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what happens when a partner wants to leave but keep the house?

(12 Posts)
lou5a Tue 04-Aug-15 07:15:49

not married but living together and own a house. if one partner wants to leave but also wants to keep the house then what happens?

sorry for asking what might seem a simple question but I don't personally know anybody who has done this and have no idea how it works.

if the partner needs to buy the other person out, but doesn't have that cash up front, then what? is it possible to extend the mortgage further to get the money to pay them off?

sorry I'm a clueless about it. basically - splitting up, wants house but hasn't got the money to pay OH out. does the house have to be sold at this point?

ThinkIveBeenHacked Tue 04-Aug-15 07:20:44

If you cant buy him out, and cant raise the capital to, and he wont agree to simply leave then surely the only other option is to sell?

Scoobydoo8 Tue 04-Aug-15 07:22:50

Can you get lodger and pay OH rent?

Might depend if OH needs a deposit for a new mortgage, then house would have to be sold.

SanityClause Tue 04-Aug-15 07:23:49

If you are not married, then, yes, that is the most likely outcome.

If the partner that wants to stay in the property can raise enough money to buy the other out, either in cash or by a loan, then they can do that. They can't be forced to sell.

Check how much equity there is in the property. If there isn't much, it may not cost a lot to buy the other out. Conversely, if there is a lot, it may be easier to get a loan, as mortgage lenders base part of their calculations on how likely you are to default. If you own a large proportion of the property, you are less likely to put yourself in a position where you will lose it.

(If the partners are married with children, the children's needs are taken into consideration.)

SanityClause Tue 04-Aug-15 07:27:34

Might depend if OH needs a deposit for a new mortgage, then house would have to be sold.

They wouldn't have to raise a deposit, if there was sufficient equity. The point of a deposit is that its not a 100% loan. If there is sufficient equity, already, that would also have the effect that it as not a 100% loan.

chelle792 Tue 04-Aug-15 07:56:58

I kept the house when my ex moved out. He continued to pay half the mortgage and gave me 12 months to sort finances out. We couldn't get out of our fixed mortgage term earlier so he had no choice but to wait.

I took in two lodgers and then started finding someone who wanted to buy with me.

goodbyespeech Tue 04-Aug-15 08:06:27

I didn't keep the house when ex moved out. I had always paid the mortgage. The court ordered the house had to be sold and equity split and I had to move out with dc.

I could not raise enough money to buy him out and the amount he offered me was laughable.

Answer: get legal advice

goodbyespeech Tue 04-Aug-15 08:07:38

Everyone's case is different.

Cabrinha Tue 04-Aug-15 08:14:12

You need to tell your friend to get legal advice. There are any number of solutions.

I was married but would have come to the same solution if not, and we made the decision ourselves, then implemented via solicitor - all before the divorce.

1. Worked out a fair split of equity based on contributions. This can be the hardest part but as we'd paid the deposit 50/50 and all mortgage and bills ever since, it wasn't hard. I actually negotiated 60% of equity because of the next bit

2. Recognised that his only way to buy me out was to extent mortgage and whilst there was the equity to do this, the monthly payment would have been a challenge for him

3. Changed mortgage at current amount to his name only

4. Put a legal charge on for the equivalent of 60% equity with a later date to pay back, to give him more time to raise it

I would have insisted on a sale if we didn't have a child, I was keen for her to keep family home (with him) to minimise disruption and to keep her treehouse! Obviously personal reasons. No way would I have been kind enough to defer payment if we weren't still linked via a child.

What's the situation with your friend? Does s/he have kids?

lou5a Tue 04-Aug-15 08:49:33

thanks everyone. no children involved, the person leaving is the one who wants to keep the house. x

Cabrinha Tue 04-Aug-15 11:09:10

Do you mean the person ending the relationship?
Bit confused by the word leaving - they don't mean they want to leave the house but still own it?

Cabrinha Tue 04-Aug-15 11:10:45

Only I think that can make it easier - if it's the one ending the relationship who has to find the money to buy the other one out.
Although of course, the dumped party might not be too happy at leaving their home! Do you think they will also want to buy the other out?

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