How to Tackle a Mortgage when you Split Up!

[Valeriebs]

Hello all,

My sister has split up with her boyfriend of eight years. They bought a property together, each owning 50%. The boyfriend has moved out-- and is still paying the mortgage, which he is finding a strain.

My sister offered to take on a lodger to alleviate his financial burden. He initially agreed- but has since sought some professional advice-- and has now told my sister she cannot take a lodger unless she buys him out.

My first query is, is the boyfriend within his rights to do that? I am guessing probably yes.

The second query is, if my sister buys him out-- how will this work given that the price of the property sky rocketed in recent years. Will she need to pay the current market value of her boyfriend's equity stake (I am also guessing yes)? And will she be able to remortgage to somehow manage this?

Thanks for any advice, much appreciated.

Your sister needs to get legal device. CAB might be able to help.

As joint mortgagee, both your sister and her ex are jointly liable for the debt. If your sister takes over the payments by getting a lodger, he is still technically liable for the debt and that can affect his ability to get a loan or mortgage elsewhere. If he wants to be taken off the mortgage your sister should really remortgage in her sole name.... can she afford to do that?

Then there's the matter of the equity. Did they purchase the property jointly with both on the deeds? Did one contribute more to the deposit than the other? If there is any equity has to be shared.

Can she afford the mortgage alone is the question that will be asked.
When I split with my exh we did a change of equity, however there wasn't any value in the property.
Is the ex wanting some £££ if you dsis wants to buy.