortgage payments are still coming from my bank account? We’re not changing names on the mortgage or anything like that, mortgage will be paid just as it always as, only difference is my ex’s new partner will be topping up the bank account each month

HampshireH

Sam.walker22 said:

swingaloo said:

Definitely not a good idea. If your ex's new relationship does not work out and they split she/he will have a claim on the property if they are paying towards the mortgage.

It may be amicable now but twelve months down the line things may be vary different.

Even if the mortgage payments are still coming from my bank account? We’re not changing names on the mortgage or anything like that, mortgage will be paid just as it always as, only difference is my ex’s new partner will be topping up the bank account each month

She will be able to evidence the payments she give him are paying your mortgage.

Sam.walker22

Okay, thanks. Will I be able to get a legal document drafted up to ensure this can’t happen?

swingaloo

If your ex takes money from the new partner and it is a contribution to the mortgage he/she has a stake in the property.

Makes no difference which account it comes from. 

Imagine this- the new relationship between your ex and partner breaks down in 12 months time. Your ex and yourself may be perfectly amicable but what about the other partner who could, rightly, refuse to walk away with nothing.
Thats why if someone who owns a house moves a partner in they are always advised to accept a contribution towards bills but never have it as a share of the mortgage.

swingaloo

Sam.walker22 said:

Okay, thanks. Will I be able to get a legal document drafted up to ensure this can’t happen?

You cant really control that. Its up to your ex to make sure they don't let the new partner contribute to the mortgage. 

There are so many danger signals with this. Has the house been valued? What happens if the value changes significantly up or down.  You are paying rent to live elsewhere, is that going to be taken into consideration when the house is sold and they money split?

Emmia

Personally I'd not move out unless the house is sold, anything else has significant risks for you.

prowla

It sounds like a bad idea.

It may be that the mortgage company won't like it and they may also insist on a new mortgage rather than changing the existing one to new names.

Hoenir

You need a clean break. Yes there'll be a financial cost in doing so. However that is far better than losing control of the situation. Full of if's, but's and maybe's. In paying rent you will be wasting money anyway.