I know,... if I had a Deloren I would go back in time and get some agreements in place......Recently experienced the end of my 20-year relationship and cohabitation. Tracker mortgage with 225k remaining, current house value would be 550-600k. I decided to remain in the environs of the house and as a solution, I chose to convert our block-built garage into a living space where I currently reside , its far from ideal but little other option due to the housing crisis.
Since the breakup, I still pay 50% of the mortgage payments and contribute half towards shared bills like utilities and broadband and maintenance for my daughter. I handle my personal expenses, such as food etc . Over the past four years, the house has operated as a business with my ex-partner as the sole trader, managing the business under her name including accounts.
While I plan to eventually move out as its the only sensible option as I don't want to disrupt my daughters home, my ex-partner remains uncertain about her next steps, as the business constitutes her only income, and I don't receive any share of the profits. My primary concern is providing for my 14yo daughter while safeguarding my financial interests for a future home purchase. She currently is not in a position to buy me out ( prob cost about 200k) and even if she could she wouldn't be able to fund another property as she would have lost her only income which would have been 40-->60k per year
Personally I was made redundant in Feb and have approx 100k after tax from that, no other loans. I have a new job offer and should I accept will start next month with a salary of around 80k.
I am unlikely to get considered for another mortgage elsewhere, or a help to buy scheme while I still have an interest in the property so I am kinda stuck in limbo.
I spoke to a solicitor who advised drafting up cohabitation civil proceedings as the site is in her name, but the mortgage in both our names so it gets messy and expensive now. with a barrister needed. ( about 10k...)Solicitor is also adamant that at the end of the day the house will prob have to be sold if my other half cannot buy me out. Any other options or ideas from folks would be welcome.
Since the breakup, I still pay 50% of the mortgage payments and contribute half towards shared bills like utilities and broadband and maintenance for my daughter. I handle my personal expenses, such as food etc . Over the past four years, the house has operated as a business with my ex-partner as the sole trader, managing the business under her name including accounts.
While I plan to eventually move out as its the only sensible option as I don't want to disrupt my daughters home, my ex-partner remains uncertain about her next steps, as the business constitutes her only income, and I don't receive any share of the profits. My primary concern is providing for my 14yo daughter while safeguarding my financial interests for a future home purchase. She currently is not in a position to buy me out ( prob cost about 200k) and even if she could she wouldn't be able to fund another property as she would have lost her only income which would have been 40-->60k per year
Personally I was made redundant in Feb and have approx 100k after tax from that, no other loans. I have a new job offer and should I accept will start next month with a salary of around 80k.
I am unlikely to get considered for another mortgage elsewhere, or a help to buy scheme while I still have an interest in the property so I am kinda stuck in limbo.
I spoke to a solicitor who advised drafting up cohabitation civil proceedings as the site is in her name, but the mortgage in both our names so it gets messy and expensive now. with a barrister needed. ( about 10k...)Solicitor is also adamant that at the end of the day the house will prob have to be sold if my other half cannot buy me out. Any other options or ideas from folks would be welcome.