What to do with the house

[LostNAlone]

Ive NC for this cause some people in real life know me on here.

So its become painstakingly clear that me and DP are going to separate. I am truely heartbroken, but what is life.

Weve had a mortgage for just over a year and i cant help but worry what will happen with the house? Please can someone who has knowledge or has unfortunately been in this situation enlighten me? I know we will have to sell but then what?

I'm sorry to hear that.

Are either of you in a position to buy the other out?

It depends on how much equity you have. Usually if you contributed equally then you'll both split the proceeds between you and move on to new houses. I've done it a handful of times now and honestly it's quite straightforward.

Sorry you're going through this but you'll be ok.

Very difficult to say. All situations are different. You will be told starting point is 50:50 in respect of equity and that’s probably a good starting point; however, a lot will depend on your finances, children etc.

If you can keep it amicable you can try and work out agreement which is fair for both of you.

Itd all be very civil. Neither of us are in a position to buy anyone out.. wed have to sell the house to get rid of it. We put quite a decent deposit down so we should be able to sell easily cause we could market under-value for a quick sale to cover outstanding mortgage and fees

If it’s amicable do you have to sell quickly? Surely better to get good price, share the equity so you’d both have a good deposit?