Split up with partner...What now?

Smithyp1

Hi people....

I very sad and upset 28 yr old male here !!!

Have split up with my girlfriend and need to decide what were both doing with our house.

She said i can have it but i won't be able to afford it on my own, plus i dont think i would be able to get a mortgage anyway.

She can afford it and does want the house, so my question is....

Do i just let her have it and buy me out?
Do i look to get another place with a smaller mortgage?
Move back in with parents and save?

I know the info im providing is limited as in terms of value of property etc etc...but i just havnt got a clue on where to even start !!!

I'm very scared....any advice please...

wymondham

Smithyp1 wrote: »

Hi people....

I very sad and upset 28 yr old male here !!!

Have split up with my girlfriend and need to decide what were both doing with our house.

She said i can have it but i won't be able to afford it on my own, plus i dont think i would be able to get a mortgage anyway.

She can afford it and does want the house, so my question is....

Do i just let her have it and buy me out?
Do i look to get another place with a smaller mortgage?
Move back in with parents and save?

I know the info im providing is limited as in terms of value of property etc etc...but i just havnt got a clue on where to even start !!!

I'm very scared....any advice please...

Hi, sorry to hear about your predicament. Hopefully this might help..

Do i just let her have it and buy me out?

If she can afford to buy you out, and can get a mortgage on it herself then this might be the best option. If she can't then you probably need to consider selling and splitting proceeds once all costs have been paid.

Do i look to get another place with a smaller mortgage or move back in with parents and save?

Probably best to move back in with parents and save in current climate - the company might also help you?

Experts will be along soon I'm sure who should be able to help further....

Smithyp1

Thanks for the advice Wymondham....

She definately can afford to buy me out and keep the house, it kills me to think she will have it all to herself but not much i can do about it.

Moving back in with parents seems to the best option, but worried about coming off the property ladder as it seems so difficult to get back on it !!

Gonzo

I would have thought that letting her have the house and moving in with your parents would be far the better option.

If house prices do drop (which is looking inceasingly likely) you might as well cash in now and see what happens. Mortgage criteria is pretty tight at the minute, so you might not get a mortgage even on a small place anyway.

Bank any equity, and start saving whilst you are living cheaply. If house prices do come down, you'll have a better chance of getting one. If they don't, it's unlikely they will rise, so you won't have lost anything I reckon.

The quicker you can get it done the better, then you can move on with your life and get over the break-up (out of sight etc)

You never know, once you've saved a decent deposit, another Miss Right may come along, and you can buy another house together (and not have a rubbish one-bed flat to get shot of first!

The most important thing to remember is......................


Someone else will be doing your ironing, lol

wymondham

Smithyp1 wrote: »

She definately can afford to buy me out and keep the house, it kills me to think she will have it all to herself but not much i can do about it.

Keep this thought in your mind ..... she'll be taking the loss if the property bubble bursts as people predict - you'll be in a better position when things pick up!

james3333

hi smithyp
i am in the same position at the moment (its been going on 3 months)
i have agreed to take on the house ( the bank have agreed too) and i have paid her out ( from my savings, so she has her half).
BEWARE though... that is just the start of it all.
i have had a nightmare 3 months, the solicitor quoted me £295 to take my ex-g/f name off the deeds and sign the house into my sole name, what they failed to tell me was on top of the £295 fee, you'll have land registry fees, telegraphic charges, VAT, mortgage ammendment fee, etc all in all it came to £800
so, dont think that if you 'let' her have the house she has the best deal, because in todays climate you might come out on top without the expense of solicitors, estateagents fees, stamp duty and all the other payments that go with owning a home.

amaseal

I think on balance it may be safer to let her buy you out. Another option is to share the house by renting a room out to a friend, you could do this in a new place too.
It may be worth just renting a place until the house market settles, I think it will be pretty depressing finding yourself back with your parents.

flugellover

I would echo the comments about the hidden 'unexpected fees' and the hassle attached to changing the mortgage from 2 names to one...my OH had to go through this with his last partner. He kept the house, but had a lot of extra charges and hassles with changing names on the mortgage and other utilities and bills. Keeping the house was not really an 'easy' option although on the surface it looks like the better deal.
Hope everything works out for you x

Smithyp1

Thanks all for your advice. Much appreciated.

Moving back in with parents seems the safe and appropriate action to take for now, that way i can save money into my ISA without many outgoings each month etc.

I hadn't really thought about the fee's and costs involved in changing names and all that scary stuff.

Keep the advice coming ..... Thanks