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Ask James Mather Your Own Question
James Mather
James Mather,
Category: Family Law
Satisfied Customers: 1390
Experience:  Senior Partner at Berkson Wallace
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My partner and I are splitting up and we have a 15 year old

Customer Question

My partner and I are splitting up and we have a 15 year old son. He wants to move out of our family home leaving me and my son in the home and says that we won't have to sell our home until my sons education is finished. We currently have a small mortgage on our exisiting house which is in joint names. He wants to buy a new house borrowing to the maximum on our existing mortgage. I don't have a problem with this as he says he will pay both mortgages. What I dont want is for everything to go belly up and for me to left with a massive debt and two houses. What would be the correct way to proceed with this? We aren't married. thanks
Submitted: 4 years ago.
Category: Family Law
Expert:  Clare replied 4 years ago.
Thank you for your question
I shall do my best to help you but need some further information first
How much is the house worth and how much is outstanding on the mortgage?
Customer: replied 4 years ago.

I don't know the exact value of the house but would estimate £400k. Our current mortgage is £25k

Expert:  Clare replied 4 years ago.
How much does he want to borrow?
Customer: replied 4 years ago.

Our existing mortgage we can borrow up to a further 100k, he wants to borrow the full amount to buy a new house that way my son and I don't move out/sell our existing family home

Expert:  Clare replied 4 years ago.
Just to check - is there a Declaration of Trust setting out what the division of the equity is - or is it simply a 50/50 split?
Expert:  Nicola-mod replied 4 years ago.


Just a quick reminder, there is an information request here from the Expert. This means they need to know more details before they will be able to give you a full answer.

Thank you,