Buying after separation

[febbabies2023]

Not sure if this is the right place to post so apologies if not and I'll try and keep this short

Split with my partner (not married)
We bought a house in 2020 and the mortgage is fixed until next November

We have decided he will keep the house and I will move (we are happy with this arrangement)

I think I'll be eligible for a shared ownership property due to my income being below 80k

For reference we also have 2 young children

What do I need to do? I know there's going to be equity in the house because the property value has gone up (based on the sale of the exact same house on our estate)

How do I go about this?
I know I need to get removed from the mortgage but can we release the equity without remortgaging?

I'm so confused I have no idea on what the steps are

First thought; do you own the home as Joint Tenants or Tenants in Common?

If the former you might want to consider severing the joint tenancy so that, were you to die while sorting this stuff out, your share is yours to dispose of per your will. If you remain Joint Tenants he'll get the lot.

On the basis that he's buying you out and you're entitled to half of the equity whether he needs to re-mortgage depends on whether he has savings etc or can access the amount needed other than via a new mortgage.

Remortgage to get your name off the mortgage and soley in his name.
Also, release your share of equity through remortgage unless he has savings he can give you.

@Bromptotoo it will be joint tenants

We have savings which will be split evenly but it's not enough for him to buy me out that way

His other option would be to get a loan from work (which they would do, smaller company, good relationship) but this would obviously mean he's tied to the company (not really my problem) but I don't know what the legality of that is

I don't think it matters where the money comes from - excepting laundered drug money😀 - as long as there's enough of it to cover your share of the equity.

Does he earn enough to take on the mortgage by himself?

@Bromptotoo I didn't think so but I know banks can be funny about it sometimes haha

@Viewfrommyhouse yes he can, it's part of the reason he is staying and not me. We don't want the lose the house, it's the kids family home and the stability will be good for them. But I don't earn enough. But I earn too much to qualify for any assistance

He may be able to afford the mortgage himself now but that doesn't mean that he will be accepted for a mortgage in his name only.

It doesn't really matter where the money comes from. Half the equity is yours and he needs to find way to give it to and work it out himself, you aren't a couple anymore it's not for you to sort. If it's not possible then you decide wether you want to force a sale or work something else out between the two of you.

You need to be off the mortgage to be eligible for SO. Either he remortgages to buy you out, or you sell the house. They're the options available to you.