Separation house mortgage

[Wee L]

My husband and I are about to separate and he wants to buy me out of the house. Could someone please tell me what I would be entitled to? Would I get half of what the house is worth and he continues to pay the mortgage? Or would the mortage be paid off by us both and I would get half the profits, even if he intends to keep the house?
Any advice would be gratefully received.
TY

[Wee L]

Thanks for your advice. Would the mortage need to be paid off by both of us tho before he could remortage? Or can I just walk away with half the value of the house?

[monkeyeyes]

You ought to get half the value of the house..........at its current market value, rather than half the equity .......

Your husband will have to approach the mortgage company and, basically take out a new mortgage which will have to take into account the 'original' mortgage valuation and the current valuation and then hand to you you half..........so in effect, your old joint mortgage disappears and is replaced with one in your husbands name.

[Wee L]

Many thanks everyone.

[onlyme26]

hello i was just reading monkeyeyes answer and i think i disagree,

i doubt you will walk away with half the value of the house, you would only get that if you had paid off your mortgage in full.

thats like your ex getting a loan and giving you all that money? that makes no sence what soever

say your house was worth 200k and you both decided you didnt wanna live there and sold up you wouldnt both get 100k each unless the mortgage was paid off in full. you have to pay back the amount you owe to the bank! and whats left is yours, if you house has doubled in price then great you make a profit!!

so if the bank allows him to get another mortgage on his own, it would pay off the existing mortgage and whatever is left you would both half,

im sorry but you arent getting half of the houses value, it just doesnt work like that

good luck xx

[Ethel]

I agree with onlyme

You would only get half the value of the house if you had both paid equally for the house (financially or equitably) and there was no mortgage on it.

[vehelpfulguy]

Basically you:

Find out what the house is worth (lets say �250,000)

Subtract the mortgage and other loans on the house (say �150,000) which leaves �100,000

You would get HALF the �100,000, or a total of �50,000

I other words HALF of what you both OWN of the house.

Any mortgages and loans on the house are the parts you DONT own.

I the case above your husband would need to give you �50,000 to buy you out the house