splitting up aftering buying house

jobonesy

hi all. just wondering does anybody have any advice for me. gf and i bought house together few years ago but its not going to work out. we have a joint mortgage and i think the split could get messy. anybody who has been through this and has some advice let me know.

Victor

Do you have any agreement in place?

Lots of people have been through this and the usual thing is to each take a proportion eaqual to what you have invested.

Marriage and children would make it much more complicated.

jobonesy

no children cats and dogs though

helimachoptor

jobonesy wrote: »

no children cats and dogs though

Take the dogs.. Cats = satans creatures.

Grudle

I went through this about a year and a half ago. We didn't have an agreement in place but were always on good terms anyway so it didn't get messy.

In the end it was agreed that I would be bought out. We agreed to get two valuations done and settle on whatever the average price of the valuation would be. The only other option is to sell the house and split proceeds (or maybe costs) in whatever proportion is most suitable to your situation.

luckat

helimachoptor wrote: »

Take the dogs.. Cats = satans creatures.

http://www.poemhunter.com/poem/for-i-will-consider-my-cat-jeoffry-excerpt-jubil/

No reason you have to get antsy with each other; you have a property in common, so you should both come out of it with a profit, hopefully.

It's sensible for both to get a lawyer experienced in family law, of course, so that each of you has someone to negotiate on your behalf who isn't involved.

IanCurtis

luckat wrote: »

lawyer

"Solicitor"

amtc

happened a few years ago to me.

what I found amazing was the lack of time pressure anyone was under.

I moved out, and he made offer to buy house out (based on independent valuation). However I was still paying half mortgage (to maintain rights) for four months. So my advice would be to get a solicitor on recommendation rather than price. Mine was worse than useless, and only when I befriended the legal executive did anything happen. Meanwhile my ex got four times half the mortgage from me. He only decided to put pressure on his solicitor when I cancelled my direct debit (risky enough but didn't affect my credit rating). Although supposedly amicable, I discovered he had changed the locks so I couldn't get post/clothes etc, and ran up big bills on two of the utilities that were in my name. People surprise you in these situations.

Honestly, try to keep it professional and civil, but it's hard enough to buy a house in the first place (dealing with all different types of professionals to whom you're just another file to them) so it's even harder when you've two sets involved! It is a full time job to keep the pressure on.

Also, ensure that you were properly registered with the Land Registry for the original purchase. Some solicitors can take years to get around to this (mine was 2 1/2 years).

I would also advise to write off arguing over furniture etc. You don't really want it anyway and it's far nicer to get your own stuff. I took the suite and kitchen stuff but have replaced it all since.

Best of luck.

SarahMc

Keep it civil, come to an arrangement between you (easier said than done).

Is there realistically any equity - how far apart are the two demands? Like amtc said forget about wasting energy fighting over furniture and bits and pieces.

xxdilemmaxx

Hi,

Can I ask a quick question as I am in the same boat, do the banks usually let you buy someone out even if the loan is more than they would usually lend you if you were buying a house alone?

In my case mortgage is 335k my salary is just over 40k. There's no way I'd get a mortgage on my own on this salary so wondering if i'd be able to buy the OH out at all. Or are the banks more lenient in this kind of situation?

Should I approach the bank first or solicitor?

Thanks

Hennybug

xxdilemmaxx wrote: »

Hi,

Can I ask a quick question as I am in the same boat, do the banks usually let you buy someone out even if the loan is more than they would usually lend you if you were buying a house alone?

In my case mortgage is 335k my salary is just over 40k. There's no way I'd get a mortgage on my own on this salary so wondering if i'd be able to buy the OH out at all. Or are the banks more lenient in this kind of situation?

Should I approach the bank first or solicitor?

Thanks

Banks are very reluctant at the moment to let one person take on the whole mortgage and in some cases insist on both staying on, even if only in name. This usually means the person staying put has to indemnify the other against any claim from the Bank. If you have someone you regularly deal with in the Bank and have a good relationship wiht, talk to them first to see what your chances are. At least then when you talk to a solicitor you have an idea of what your options are - financially.

xxdilemmaxx

Hi Hennybug,

Thanks for the reply but I'm not sure I follow, would his name still be on the deeds? Would I have to compensate him in some way? Sorry for the stupid questions but totally clueless in this regard....

IanCurtis

Happened to me recently.

My only advice is to get it over and done with as quickly as possible as it can take a terrible toll on you emotionally.

I was stuck in contact with my ex for nearly 9 months, so moving on was pretty much impossible.

It's only now that I'm getting on with my life, although I did do rather well out of it!