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Can I seperate and afford to keep the house?

(3 Posts)
TwoStrongArms Thu 29-Nov-12 14:21:43

I keep going over and over this in my mind and can't work out how to do it.
DP and I are not married. We have 1 DD, 13. We own our house as tennants in common, I own about 60% of the house. It is probably worth about £500k.

We live in London, my salary is about £42k. I am 55, so cannot take on a long mortgage. DP has a good salary, but lower than mine. I have about £10k savings.

Because it has gone up so much in value (house prices) since we bought it, I don't think I can afford to buy him out of his share. I would have to buy half a house at today's prices.

I really don't want DD and I to have to move out of our home. Not for my sake but for DD's sake.

We haven't started extracting ourselves from our relationship, but the day cannot be far off.

Are there any options under which I could stay in the house and he get his share to move elsewhere?

Interest only mortgage until DD leaves home?

Please help if you can. If only to confirm that I need to see a financial advisor or something.

CogitoErgoSometimes Thu 29-Nov-12 14:57:51

The only real alternative to buying out his full share at market value is that your ex agrees to defer getting his share of the equity (or some of it, let's say) until your DD has finished full-time education. All relies on you being amicable and cooperative but, if he has a good salary, you could potentially offer him enough money to get set up somewhere else with him getting the balance of his share in five years' time. If you waive him paying maintenance for your DD he may agree to a smaller cut from the profits even .... just as an example. As well as a financial advisor I'd recommend you to talk to a solicitor to get everything drawn up properly.

TwoStrongArms Thu 29-Nov-12 15:19:18

Thank you.

I had wondered about deferring selling the house. We will have the mortgage paid off in a couple of months, I can see that it would be unfair for me to live mortgage free in our house and him to have to pay a rent, but I would be prepared to contribute to that rent, even, if that made it possible. He needs somewhere DD can stay, so 2 bed.

The other possibility I thought of was for both of us to buy a flat for him to live in and share the mortgage on that, so that his money was also going into property, and then sort it all out when DD leaves home.

We can be tetchily amicable, I think. Both of us will put DD's interests first, I know that, but he is less likely to think that DD losing her home as well as her Dad on an everyday basis is disruptive.

Should I see a FA first, or solicitor?

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