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Joint mortgage, separation

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  • 22-05-2016 1:27pm
    #1
    sean29
    Registered Users Posts: 56 ✭✭


    Hi,
    My wife and I will be separating. We have a 7 year old daughter who currently lives with her mother but we split time, no problem there. I moved out and I rent a room as I'm in a low paid job and can't affort anything else. We have a joint mortgage. House was bought for 160,000. Only 5 years of 25 have been paid, there is huge equity, it is worth around 290,000 today. She wants to buy me out and remortage on her own (or with her new boyfriend) which she will get. Don't know what to do. I could not buy her out but I would agree to sell the house but she does not really want to. If we don't agree can the court force me to take the buyout? What would be the amount I should be asking for the buyout? Thanks.
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    #2
    A_Sober_Paddy
    Closed Accounts Posts: 4,221 ✭✭✭A_Sober_Paddy


    sean29 wrote: »
    Hi,
    My wife and I will be separating. We have a 7 year old daughter who currently lives with her mother but we split time, no problem there. I moved out and I rent a room as I'm in a low paid job and can't affort anything else. We have a joint mortgage. House was bought for 160,000. Only 5 years of 25 have been paid, there is huge equity, it is worth around 290,000 today. She wants to buy me out. Don't know what to do. I could not buy her out but I would agree to sell the house but she does not really want to. If we don't agree can the court force me to take the buyout? What would be the amount I should be asking for the buyout? Thanks.

    Well if the house is currently worth 290,000 I'd expect 145,000(-half the remaining mortgage) to be honest


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    #3
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno


    A_Sober_Paddy wrote: »
    Well if the house is currently worth 290,000 I'd expect 145,000(-half the remaining mortgage) to be honest

    I'd suggest subtract the remaining mortgage from the current value and half that figure would be what the op could expect


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    #4
    sean29
    Registered Users Posts: 56 ✭✭sean29


    Thanks, so 290-130=160/2=80 grand. That is not much if I wanted to buy something in Dublin. I really don't want to give up on this house. If we don't agree what are the options?


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    #5
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno


    sean29 wrote: »
    Thanks, so 290-130=160/2=80 grand. That is not much if I wanted to buy something in Dublin. I really don't want to give up on this house. If we don't agree what are the options?

    Court/mediation. Court will be expensive


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    #6
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    I wouldnt expect the amount you get to buy you somewhere in dublin, why would it?

    It would serve as a good downpayment, which given the intentions of your wife to remortgage seems to be her essential intention.

    Hard to know where your expectations are coming from here imo OP.


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    #7
    sean29
    Registered Users Posts: 56 ✭✭sean29


    So even if I don't want any buyout at all, she still has the right to go to court and they can settle the amount?


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    #8
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 51,687 Mod ✭✭✭✭Stheno


    sean29 wrote: »
    So even if I don't want any buyout at all, she still has the right to go to court and they can settle the amount?

    Yes if you and she cannot agree then court is an option


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    #9
    wuzziwig
    Registered Users Posts: 516 ✭✭✭wuzziwig


    Can I ask why you don't want to sell the house to her?

    I bought my ex out of our house. We only had a small mortgage remaining on the property because there was only 5 years left on it. So we took the market value and I gave him 30% of it and also paid off the remaining mortgage in full. The reason he didn't get an equal share of the value is because if the house were sold I would have to rehouse myself and three kids whereas he only had to rehouse himself. So going the court route may not get you a 50% cut because your daughter is living with your ex.


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