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Buying house from ex

Hello All

My girlfriend and I bought a house last year with both our names on the mortgage. Now it looks like we are seperating and I want to keep the house. She also wants the ?40,000 she put down as deposit back which is fair enough. The problem is I don't have that kind of money lying around and don't have any savings of any sort. I have job that pays decent wages so repayments are not an issue. The house is worth ?165,000.

The only way I can see her getting the money back is selling the house, but I don't have a deposit to put down to buy it back.

Any ideas would be appreciated.

Thanks

Mon, 07 Mar 2005 04:59:58 +0100

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Reply to
Leigh Borden
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Is a re-mortgage for a higher amount a possible option?

Reply to
Doug Ramage

So, is it that you want to keep living in a house that is more expensive than you can afford? If this is the case then I think you should sell it and split the profit in proportion to the captial amounts you have both paid. That's not the same as giving her the

40,000 back. She might get more of less depending on what the house fetches.

You then buy a house that you can afford.

Robert

Reply to
robertmlaws

can you afford the repayments, by yourself, on the current mortgage plus

40k? If not, could you afford it if you had a lodger? If the answer to both is 'no' you'll have to sell. If the answer to either is 'yes' then go see your mortgage provider and tell them what you want to do, eg extend mortgage and move it to you only.

You also haven't mentioned the complications that might ensue if the house is now worth more than what you paid so the gf wants 40k +share of increase....is that likely to happen?

Reply to
Tumbleweed

Reply to message from "Tumbleweed" (Mon, 07 Mar

2005 17:58:03) about "Re: Buying house from ex":

thanks, after reading these solutions, I realise that the house was probably overpriced anyway and selling up is the best option. I don't want to be paying back silly amounts for a house that is not worth that. Shame though.

Bye Leigh Borden Tue, 08 Mar 2005 09:08:47 +0100

=== Posted with Qusnetsoft NewsReader 3.1

----- Original Message ----- From: "Tumbleweed" Sent: Mon, 07 Mar 2005 17:58:03 Subject: Re: Buying house from ex

can you afford the repayments, by yourself, on the current mortgage plus

40k? If not, could you afford it if you had a lodger? If the answer to both is 'no' you'll have to sell. If the answer to either is 'yes' then go see your mortgage provider and tell them what you want to do, eg extend mortgage and move it to you only.

You also haven't mentioned the complications that might ensue if the house is now worth more than what you paid so the gf wants 40k +share of increase....is that likely to happen?

Reply to
Leigh Borden

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