I have lived with my finace (OOOOPS Ex Fiance) for 2 years now and he has paid the mortgage all that time, I put down the initial deposit of £13,000. Now that he is leaving, I want to take over the mortgage but don't know where I stand. Does he have to pay off half of the debt or half of what has already been paid?
2006-08-15 01:49:25 · 17 answers · asked by DippyGirl78 3 in Business & Finance ➔ Renting & Real Estate
assuming both names are on the mortgage, you share equally in the value gained since the time it was purchased. you will have to get a new mortgage in your name only.so if the equity is now say £50,000. you take the 50 and split it. Then he gets a credit for the payments and you get credit for the downpayment. You can still get credit if for example you were paying other things like buying all the food, paying the utilities, etc.
But the final say is a judge if you can't settle out of court. and the judge can award more or less depending on his evaluation of the overall situation.
2006-08-15 01:57:12 · answer #1 · answered by Munster 4 · 0⤊ 0⤋
Due to the fact the house prices are at the highest for a while this is not a good time to split up. You have to get the house assessed for a value by an estate agent. Then its a 50-50 split on equity minus any payments either of you made. You end up with a figure and that's what it costs either of you to buy the other out. Its not just the money you put in you see but what the house is now worth split 50 50. If you can`t afford to give him his 50 percent equity minus or plus money paid in you have to sell the property and move on after settling the money that way.
2006-08-15 09:06:17 · answer #2 · answered by besrkdwarf 3 · 0⤊ 0⤋
If you are taking over the mortgage, effectively you have to pay him a sum that he is happy with for having his name removed from the title deeds of the property.
There are no hard and fast rules on this but do the following sums:-
Owned Value = Current Value of the Property - Current Balance on the Mortgage.
The simple split is that you should pay him half of the Owned Value, however, you might be able to push for the following:-
Your payment to him = (Owned Value - £13,000) / 2
Good luck and I hope you can work this out amicably
2006-08-15 09:15:52 · answer #3 · answered by Martin G 4 · 0⤊ 0⤋
If its a joint mortgage you are both responsible, it is a misconception to think he only has to pay his half you are both responsible for all the payments to the lender. If he refuses to pay, you have to pay the lot. You can however buy him out and take over the entire mortgage, which is what I suggest u do, as long as he is on the deeds he can force a sale and get you out the house, he also makes half of any profit including your £13000. Sorry hun but that's the way it is.
2006-08-15 15:10:13 · answer #4 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
You have to get the house valued. once it is valued you will have to get a mortgage to buy him out of the original mortgage. He will then walk away with whatever he put into the property and half of any equity that you have gained from the property.
Speak to a solicitor and to an independant financial advisor.
2006-08-15 09:05:37 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Have a chat with your lender and they may just sign it over as long as you both agree, other than that you may have to remortgage for the whole amount and give him any potential agreed increase in the property value, less the deposit amount. I really recommend speaking to a solicitor as this is a legal transaction to transfer the property into your name.
2006-08-15 08:56:20 · answer #6 · answered by voodoobluesman 5 · 0⤊ 0⤋
Gosh, find a good solicitor now!!! Your ex may ask that the house be sold, to get his share out, obviously half the value of the valuation which will have to be carried out.
2006-08-15 08:57:26 · answer #7 · answered by Anonymous · 0⤊ 0⤋
ok,,first get the property valued .....then go to solicitor it wont matter what you or he paid in to it it will be divided in to two after all the bills ect are cleared and if there is a profit on the property half that and thats what you will have to pay him to take it over .......or you can be sneaky but ill put that in an e,mail for you if you want details......
2006-08-15 08:56:06 · answer #8 · answered by kathy_madwoman_bates 4 · 0⤊ 0⤋
when i left my ex husband i lost loads of money as i had paid for a lot of work on the house, all i got back was the diffrence between what the house was worth when we brought it and what it was worth when i left and i had to pay for the valuation. visit a solicitor
2006-08-15 10:13:53 · answer #9 · answered by dollysdress 3 · 0⤊ 0⤋
Who's name is the mortgage in
2006-08-15 09:01:26 · answer #10 · answered by Anonymous · 0⤊ 0⤋