Unmarried mum splitting with boyfriend in a new joint house?
Discussion
Will be chatting with solicitor in New Year but expect it may be pretty common so interested in how it worked out for others.....
Daughter has a 1yr old with her other half - Few months ago they got engaged and bought a JOINT house with a 95% mortgage and his 5% deposit.
Now may split - she doesn't work (was planning on starting again in Feb but wont make much p/t)
He has half decent income - £60k maybe. But they have no savings. He'd like the house and can afford the mortgage (if the lender would agree)
House sale is no good as it's prob worth the debt or less as a new build that always sells for a bit over the odds to the first buyer.
Anyone seen similar pan out?
Daughter has a 1yr old with her other half - Few months ago they got engaged and bought a JOINT house with a 95% mortgage and his 5% deposit.
Now may split - she doesn't work (was planning on starting again in Feb but wont make much p/t)
He has half decent income - £60k maybe. But they have no savings. He'd like the house and can afford the mortgage (if the lender would agree)
House sale is no good as it's prob worth the debt or less as a new build that always sells for a bit over the odds to the first buyer.
Anyone seen similar pan out?
Assuming she's put next to nothing into the house (as it sounds like), morally I don't think she should get anything.
The bank would probably be delighted for your daughter to get out - one less dependent for them to take into consideration with their calculations?
The bank would probably be delighted for your daughter to get out - one less dependent for them to take into consideration with their calculations?
Edited by The Moose on Wednesday 27th December 12:41
SWTs the lot of them
Poor lad won’t know what’s hit him
He’ll never get to see the kid but will have to hand over all of his income and then more too as child support
Bet he’ll have to seek his TVR as well
Oh hang on..........
However most of the answers will be along those lines. The reality is that the child’s welfare should come first and whatever is decided should be around that and not who is entitled to what money for their cars / handbags.
Poor lad won’t know what’s hit him
He’ll never get to see the kid but will have to hand over all of his income and then more too as child support
Bet he’ll have to seek his TVR as well
Oh hang on..........
However most of the answers will be along those lines. The reality is that the child’s welfare should come first and whatever is decided should be around that and not who is entitled to what money for their cars / handbags.
Surely,legally he needs to buy her out so she has no more interest in the property and the mortgage company will need to agree him taking on all the payments, which will probably be not without its fair degree of hoop jumping in the current environment.
By the sounds of it her equity would be zero so no large amounts need to change hands. although there will be presumably land registry and solicitor costs.
Sad situation all around - hope it goes smoothly for all involved.
By the sounds of it her equity would be zero so no large amounts need to change hands. although there will be presumably land registry and solicitor costs.
Sad situation all around - hope it goes smoothly for all involved.
Edited by limpsfield on Wednesday 27th December 14:27
All i can tell you with some certainty is that getting her off the mortgage will not be easy.
I've no idea other than what's written above if she makes any financial contribution to the mortgage or household bills, however she's another liable party as far as the mortgage company are concerned, so them removing the female even if she's currently not working will not be straightforward.
If she's not listed on the mortgage as a joint party then the above of course doesn't apply.
I've no idea other than what's written above if she makes any financial contribution to the mortgage or household bills, however she's another liable party as far as the mortgage company are concerned, so them removing the female even if she's currently not working will not be straightforward.
If she's not listed on the mortgage as a joint party then the above of course doesn't apply.
A work colleague and his girlfriend lived with his mum for a year whilst they put away morgage sized money every month to generate a decent deposit.
As soon as they bought a house and moved in, she turfed him out, freely admitting she couldn't get the mortgage on her own, but could afford the payments and would take it over, which the bank was happily to allow.
As soon as they bought a house and moved in, she turfed him out, freely admitting she couldn't get the mortgage on her own, but could afford the payments and would take it over, which the bank was happily to allow.
Byker28i said:
A work colleague and his girlfriend lived with his mum for a year whilst they put away morgage sized money every month to generate a decent deposit.
As soon as they bought a house and moved in, she turfed him out, freely admitting she couldn't get the mortgage on her own, but could afford the payments and would take it over, which the bank was happily to allow.
What a wimp. Should have told her he is staying put until it’s sold in that caseAs soon as they bought a house and moved in, she turfed him out, freely admitting she couldn't get the mortgage on her own, but could afford the payments and would take it over, which the bank was happily to allow.
Gavia said:
And, as predicted we go down the SWTs route with anecdotes galore.
My mate down the pub got off of a mortgage by offering the bank 200 fags and a bottle of vodka.But seriously, this is SP&L, anything posted by anyone other than Breadvan or agtlaw is either Google copy and paste bulls
t (hello 2cv's) or your general run of the mill bullst. What did you expect loon?Interesting no one has suggested that he quits his job or goes part time and becomes the primary carer for his child!
So back on track......
She is jointly named on the mortgage-and it is in joint ownership so Who paid what in deposit (which was negligible anyway) is not relevant it seems. It’s simply all “theirs”
Tricky bit now is that if she moves out with the child (because I think it’s fair to assume, he’s not going to want to raise his child ..... what with being a man and all) she will have made herself homeless (even if she can get removed from the mortgage) and so the council will not assist her with a property. With no job or savings-she could not get a deposit for a flat even if she could afford the rent.
Might be one for mumsnet!
So back on track......
She is jointly named on the mortgage-and it is in joint ownership so Who paid what in deposit (which was negligible anyway) is not relevant it seems. It’s simply all “theirs”
Tricky bit now is that if she moves out with the child (because I think it’s fair to assume, he’s not going to want to raise his child ..... what with being a man and all) she will have made herself homeless (even if she can get removed from the mortgage) and so the council will not assist her with a property. With no job or savings-she could not get a deposit for a flat even if she could afford the rent.
Might be one for mumsnet!
Tiggsy said:
Interesting no one has suggested that he quits his job or goes part time and becomes the primary carer for his child!
So back on track......
She is jointly named on the mortgage-and it is in joint ownership so Who paid what in deposit (which was negligible anyway) is not relevant it seems. It’s simply all “theirs”
Tricky bit now is that if she moves out with the child (because I think it’s fair to assume, he’s not going to want to raise his child ..... what with being a man and all) she will have made herself homeless (even if she can get removed from the mortgage) and so the council will not assist her with a property. With no job or savings-she could not get a deposit for a flat even if she could afford the rent.
Might be one for mumsnet!
Well if he’s on 60k per year she’ll easily be looking at over £600 per month in child maintenance if she goes through the CMS (shudder), so that should cover rent for her and one child unless she lives in london!So back on track......
She is jointly named on the mortgage-and it is in joint ownership so Who paid what in deposit (which was negligible anyway) is not relevant it seems. It’s simply all “theirs”
Tricky bit now is that if she moves out with the child (because I think it’s fair to assume, he’s not going to want to raise his child ..... what with being a man and all) she will have made herself homeless (even if she can get removed from the mortgage) and so the council will not assist her with a property. With no job or savings-she could not get a deposit for a flat even if she could afford the rent.
Might be one for mumsnet!
If he wanted to protect his deposit then he he should have considered a declaration of trust but honestly I’m not sure if they are water tight.
Any way, they need to speak to the bank as it won’t be the first time they’ve dealt with this situation.
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