I am going to make an appointment with a solicitor for the week after next but would be grateful if anyone can give me some advice to put my mind at ease a little bit. I have lived in my property for 15 years & bought it from the council three years ago. At the time my husband was reluctant to buy so I got the mortgage based on just my income details but my OH agreed to have his name on it. I have been paying the mortgage & paying for improvements. My OH is basically moving out & I want to keep my house as I got a good discount on the property plus find the monthly payments affordable to make on my own without his help. (I only pay 379.00 per month & would pay much more to rent somewhere. I got the house for 60k & its current value is roughly 100k) Can OH make me put the house on the market or sell it back to the council? Is there any way I could buy him out & take his name off the house as he said he would be agreeable to do this? We have three children 17, 16 & 5 & the thought of having to give the house back to the council or sell it is making my stomach churn. I realise he needs money to make a new start & buy/rent somewhere else but also badly want to stay in my home. My credit rating is not looking too good of late so me getting a mortgage for another property would probably be an impossibility & I do not want to go back to renting.
Welcome to wiki, sorry you find yourself here.
Well he can''t directly make you sell the property that would need a court order to force the sale.
It would appear that you have equity of around 40k in the property. Its difficult to say what the split of that equity would be, but worst case for you would probably be 50%, although given you have 3 children at home it could well be a lot less. If you were to buy him out how much would you be able to raise ? Could you get near to 15k ?, that would represent a 62.5/37.5 split, which all things being equal would be in the spectrum of fair. A lot depends on other assests and pensions etc.
Do you know what you OH''s views are on the property, and how much he wants regarding buy-out ?