To spend more on a bigger house or not so much on a smaller one?

[LadyEatsCrispsALot]

Currently separating and looking for 3 bed house to buy for myself and dd and DS.
I could buy small ex local authority which needs a lot of work and loft conversion as third bedroom is tiny. But is 30k cheaper than larger house.
Or spend an extra 30k and get a larger three bed 1930's terrace house which will need minimal work.
I just need to move out of family home as decision is made that we are separating.
My feeling is go for larger house, but ex DH thinks I should go for cheaper house and do it up. He is offering to help me do that.
We are amicable but I am feeling annoyed that he is trying to dictate what I should buy! Grrrrr....

Yep think so. I really wanted it to be amicable. We have agreed financial support, house selling and now it seems just too difficult.
:(

It might be that the family home needs to be sold and you both buy a new house. He might be telling the truth about not being able to mortgage your family home by himself, depending on his income, equity and how much it is. I'm no expert but just from what I'm hearing from friends trying to re mortgage they want an arm leg and kidney before they even give you an appointment nowadays!

I agree you need legal advice, its a minefield out there and your best off knowing where you stand from the off IMO.

I hope you get sorted soon, so you can move on, and you and your DC can adjust.

just remember the increased house work and higher heating bills with bigger house.
But dont be bullied.

I'd go for the bigger one simply as doing up a house is a huge time consuming commitment that will eat up all your time and will be a frustrating mess to live in on a daily basis. It will take your attention away from living and your kids. I speak as someone who has done lots of projects but never on my own. Also bear in mind that a loft conversion will cost you 20K on it's own. Then add on other expences for new kitchen/heating/electics/ damp proofing/bathroom/carpets/windows etc. Remember it will always cost you much more to do a project than you expect. And I mean much more. Your DH may think he is saving a few thousand by getting the cheaper house which needs work but the reality can be totally different.

I would sell your present house as it's just another tie you have and something you have to make joint decisions about in the future. Wouldn't it just be better to get on with establishing your own new life?

Nope I'd definately sell the family home, you don't want to have a joint mortgate, you would probably struggle to get a solo mortgate (as your partner has proved).

Definately go for legal advise.

Poor house (needing work) in a good area will always hold value over a great house in a poor area.

Hi there
We're going to move this to Property
Thanks
M Towers

Advice? Talk to a solicitor. If he can't get a sole mortgage on the family home, I suspect you need to sell both, split the equity in whatever way is deemed fair, and both set off to buy your own places.

Is there more equity in the family home or the flat or about the same? Make sure you are getting a fair deal on the equity amount (which may not mean 50:50 by the way....it should also take into account the children and where they'll live, how much you each earn, etc)