Relationship breakdown - joint mortgage

1st_time_buyer_5

dprovan wrote:

at the risk of sounding really rude, from what you have decribed I would not want your mother owning 50% of the house, as she sounds quite ruthless, so could you hand on heart know she wouldn't want bought out or similar when it didn't necessairly suit you.

For that reason your second option sounds much the better obviously assuming she agrees.

good luck whatever you decide

That is exactly my point - I don't want her owning 50% - for exactly that reason! (And arguments would arise about who pays how much for repairs/maintenance, how much rent is to be charged and who gets what etc!). She would obviously rather own 50% - but am hoping she will agree to other option!

Pal

Have you through about simply replacing your ex-boyfriend with a new one? Depending on what league you are in, you might be able to find one who can more than afford to help out with the money in return for a pad to kip in and some basic household duties.

dprovan

Pal is that a suggestion or an offer.

Pal

If she is premier league then it is an offer, although I think that Mrs Pal might object. For some strange reason women tend to get a bit annoyed about that kind of thing.

1st_time_buyer_5

What a stonking idea! I could maybe even have more than one!

gravitytolls

Before you go any further, you really need to get some figures sorted.

You know how much your ex wants to cover his financial input so far, but what about buying his share of the property? DSo you know how much he wants/is entitled to?

Have you looked into the possibility of mortgagin in yor name outright.

Check out some figures online, based on your income, then you'll have a better idea of what to do.

And I agree with you, letting your mother be half owner is NOT good idea. You may find you lurch from one bad situation to another.

And supposing your circumstances change and you want o buy her out, will sh esell to you at the price she paid, or will she wan tto see a profit on her investment and expect any value increase to be reflected? I can see this partnership being fraught with difficulties, unless you both consult solicitors, and get an agreement drawn up.

Try to go it alone if you can, and reap any rewards yourself.

1st_time_buyer_5

Well, have spoken to Mortgage company.

Cannot have mortgage in my name outright, as don't earn enough (Even though I know I could pay it - especially with a lodger). So they won't take Ex-OH's name of mortgage - and he won't pay it.

They said I'd have to replace him with another name - so will maybe have to get my Dad's name on mortgage, but come to agreement that I will pay it all and he will not make any claim to ownership or something. (He could be trusted in such an agreement more than my mother). But still need mother to buy out Ex-OH's equity... so this is all going to get very complicated.

Grrr!

Kenny4315

Why not just flog the house ? Chelsea will/used to allow you to get another mortgage product without penaltly. So flog-it, split the proceeds in an equitable manner, buy something for yourself that you can afford without any other person involved even if it means getting something smaller/more basic.

Kenny4315

Incidentally why has there been no mention of the current value of the house ? What do you intend to do about any gains or losses in market value of the house ?