Unmarried, selling house that we’ve just bought - help…

[haveimadeamistake]

Moved in with my partner last month. Long story short, it’s not going well and I think we’ll be separating. We’re not married, no children together but I have 1 DD. He paid the deposit and fees, we were to sign a minute of agreement which stated he’d get the deposit and fees back if we sold, with the equity then split 50/50. He hasn’t signed his copy of the document so it hasn’t been filed with the solicitor yet. He has another property, I have nothing. I don’t think he could take the mortgage on alone based on just his income so we’d have to sell. How do I get out of this as unscathed as possible? What do I do?

You need to speak to him and agree the most painless way out for both of you. Buying and selling in rapid succession is expensive. There may be options to mitigate this if you work together.

I've seen your other thread

Morally and ethically what are you wanting here? Are you wanting posters to say since he didn't file the paperwork half his deposit is fair game?? Because it's sounds like you are?

Morally and ethically walk away with what you came into with. In your case nothing. After a month you've barely made a dent in the mortgage payments - you might be able to get him to help you with a deposit on a rental but that would be relying on his good will really

Agreed

Surely you just give him the deposit back, then split the rest 50/50? Although can’t imagine there will be anything to split after one month.

You’re not going to try and take any of the deposit, surely?

The fact he has another property, and that you have a DD, are both completely irrelevant.

You can just walk away. There’ll be no equity in the house so it’ll have to be sold and hopefully he’ll not lose any money.

You need to talk to him.

You can't be sure that he can't take on the mortgage alone until it's actually been investigated.

He (or both of you) need to go to a mortgage advisor and they can see what can be found.
There are a lot of specialist lenders that will cover unusual situations.

Could be wrong about the posters intentions of course but the fact that she has specifically mentioned that this bit of paperwork wasn't filed on both threads ....🤔

There’s another thread?!?

About how awful the partner is to her 3 year old DD and the advice is to leave, hence this thread I am assuming

He's had a lucky escape not marrying you ! You get nothing and why should you ?

What have you paid so far? Just one month of mortgage payments?

I think a best case scenario is you leaving with your dd, while bf gets a lodger to help with the mortgage.

I don't think you ought to be entitled to any interest in the property.

I read your other thread, and it does sound as if you ought to move out ASAP for the sake of your daughter. Find a flat to rent ASAP.

I think it would be reasonable for him to help a little with a deposit on a new place at least.

He is the one causing the issues by being a prick so that seems fair. You can't make him help though.

You have to hope it sells high enough to cover the costs and he gets all his money back etc.

Have either of you somewhere you can move to temporarily whilst it sells?

You may have to live apart but ok the house whilst it sells unfortunately.

You will need to take on 50% on the inevitable loss

The only reason I’m asking about the agreement is because he persuaded me to include the whole amount of legal fees on top of his deposit to be returned, so we’d probably end up in negative equity if we sold now. Realistically he should only get his deposit back.

I'm not understanding the 'he should give her money for a deposit '?

But surely if there's a loss there will be joint liability so it's not this simple. You could leave him to pay the mortgage but if he can't defaults will affect both of you.

As he has the deposit tied up with it then it makes most sense for him to try and find a way to do that but it may not be possible to resolve immediately.

You are going to need to try and work together. You won't be able to sell for six months. Who is in the better position to pay the mortgage in that time? Or can you co habit? It's not a good option but I don't think there are many great options here.

You can try and sell and walk away after that but there will still be costs involved.

He should get back what he put in and you split anything else equally, positive or negative.

just put it up for sale?

sell the house - he gets his deposit back - then half the rest you split?

And if it’s a loss you share that too.

More that they take half of the liability for the loss each

Your pool of potential buyers will be very small before you've owned for six months

www.yopa.co.uk/homeowners-hub/how-soon-can-you-sell-a-house-after-buying-it/#:~:text=Six months of ownership&text=Not all house sellers and,property soon after the purchase.

Surely he needs his deposit back and half the legal fees - you need to pay your half. Plus any loss needs to be split.

He should get the legal fees back and the deposit and you then split any equity or loss.

The best way to minimise your losses is to work together amicably.

It's irrelevant that he has another property and that you have 'nothing'.

There will also be a cost to remove you from the mortgage and house deeds (several hundred pounds) plus the remortgage costs which your current lender may not allow him to take it over in his sole name - if he managed to find another lender then you'd have massive early redemption charges running into thousands

None of those costs I think he should have to bear on his own - you are an adult and should have to pay 50% of the cost

You both made this decision together after only dating 18 months - not living together before

It's also clear from your other thread he's clearly struggling with living with a toddler he barely knows and it's not how he thought it would be either. So far all he's done is a bit of silent treatment towards your child