JOINT MORTGATE.... Break up !

andipandi1979

Really need some help and advice if possible.
Me and my partner are splitting up, we have a joint mortgage, we have only had this for a year.
What is the best way round it, if we both cant manage to pay on our own ( one of us living in the property )

Im so confused, i dont know what to do, my partner is not what you would call "financially aware"

thanks x

dimbo61

you are stuck with this mortgage till you either sell the property or one buys out the other !
make sure the mortgage is paid or you will both end up with a poor credit history. If one is living in the property and does not want to sell could they
take on a lodger under the rent a room scheme and cover half the mortgage with that ? check the terms and conditions of your mortgage deal carefully and GOOD LUCK

Gorgeous_George

Neither of you should move out. Paying rent will not mean that you do not need to pay the mortgage.

Try to work things out. The relationship should be recoverable. Forgive.

Have the house valued and if possible, sell it and share any equity (proceeds). If it sells for less than the mortgage, or if there is a mortgage early repayment fee, you will need to share the shortfall.

It may be possible to cohabit without having an emotional relationship.

Good luck.

GG

spykey_uk

I agree with the above comments, there are some options available to you.

You could sell the house and split any proceeds between you, but with the market as it is at the moment you may end up in negative equity if you only purchased the house a year ago. If you can cohabit together amicably for a while, this may be a good idea. If not, have you considered both moving out and renting the property to pay the mortgage, as the rental market is currently quite strong? That way when the selling market looks a bit stronger you can sell the house and split the proceeds.

Hope this helps,

Good luck!

Sarah

TighterThanTwoCoatsOfPain

Gorgeous_George wrote: »

Try to work things out. The relationship should be recoverable. Forgive.....

.....It may be possible to cohabit without having an emotional relationship.

Good luck.

GG

Guessing you havent split up with a partner who has done the dirty on you before! lol

(neither have i but can assure you the above would be nothing but a pipe dream!)

teedy23

I would suspect the cost of selling up would leave you both out of pocket and perhaps worsen the emotional and phycological truama of the split. I sounded really clever just then didle I. If one of you is able to just walk away with hopefully enough to get somewhere to live, and the other can afford to keep the house, it may be better just to walk away. Nobody really wins in these situations.

AndyBlack_2

I would suggest seeing a solicitor to see the best way to go about this. See one where you get the first hour free. Not wanting to pry or discuss your relationship on here, but if you have only recently split, it may be best to hang fire. People can have a change of heart even after a couple of months. I know because i've been there. If that isn't the case then just disregard what i've said.

Good luck with it all anyway and hope you get sorted with it all.

Andy

Ms_Brush

I've been there as well.

This is not a pleasant situation, and will be very difficult to both stay in the house if things cant be worked out.

Personally, I would see a solicitor with your ex-partner (ideally you need to keep talking about the practicalities of the situation even if you arent able to resolve the problems in the relationship) and get a legal agreement drawn up separating out who is entitled to what, then both move out and rent the place out for a year or so.

You will still be jointly responsible for paying the mortgage, but with any luck the rental income will cover it, leaving you both free to live somewhere else.

In a years time you will know better what the housing market is doing, it may be a better time to sell, or one of you may be in the position of buying the other out.

The legal agreement will stop any of the arguments about splitting any profit or loss when you do get round to doing something about it.

Gorgeous_George

TighterThanTwoCoatsOfPain wrote: »

Guessing you havent split up with a partner who has done the dirty on you before! lol

(neither have i but can assure you the above would be nothing but a pipe dream!)

You guess wrong.

Got back together, didn't work out, moved on knowing I'd tried (for the kids' sake).

FWIW, now that I'm older, I think that there are worse things than infidelity.

GG

TighterThanTwoCoatsOfPain

Gorgeous_George wrote: »

(for the kids' sake).

I think thats the key thing i perhaps overlooked!