dazed confused and homeless?!

L

LisaH

Guest
Hi guys

Myself and my partner have split (amicably) after 2 years of owning a house together. We both would like a home when we finally go our seperate ways and we were wondering if any one had any ideas on what we could do. We were thinking of a) buying a second home if we could take out a 2nd mortage and having a place each. b) selling up spliting profits and going seperate ways (but would we individually qualify for a new mortgage?) d) one person buys out the other...

Any ideas from anyone would really help!! Thanks guys!
 
LisaH said:
Hi guys

Myself and my partner have split (amicably) after 2 years of owning a house together. We both would like a home when we finally go our seperate ways and we were wondering if any one had any ideas on what we could do. We were thinking of a) buying a second home if we could take out a 2nd mortage and having a place each. b) selling up spliting profits and going seperate ways (but would we individually qualify for a new mortgage?) d) one person buys out the other...

Any ideas from anyone would really help!! Thanks guys!
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Sorry to hear about your split Lisa. I would imagine option B to be the best but I'm sure you'll get better advice than mine from long time posters here.
 
Hi LisaH, You should probably first find out how much you can borrow individually. If you then were able to buy the other out of the existing home it might save alot of expense and hassle of splitting up the existing home. You should really talk to your solicitor about this one.
As for option A, although it is amicable at the moment you never know the affect future new partners may have so would be best to cut any financial ties.
good luck.
 
I would agree with the above posts about not going for a new mortgage together. You don't want to be tied to an ex-partner for the life of the mortgage and it might make things more awkward when either of you gets a new partner.

I think either the option of one of you buying the other out or selling up and trying again are the 2 best options. I would make sure that you get advice from a professional as to what to do as this leaves the emotional aspect out of the deal and will point out to you what works best financially rather than emotionally. Hope it works out for you.
 
you would both lose your FTB'S status as well which means that when you buy again you will most likely be caught for stamp duty unless you buy new property under 125 sq m. So if you can buy the other out you would probably be best off..
 
sully said:
you would both lose your FTB'S status as well which means that when you buy again you will most likely be caught for stamp duty unless you buy new property under 125 sq m. So if you can buy the other out you would probably be best off..
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Surely if both of their names or on the current mortgage, they have lost their FTB status anyway??
 
Thanks for all your comments guys. I guess I should make an appointment to talk to a solicitor and get moving with things! I appreciate your comments.:)
 
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