The house is worth approx 350 - 360k we have 230k outstanding on the mortgage.
My income is 18k per annum. His is tricky as self-employed. He takes home between £3,800 - £4,500 per month in 'wages' and dividends.
The child we have together is 4 and my son is 17 but still in education.
We both gave a £20,000 deposit each and both our incomes were taken into account when applying for the mortgage.
Currently there are three bedroomed properties in the area for £265k
My partner has real issues with the idea of 'funding' a three bedroomed property because he feels he need only fund two as my son is not his son.
Another solicitor told me that the property would have to be split 50/50 and that after maintenance (he said at 12% of his gross income) I may be able to apply for top up funding?
There is not a huge amount of two bedroomed properties in the more immediate area where my daughter will go to school. There is a flat for sale for £180k. But due to age difference of children I would not be able to live in a two bedroomed property.
It' between 60k - 80k
Financially having all the equity would help. I would be very interested to know what I was entitled to as I have been told that as we are not married it would be a 50/50 split without question.
In terms of future relations I would be nervous to go for 100% of equity. It's a bit of a rock and a hard place situation. I need a home clearly, but know he would put up a nasty fight around custody etc. if he felt I was being too greedy with equity.
Thank you Clare,
I thought that family mediation was only available to married couples so that is good news.
Is any agreement drawn up there legally binding or would a solicitor need to be involved?