What would happen if me and OH split?

[devon_91x]

Me and OH are both 21, work full time, and own a flat together. We bought our flat for £109k, its now worth £125k. We put down a £16k deposit - £8k each.

What would happen if me and my OH split? If we both refused to move out? I assumed I would be the one to stay in the flat as I would be the main provider for LO? But if OH did move out, what would happen to the flat? I mean would I have to sell it and we both split the money? I know theres no right or wrong answer but ive never been in that situation before, and we had no paperwork or anything made up when we moved in. My friend from work said what would probably happen is that I continued to pay all the mortage and bills myself, but OH still owns 50% of the flat. But then if I ever sold it and moved somewhere else, what would happen? Can I not just pay him the £8k back and own the flat solely myself?

If anyone has ever been in this situation could you just explain how you sorted it out? Im so confused!

 

[dgirllamius]

Is the mortgage in both your names?

 

[devon_91x]

Yep, we both own 50%

 

[Dinah93]

Do you earn enough to be approved for the mortgage on your own (usually no more than 3.5x your salary)? While you are both on the mortgage you both have the right to live there, so you need to come to an agreement together for one or the other of you to take over the mortgage, but you need to do it cleanly, you don't want to remain financially linked. It's not a good idea to both remain named on the mortgage after separating, the one who has left could find it difficult to get a mortgage on a new place, but if one of you started to struggle and ran up debt it would have a negative impact on the other's credit record. If he agreed to leave but you wouldn't sell then he could take it to court and put a charging order on the flat, the legal fees associated with that could heavily eat into any profit. Given you both have equity in the property right now I'd sell it, each walk away with some money, and you can then buy your own place if you want to, or rent while you save up a bigger deposit.

 

[devon_91x]

I don't earn enough to be able to afford to get a mortage on my own, but I really don't want to rent anywhere, espesically as my mortage repayments at the moment are only £410 a month, whereas a typical 2 bed flat in my area is at least £700 per month. I've worked out that if he left, I would just about get by on my own (well in fact is be better off!) as my tax credits would go up by quite alot, plus my council tax would be reduced.

I really don't want to have to sell my flat, I love it here and I'm so settled. Can I just point out that me and oh aren't actually in the middle of splitting, it's just we are going through a real bad patch and we keep trying to sort it out but it's going round and round in circles. I just feel like I need to know where I stand. It would make more sense for him to leave anyway, as his parents have a huge house with 3 spare bedrooms, he has alot of savings should he want to get another place, and he has very well off parents. I don't have any savings whatsoever and there's no room for me at my mums, let alone my LO.

 

[weebubba]

I got my lawyer to draw up an agreement whereby ex pays mortgage until my LO is 18, and also to include that he can't force a sale or profit if I choose to sell. This is instead of child maintenance. It has been this way for five years now. After said period is reached the mortgage responsibility is mine.

 

[weewdy]

Sorry if this sounds harse but he doesnt need to let you stay in the flat. He can say that he wants to stay. If you cant afford to remortgage for the whole amount and he cant afford to remortgage them the flat will have to be sold and all profit gets split 50/50. If he does let you stay whilst still owning half of the property then you will have to pay all bills etc. If this happens i would consult a solicitor because he could end up getting more than he is entitled to years down the line. I hope you both work it out but if your worried speak to a professional so you know what might happen.