Clarebabes

Hi, in need of some advice for a friend - no, it really isn't me!

Anyway, if a couple are to split and are married, the staying party should buy the other out of the house shouldn't they? I.e. £200K house, £100K mortgage, the staying party needs to pay £50K (or thereabouts) to the one that's deserting....

Or force a house sale and split profits etc....

Have I got that right? Not finding much on Google to be honest. Has anyone been through this lately?

TIA
Clare

Timwinner

iTrader: (3)

There is no hard fast rule about it, Its down to the individual and their solicitor.
Tell your friend to decide what he/she wants from the house and then seek a solicitors help to achieve it.

SwissTony

iTrader: (19)

When ex-wife & I split up, we split the equity in the house when we sold it and she got the bigger share of the moeny only because I am too soft ..

As for the one leaving, surely it is the other way around as the one leaving has no equity and no money from the split ?

Just seen your edit so yes it works that way

Clarebabes

Oh, yeah, I edited as I realise I'd got it wrong!

PaulC72

200k house the one staying should pay 100k or better still have the house valued and agree on the basis of that, they should technically split the debt and the profit, but it all depends on the reasons fo rthe split etc and how fair they each want to be.

For example if Mr A had an affair the I would imagine Mrs wouldn't want to give hm anything or vice versa

but if it is just come to a general end of relationship then it should be fair.

Also if there are any children involved it would also make a difference.

It could also be who has the best solicitor

EddScott

I would say that if both parties have worked together to own the property then it should be 50% of the mortgage and 50% of the equity that needs to be found. This would seem the fairest way.

However, fairness can tend to take a back seat when accusations start flying.

DCI Gene Hunt

The value of the house is 200K and the debt (mortgage) is 100K, they are a married couple, then the story would go like this:

There would need to be a transfer in title to the staying party (beit male or female) so the mortgage lender would need to agree to the transfer of the joint property to the individual remaining within. So the first hurdle would be to convince the lender that the person staying is capable of a) taking over the combined debt and b) increasing it by enough to pay off the other party (as in 50K of the increased equity)

In this climate you'll find that this process will take up to 3 months and be very difficult to get all parties to buy in to. It's typically far easier to sell up and split the profits, although as stated before it's a lot harder to get back into the property market once you're back to a single income.

Spoon

^^^ Assuming the house is in joint names to start with.

Clarebabes

The house is not in joint names, but they are married and have both contributed to the upkeep and bills.

Spoon

Then discard what DCI said.

I take it the person with the mortgage is staying in the property and got the mortgage solely based on their income originally? If so, nothing there should change then and just the settlement between a married couple is the issue.

The settlement answer lies in what is agreed on by both parties but might be ruled out if solicitors get involved and start to stir feelings. Either they say what each wants or they get told and fight, costing solicitor fees.

Clarebabes

No, the mortgage is in the the leaving party's name!

Spoon

Stop being friends with them, NOW!!

Clarebabes

I know, I know, what can you do eh? Some people don't think it'll ever happen to them, must be an old romantic!

DCI Gene Hunt

It would help loads if you could post up a pic of the female involved

Spooky Mulder

Is she a looker?

Clarebabes

Not posting pics, this is serious!

Spoon

If people actually got real and accepted that monogamy was a load of old bollocks then more couples would stay together and be happy.

Whilst in a relationship you are more than likely going to view different houses, test drive different cars etc. It doesn't fecking well mean you're going to keep them does it!! so why can't the same behaviour apply to the opposite sex.

DCI Gene Hunt

I'm deadly serious

Summary:

Married couple
No children
Mortgage in the name of person A
Person A walks out on person B
Person B wants to keep the house
Person A has been ******** person C
Person B is best mates with Person D (person C's sister)
They have a cat (it is jointly owned)
Person C thinks person A is crazy

Simple really.

Clarebabes

You're very nearly there

njkmrs

I would suggest what ever is left after the Solicitors have had their pound of flesh should be split down the middle !!!!
The sum wont be worth arguing about at this stage .

greenonedave

do what I did, 50/ 50 split, she got the inside and I got the outside

SwissTony

iTrader: (19)

So did you take the windows out

Spooky Mulder

Given the average legal cost of divorce, the property deal will be a side issue!

SwissTony

iTrader: (19)

Well you can get it done on the cheap. It all depends on whether one party wants to contest the grounds for divorce. I have been there and was offered 3 options.

1. Cheap, around £1500-2000. Agree to everything, cut your losses and **** off

2. Contest the grounds and play a waiting game.Cost rises to around £6k+


3. Contest and counter divorce alleging other reasons for the divorce.
Cost....think of a number and double it !!!

dnc

Went through same myself. I kept the house but paid her 50% of the equity. Mortgage was in joint names. Amicable, no solicitors involved etc.
HTH
dnc

skid11

iTrader: (1)

I would think person A is in the sh*t
If it can be agreed mutually it saves lots of solicitors fees...
Im not sure im the best person to give advice cos my divorce cost me loads!!

Herbie.

Thats why i'll never get married, No b**ch is taking away my house and hard earned haha

Clarebabes

The b*tch in this case has been left by the bloke! If anyone's a b*tch, then it's him. It's not always the woman's fault you know!

jonny_693

iTrader: (5)

.....And cut them in half.

Seriously though, hope it works out one way or another. Pics would help also