Splitting up

[foofooyeah]

I have lived with DP in this house for 6 years. We are not married. We both work full time.

We are going to split up - just trying to get some idea what legally will happen.

Mortgage is 200k
Debts are 50k (roughly 50/50 we are on joint debt management plan)
House worth apx 400k
When we bought house I put in £120k equity which I have a legal doc saying if we sell the house I get this back.

We have one son together age 8, we also have older childen, DP has daughter of 12 who lives with her mother. I have son of 19.

Any options are hampered by the fact that we have appalling credit ratings.

I see a couple of options. I stay in house (I can afford mortgage on my own - but cannot remortgage in own name due to credit rating). Split debt management plan. Change ownership from 50/50 to 99/1 or something like that??? - is that even possible ? Dont think DP could afford half the mortgage and rent on somewhere to live.

We sell the house - I prob couldnt get another mortgage straight away but could rent and debts would all be gone.

Can anyone advise on any other options or legals stuff I havent thought of.

Ignore the unsecured debts. the equity is £200k. you're entitled to the first £120k plus half the balance. His share in the property is therefore worth £40k, and yours £160k. Can you take that out of it, pay off your unsecured debts (say £25k) and then put the balance towards an affordable home for you?

Under Schedule 1 of the Children Act the court could put his share in trust and allow you to continue to live there with the children, but you'd have to show you couldn't be properly housed otherwise. You have no right to insist on living in a £400k property. What can you get for £160k plus whatever mortgage you could get down the line?

Thanks for your reply. I wouldn't be able to get anything (not even 1 bed flat) for £160k - I live in an expensive area in Berkshire. I dont want to move too far because of youngest school - dont want to change that as well there will be enough change to deal with - plus I have a lot of friends and support here. I could with an additional £100k mortgage get a 2 bed place which would be fine. Not a lot of choice in that price bracket but there are places. Once debts paid off and with over 50% deposit I could poss get mortgage despite rating if I used a broker.