Separation and house - what happens

Separated last year. Its all very amicable (at the moment).
However, I would like to know what happens in relation to house. I moved out of house as it was only option available - we have agreed at the moment that other half will stay in house.. due to current etc we are not sure how the 'buying out' process works....

- Do i still owe half the balance outstanding?
- can he pay me a nominal amt (i don't want half, enough to get me started) and at that stage i could take my name off deeds?

or am i disillusioned? is it not this simple??

Hi aoc, sorry to hear about your separation. Were you married or co-habiting?

Do i still owe half the balance outstanding?

Yes. Actually, you each owe the full amount. You could not just pay your half and walk away.


- can he pay me a nominal amt (i don't want half, enough to get me started) and at that stage i could take my name off deeds?

Its not a question of you "taking your name off the deeds". You ideally want to end up in a situation where you have no joint assets and no joint debts. If the Bank were willing to let him take over the mortgage and release you ( you must have the bank's consent) from the mortgage and if he could also pay you money for your share, that would be ideal.

Post up the value of the property, the debt outstanding on the mortgage and your relative financial positions and you will probably get a more concentrated response.

mf

Married - for 7 years. Just ended up living separate lives!!

Mortgage balance 172k.... house was worth about 260-270 (oh the good times!!), now maybe 180 ish...

We have no joint debts, we did have but i took out a separate loan for my part, so house and life policies are only things left to be sorted.

What are chances of bank letting him take over mortgage, always up to date with payments, no arrears etc. he has full time job.