Has anyone had experience with this?
Of course I'll seek legal advice
So myself and ex husband bought a house in March of this year.
We have since separated 6th of September due to a crime he commented on our children so we will never be getting back together.
He has stated he will be going for the house which I understand he is entitled to but exactly how much are we talking?
Our deposit was $32000 which $20000 we used of his super and then we were paying it off for approx 6 months until we separated and I have been paying it all since.
Will he just get a little pay out?
Will I have to sell?
I have 3 kids here with 2 if them being his.
Any advice is appreciated atm as I'm so worried I'm gonna have to sell.
10 Replies
Get it valued by a proper valuer (not a real estate agent), and either you buy him out, he buys you out, or you sell and get a portion each. If you have the 3 kids, then get a lawyer to negotiate a split in your favour taking your 100% care of the kids into account. I imagine the system sees the house as home for the kids and will leave you in it if it goes to court.
You need to know how much equity you have (how much the house is worth less how much you owe the mortgage). If there is no equity, it will be as simple as which one of you can get a mortgage in your own right and make payments.
If there is any equity, the person who keeps the house will need to pay out a share of the equity.
Think carefully about what’s worth fighting, if he’s going to make your life miserable because you got to stay in the house, it’s probably not worth staying. Sometimes a fresh start is best.
So if we say he goes for it in a few years will it be done then like pending how much we owe etc or will they take into consideration of what it wouldve been in September when we spilt?
A lot go this stuff gets negotiated.
Given the situation, I wouldn’t be happy to drag this out for two years. I’d be pushing for him to get it sorted sooner.
If he wants to buy you out he should do it as soon as practical.
While your name is on a mortgage it will be holding you back from moving forward financially and potentially putting you at risk.
If he can’t sort out the mortgage relatively quickly I’d be pushing for selling the house.
He is going to jail so won't be able to do anything
Then I’d lawyer up and get paper work forcing the sale of the house. Don’t wait for him to get out. Get it all sorted while he is jail.
Move, don’t give him your address.
You might want to change this comment to anonymous
Can you service the loan yourself?
If you can't you'll have to sell.
Yes I can pay it all myself
Being able to afford the payments and being able to service the loan are two different things. Will a bank lend you the money to buy the property on your own? This is what you need to be able to do. If you wait til he comes out of jail then you may have to pay his share based on the equity when he is released, rather then what it’s worth now. Since you only bought it in March then I’d say the value hasn’t gone up much and you will only have to pay him out a small amount if you can get mortgage in your name now. I’d be looking at paying him out sooner rather than later.