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

Emmia

prowla said:

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.

I think that the mortgage wouldn't be changed, but that the money paying the bit that the OP is responsible for would effectively be coming from a third party (the girlfriend). That starts to give them a beneficial interest in the property at the expense of the OP. 

The ex doesn't lose, as they're still paying the mortgage (and living in the property) and therefore effectively protecting their share.

If the ex wanted to remortgage to pay off the OP with their equity, and the girlfriend goes on the mortgage at that point (once the OP has their cash) that would work - but becomes trickier in terms of valuations. A sold price, is more certain in terms of splitting assets.

Sam.walker22

swingaloo said:

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.

Thanks for all your replies.

If ex’s new partner was to agree to pay for the house bills, rather than half the mortgage payments, and my ex pays for the entire of the mortgage (they work out roughly the same amount), where would I stand on that?

lookbook

Get legal advice. It will pay for itself. 

Stateofart

You've made a mistake by moving out.  I guarantee, your ex will now put the brakes on as much as possible to prevent a sale.

Jemma01

This is really bad... everything about it is bad. Did you move out already? I'd not move out until the house is sold.

You honestly think his partner is going to pay your part of the mortgage and you'll still be able to get 50%? Of course she'll be able to claim equity, you need to continue to pay for the mortgage and treat it as an investment so you get your other half. Even then, how the bills are worked out and the other house maintenance (as she might start making improvements on the house, and there goes another chunk of the money.

You NEED legal advise, esp if you've already moved out. You need a legally binding agreement. Even then, I'd be my every cent, both will make the sale difficult.

TBagpuss

IDeally, don't move out. 
IF you are going to, then get a formal declarion of trust and separation agreement drawn up (the dec of trust may form part of the dep. deed) which both explicitly sets out that yoown the property as tenants incoomon in equal shares ad sets out the timesclae for marketing the proerty, how it is to be valued if he buys you out and aahat occupation rent he will be paying you fr any periods when you are not occupying theproperty. Don't get involved with his now partner at all - that's nothing to do with you - have an agreement that makes cler he is responsobkle for 100% of the mortage, bills etc and then of his noew partner is helping out that s between him and her.