Separating with Mortgage?

informalcranberry12

Hi, I am in the early stages of thinking about ending my relationship. I am 40f he is 45m. Been together 10 years lived together 7- Not married no children no step kids. We own a house worth £230k with £115 mortgage left on it. Recently re-tied in for 3 years which may have been an error in retrospect. There's an early repayment fee.

We put the same deposit down each as we sold both our other houses to finance this one. No loans or family loans. We split all the bills 50/50 although I earn a little more.

My issue is partner has a lot of savings. Enough to pay the mortgage off and we have mentioned the possibility of him buying me out of the mortgage. Legally how does that work? Does he buy me out of my half of the remaining mortgage or the value of the house? I have sought no legal advice but will do when this becomes more concrete.

I would be happy to walk away from the house and leave him living in if I could be bough out as most of the belongings in it are his. 

mebu60

If you sold the house and redeemed the mortgage you'd be left with £115k - costs so around £110k. Half the net notional sales proceeds would seem reasonable if he is planning on remaining in the property. Hopefully that'll show a profit on your original deposit. 

informalcranberry12

I guess I would stand to make more money if we sold and divided it up. Everything is 50/50. Would moving into rented account be a bad idea in the short term (6 months) just to get me out?

RAS

Moving put gives him every incentive to stay put and prevent any sale.