Selling a property after split or buying out how does it work?!

[pinkstinks]

Partner and I have split after a long time
Together (13 years no children)

We split mainly due to his issues with money - he has moved out and I am covering all bills, it’s hard but not impossible. I think he is more in debt than even I know.

He now wants to sell as he is “on the verge of bankruptcy” however if possible I would like to stay in the flat and remortgage in My name only.

Would this be possible, does anyone know how the equity would be worked out? Is it based in the value when we bought and then split the difference of the value now or is it more complicated? Also his parents gave us a deposit which We signed to say if we split in five years would be paid back - if we sell) we managed four years.

It’s amicable thus far...

I don’t know whether to cut my losses and just sell but I would be stuck without being able to get a mortgage on a property and renting here would be double what I pay for the mortgage and feel like a step back and nowhere would take me and the cat!

Everything feels a bit overwhelming! Any advice much appreciated :)

The equity is the difference between the value of the property now minus the amount you still owe on the mortgage. So if your glider is currently worth £250,000 and your mortgage is £200,000 then you have £50,000 equity which needs to be split.

Are your earnings high enough for the lender to allow you to remortgage in your name only?

As pp said the equity is the difference between what's outstanding on the mortgage and what the property's current value is. In your case you'd then need to deduct the parents deposit figure from the equity and whatever is left would be split between you and your ex. For you to keep the property on you would need to get a current valuation on the property (ideally from more than one agent to use an average) work out what the equity is so that you know roughly what you may make on it and then discuss with the lender as to if your income is enough to take on the existing mortgage plus additional borrowing to repay the deposit loan and buy your ex out. If you're finding it hard to pay all the bills now, even if you did earn enough to take the mortgage on and borrow the additional required you'd likely struggle to pay the increased mortgage repayments.

My ex and I separated last year and I sought legal advice on this as the house was mine before we met. As we weren't married he legally had no claim on my 'share'

As others have said it is what would left if the house was sold. All fees paid and then split 50/50.

Getting a mortgage In Your own name is the hard part. I'm currently in limbo until I get three months child support in my account.