T, how much equity is in the house? I remember you posting this earlier:
"It will mean that we have no equity in the house after all debts are paid off rather than a few grand we would have been."
So "a few grand" equity? How is she coming up with 5k for her share? That would mean there's 10k equity.
When I saw an L they said that if the house sold, even though the debt we both accrued was in my name we would be able to pay that off and then split the equity.
Going off the valuation done 2 weeks ago there would be about 6K left to split up now if it sold at that price. After the remortgage there wouldn't be anything for the first 2 years as there would be a settlement payment of 6K.
Selling the house or a remortgage is the only way I will be financially stable.
I don't want to sell the house, it's the kids home, I wouldn't have enough to get another house and would have to rent. the rent would be the cost per month of the remortgage.
The only options I can see right now is either offer her 2.5K to buy her name out of the house without a D or pay 1K for a D which I would then have to give her 2.5K.
The joys of life!
M36 W31 S4 S2 T5 M4 BD Jan12 S July12 Recon Sep12-Nov12 ILBINILWY Jan13 OM x 2 in 2013 W wants R July 13 I start D. Jan 14. Meet GF Nov 13 Have I changed enough? Jul 14
