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    • Rosie1989
    • By Rosie1989 21st Sep 17, 11:38 AM
    • 15Posts
    • 1Thanks
    Tenants in common splitting up
    • #1
    • 21st Sep 17, 11:38 AM
    Tenants in common splitting up 21st Sep 17 at 11:38 AM
    Im so confused right now and in a mess. Initially I bought our house and put down the 20,000 deposit as my ex had no savings. He contributed to the mortgage payments, until 2 years ago he wanted to be added to the mortgage, so I got a trust deed done at the solicitors to protect my deposit.
    We've split up on holiday and I've flown home, he's still there enjoying himself, he says he wants to get a new mortgage and pay me out my deposit and equity and take on the house, i.e. This possible? He has no savings right now. I work near the house and have to work my 4 weeks notice, my plan is to move back home to my family (an hour and a half journey by car) I don't know what to do but I feel like he ill try and screw me over with the money
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    • bubblycrazy
    • By bubblycrazy 2nd Oct 17, 5:49 PM
    • 151 Posts
    • 444 Thanks
    What do you want to do? If he was being reasonable and said he'd do what you want, do you know what you want? Do you want to find a new job and move closer to home, or do you want to keep your current job and the house nearby? If the former then let him have it. If the latter then go and see a broker and tell him you want to buy him out. Forget about the kitchen for now, that's getting in the way of the important decisions.
    MFW - Original balance 28/08/2014 52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 52250
    Balance 27/07/2016 49990
    Balance 08/07/2017 47999
    • Rosie1989
    • By Rosie1989 3rd Oct 17, 12:12 PM
    • 15 Posts
    • 1 Thanks
    Update - he's agreed to buy me out on the house value being 155k, then he is taking my share of the outstanding kitchen debt off my equity which is fair enough. However, the thing I'm confused about now are the fees, because when he's worked out the share, he's based it on a house value off 155, taken off the remaining mortgage which is fair enough, but then he's taken off the early redemption fee which is like 2,100, then he's taken off 300 mortgage fee for his new mortgage, then 600 solicitors fees to transfer it to me. So effectively I'm paying half of all the fees, I don't understand why I'm paying half his mortgage fee seeing as the new moergage will be nothing to do with me when I'm off this mortgage, he isn't going to pay half my mortgage fees when I buy a new house. And why am I paying half his solicitors fee when I will have my own solicitor fees to pay when I have the paperwork checked over by my solicitor?
    • getmore4less
    • By getmore4less 3rd Oct 17, 12:19 PM
    • 32,185 Posts
    • 19,344 Thanks
    if he can't get the lender to waive the ERC then it just part of the current mortgage, you would have that with a sale.

    Fees to transfer equity will be similar to a sale.
    new mortgage fees, debatable they form part of the cost for your way out and are cheaper than the other options(eg EA fees).
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