Property News · September 8, 2016

We are splitting up, what should we do about the house?


How do I calculate how much it would cost to buy my partner out and who should pay ongoing housing costs such as insurance and repairs?Q My partner and I are splitting up and we need to decide what happens about the house where I’m currently living. We are each paying half the mortgage but since January, I I have been paying for home insurance, repairs and other property-related costs. We bought the property for £235,000 and it’s now worth about £250,000. The outstanding mortgage is approximately £196,000 and we are tied into a two-year deal which expires in March 2016 and therefore have an early repayment charge of £6,000. How do I calculate how much it would cost to buy my partner out of the property? Who should pay ongoing housing costs such as home insurance and repairs until we’ve sorted out what should happen? Can the early repayment charge be taken into account? Do I have to appoint a solicitor or can I just agree terms with my partner? Continue reading…

Source : theguardian.com
Read more…We are splitting up, what should we do about the house?

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