TMurray2019
Registered User
- Messages
- 10
Hi all,
I'm a guy in my late 30's, was married with kids but split-up 5 years now.
I built a house in 2008 with my ex-partner and we separated in 2014.
Since 2014, my ex left the home and I stayed on in the house and kept up mortgage repayments. Currently, there's 185k left on the mortgage.
She is now looking for me to either; sell the house or buy her out.
I really don't want to sell as it was built on a small piece of family land available.
The only piece of land my family had, not from a farming family with tons of acres or anything like that.
I looked at remortgaging but as my salary is approx 40k after tax so I'm not earning enough to remortgage and pay a lump sum to buy her out.
Could I be forced to sell the house? The kids stay with me a lot, about 50% of the time, so it's still their home for half of their lives and so there's a lot of emotional attachment there for everyone.
The house value is approx €250k, but once selling fees etc come into place I guess we might be left with around 25k each if it was sold? So selling is not going to lead to a lot of cash for either of us.
Any ideas what the outcomes or options are? I spoke to two advisors to get their opinions on the situation and ended up getting completely opposing views from both. One said sell up and move on, the other said stay and keep the home. So the internet is my third option!
If I sell up, I'll just have to look for another house within 10 mins away to suits school for the kids (there is a real shortage of houses available as its a rural area), with maybe 25k each in the bank afterward, it seems like madness to me to sell the home to gain that figure.
Any advice, thoughts or help really appreciated.
And apologies for the long-winded post.
I'm a guy in my late 30's, was married with kids but split-up 5 years now.
I built a house in 2008 with my ex-partner and we separated in 2014.
Since 2014, my ex left the home and I stayed on in the house and kept up mortgage repayments. Currently, there's 185k left on the mortgage.
She is now looking for me to either; sell the house or buy her out.
I really don't want to sell as it was built on a small piece of family land available.
The only piece of land my family had, not from a farming family with tons of acres or anything like that.
I looked at remortgaging but as my salary is approx 40k after tax so I'm not earning enough to remortgage and pay a lump sum to buy her out.
Could I be forced to sell the house? The kids stay with me a lot, about 50% of the time, so it's still their home for half of their lives and so there's a lot of emotional attachment there for everyone.
The house value is approx €250k, but once selling fees etc come into place I guess we might be left with around 25k each if it was sold? So selling is not going to lead to a lot of cash for either of us.
Any ideas what the outcomes or options are? I spoke to two advisors to get their opinions on the situation and ended up getting completely opposing views from both. One said sell up and move on, the other said stay and keep the home. So the internet is my third option!
If I sell up, I'll just have to look for another house within 10 mins away to suits school for the kids (there is a real shortage of houses available as its a rural area), with maybe 25k each in the bank afterward, it seems like madness to me to sell the home to gain that figure.
Any advice, thoughts or help really appreciated.
And apologies for the long-winded post.