House valuation is less than needed to pay fees, no savings. What do I do?

Uriziel

Your ex most likely also wants to profit from the sale so it is in his benefit to postpone the sale for at least another year so you can continue living there and get a lodger. You can share the proceeds from the lodger which should cover the bills.

zedonk

sheramber said:

If you read the first post you would know the OP is living in the house and partner renting elsewhere. 

Partner is paying half the mortgage but OP cannot afford to pay utilities bills as well as half the mortgage. 

Of course I read the OP's post. I'm not sure why you think I didn't? I'm well aware the OP is living in the house and the ex is renting, and that's the similarity I see with my own situation. 

Maybe I didn't express this very well, but my point was that these arrangements can work and be a reasonable option until the property's value increases or one or both parties find the funds to change the situation.

I didn't mean the OP's ex should stop contributing to the mortgage! - if that's how it came across then apologies for any confusion.

Whalerain489, much solidarity to you. It isn't an easy situation to be in when you just want a clean break, I know. But it's definitely not the case that you have to sell even when you can't afford to. 

sheramber

zedonk said:

sheramber said:

If you read the first post you would know the OP is living in the house and partner renting elsewhere. 

Partner is paying half the mortgage but OP cannot afford to pay utilities bills as well as half the mortgage. 

Of course I read the OP's post. I'm not sure why you think I didn't? I'm well aware the OP is living in the house and the ex is renting, and that's the similarity I see with my own situation. 

Maybe I didn't express this very well, but my point was that these arrangements can work and be a reasonable option until the property's value increases or one or both parties find the funds to change the situation.

I didn't mean the OP's ex should stop contributing to the mortgage! - if that's how it came across then apologies for any confusion.

Whalerain489, much solidarity to you. It isn't an easy situation to be in when you just want a clean break, I know. But it's definitely not the case that you have to sell even when you can't afford to. 

In your situation your partner paid half the utility bills.
 

The OP ‘s partner does not  pay half the bills. 

The OP  does not earn or have enough money to pay these bills so is asking how he resolve this situation. 

zedonk

sheramber said:

In your situation your partner paid half the utility bills.
 

The OP ‘s partner does not  pay half the bills. 

The OP  does not earn or have enough money to pay these bills so is asking how he resolve this situation. 

OK, we clearly have a different understanding of what whalerain489 is asking here.

And you've made some very weird assumptions about my situation (no, my ex did not pay half my utility bills after she moved out).

Let's keep the focus on the OP, this is their thread and they came here for support, not to watch us have an argument. 

Bigphil1474

The OP didn't say they couldn't afford to pay the bills and half the mortgage. They even said they were saving for when they rent. If they didn't leave the property there would be no need to save for the deposit or rent. 

ReadySteadyPop

Uriziel said:

Your ex most likely also wants to profit from the sale so it is in his benefit to postpone the sale for at least another year so you can continue living there and get a lodger. You can share the proceeds from the lodger which should cover the bills.

What will change in a year to create the profit do you think? I would expect the market to be much worse in a year as unemployment rises and there are even less people wishing to work and study here.

ReadySteadyPop

Whalerain489 said:

Me and my ex are needing to sell the house due to the separation. To cover the fees of selling the house would need to sell for 10k more than it has been valued. 

The house is a new build, only been here for 1.5 years. The developer is still building for another 2/3 years. Obviously, you buy new builds at a premium, and they don't make the money back for a while. 

If the house sold for what it has been valued at, it wouldn't even cover the cost of the early exit fee from the mortgage lender. Then the solicitors and estate agents would need paying as well. On top of any additional fees I've missed. 

For myself, I have no savings. I have a credit card in my name for around 5.5k. I am also trying to save to rent after the house sells and I would need first months rent, deposit and moving fees. My monthly outgoings are a lot due to taking over all the utilities in the house as I'm still living here and my ex doesnt want to pay them (thats fine). My ex has moved out and is still paying for their half of the mortgage and house insurance still. 

Personally, I don't think I could get a loan to pay for the fees as I got declined to increase my credit card allowance and a declined for £40 phone contract. So I highly doubt I will be accepted for a loan amount of around 5k maybe more to pay the fees. 

I dont earn enough to buy my ex out of this house. I'm unsure if my ex would be accepted either and to be honest they are not willing to do that. 

I know that it could take months to sell the house and go through but even 6+ months I couldn't save enough to cover fees and to save to move. I dont have any family or friends to move into once the house sells either. 

I feel financially stuck, I feel anxious and I honestly don't know what to do. I'm losing sleep over this. Because if I can't get the money together to cover the fees, what happens. Because everyone involved in selling will want paying on completion and if I dont have my share of the fees, what do I do? I can't just make the money appear or get a loan. I'm selling what I can but it's pennies compared to what I need. 

New builds never make the money back for the buyer, they are designed to benefit shareholders and directors at the developer level, unfortunately even they can"t make a return now.

If this is London what is happening elsewhere?

https://southlondonnews.co.uk/local/merton/merton-new-build-home-sales-collapse-to-26-in-june-2025/