financial advice for splitting up

joniemitchell

dont know if i have put it in right place

want to split up with partner ( for reasons i dont want to go into)


we bought it for £185K and i put down a deposit for £65K and so the repayment mortgage is for £120k and now it is worth £250 K+

my dilemma is can i ask him to move out and take over all the bills

i take home £1400 a month and the mortgage is £768.00 a month

if so would i be able to buy him out? or would it be better to sell

dont really want to move as i have two kids but i what i need to know is who should i contact for advice

is it a financial advisor or CAB as i would like to know what i am entitled to as i have never claimed anything before

Any advise would be appreciated

hobo28

Hi Jonie

I assume since you say partner that you are not married. In which case the starting point for the house is a 50-50 split of equity. Equity is defined as house price minus mortgage/legal fees. The deposit is not included so it could get rather ugly if he decides to fight for a larger share of equity than perhaps you are intending he gets.

You can certainly ask him to move out but he doesn't have to and is perfectly entitled to stay as long as his name is on the deeds.

As for whether you can buy him out will depend on if your mortgage company will allow you to remove his name from the mortgage.

To be honest a mortgage which is 50% of your net income seems a high burden to bear and I'd think long and hard about that one. No point in staying in a lovely house and struggling to feed your kids.

Have you looked into tax credits yet? https://www.entitledto.co.uk would be a good place to start, as is the CSA calculator on their website.

Ultimately I think you should book an appointment with a solicitor. Try finding one which gives first 30 mins free.

Hope that helps

*Louise*

If the mortgage is joint, then he is entitled to a share of the equity, especially if he has been contributing to the payment and houselhold bills.

The mortgage payment is more than half your salary...do you think that you and two kids can manage on what's left? (Taking tax credits into consideration)

The one unfortunate thing is that you were the only one to put any deposit down, are things amicable enough that you could ask for the deposit then split the rest of the equity if you sold? I very much doubt it though, people can be selfish when it comes to money and the end of a relationship.

floss2

Do you have evidence that the deposit came from your money?

pinkshoes

joniemitchell wrote: »

dont know if i have put it in right place

want to split up with partner ( for reasons i dont want to go into)


we bought it for £185K and i put down a deposit for £65K and so the repayment mortgage is for £120k and now it is worth £250 K+

If you bought it for £185k and it's now worth £250k, then he's entitled to half the equity increase, so you'd have to pay him £32,500. That's assuming he doesn't demand half the £65k deposit you put down too.

OR, if you've been paying the mortgage 50/50, then you own 66%, and he owns 33% (% of when you first bought, as deposit belonged to you), so you'd only have to pay him 33% of the equity increase, so about £21,500.

joniemitchell wrote: »

my dilemma is can i ask him to move out and take over all the bills

i take home £1400 a month and the mortgage is £768.00 a month

if so would i be able to buy him out? or would it be better to sell

You can probably borrow 4x your salary at a push (realistically 3.5x), so if your take home £1400, I guess you earn about £22k, so could borrow no more than £88k, which would NOT be enough to buy him out, so you might have to sell unless you can come to some arrangement with your OH.

Sometimes it's best for a clean break.