House if divorcing

[EveInEden]

Want to understand what I would need to do if I wanted to stay in our jointly owned home.

We have about ~25k left on mortgage. Worth about ~450k. Both work. I'm the higher earner. Teenage DD.

Not considering separating yet but I want to understand the facts should I decided to in the future.

You'd have to buy out your wife/husband. I'd imagine this would be half of the worth. It depends if they would expect more to be bought out.

Stupid question, how do you buy someone out? Take on a new mortgage?

Yes, I took on a new mortgage in my name. Ex got 1/2 value.

The equity will be split 50/50 typically though you can negotiate a bit more if you are avoiding selling fees, so you will need to either be able to arrange a mortgage for that amount or there's other assets eg pension, savings to offset

It depends how difficult they plan to be.

If your STBXH is OK with the idea, you get the house valued (usually 3 valuations) and agree on which valuation to accept

You then find the money to pay your partner half of that valuation (if your partner is happy to accept half)

You could give your partner cash (you take out a mortgage to get the money) or you give money from savings or you give part/all of your pension or a combination of all 3

As long as your partner is happy with this and you can afford it....happy days

Yes. You would agree an amount and borrow that on top of what is already owed.

With your numbers you would need to pay your stbeh £225k. And get a mortgage for £250k. If he is happy with 50/50. You will need to take into account pensions. Debts etc.

It would be £212,500 wouldn’t it due to the £25k mortgage.

@Brinckly yes of course. Multi tasking at isn't finest.