Yes or no thanks

remembering

Hi all, i'm thinking about moving into apartment I bought with ex. At the moment it's rented out. If I move in and pay half mortgage, is he liable for the other half if i wasn't able to get a tenant in. Thanks a mil..

D3PO

regardless your BOTH JOINTLY AND FULLY LIBEL. The bank doesn't care who pays what but expects it to be paid.

If your ex refuses you have to pay or vica versa. The bank wont go after him because hes nto paying half they will go after both of you.

remembering

D3PO wrote: »

regardless your BOTH JOINTLY AND FULLY LIBEL. The bank doesn't care who pays what but expects it to be paid.

If your ex refuses you have to pay or vica versa. The bank wont go after him because hes nto paying half they will go after both of you.

Thanks a mil for reply. Dodgy situation so for me. Thanks again

D3PO

remembering wrote: »

Thanks a mil for reply. Dodgy situation so for me. Thanks again

Yeah your best bet would be to keep renting it out tbh or else move in and accept if you cant find a room mate that you will most likely end up paying the full mortgage.

peter_dublin

remembering wrote: »

Hi all, i'm thinking about moving into apartment I bought with ex. At the moment it's rented out. If I move in and pay half mortgage, is he liable for the other half if i wasn't able to get a tenant in. Thanks a mil..

I have work colleagues who bought together, they agreed and I highlight the agreed that if one left for whatever reason they can rent their room and is still liable for their half of the mortgage. One did go and rents the room for less than half his mortgage repayment on it. Dublin boom time property.

But as you have the entire unit rented I can't see how you could honestly expect to move in and deny your ex the rental income or less income due to rooms usually going for less than the apartment rented as a single unit and expect them to pay the same repayment yet your actions have cost them financially on an ongoing basis. Only way I could see it working is if you move in with your ex's agreement on the basis that he should be no worse off financially when compared to the current situation.

Schnitzel Muncher

OP, if you move in and can't get a flat mate then you would be responsible, up to the going rate for the apartment anyway.

No way should he pay half if you are getting the full benefit of the apartment.

Sounds like you should leave well enough alone unless you are sure you can get someone reliable to share with.

What does he think about your suggestion?

remembering

I think people are taking this up the wrong way, of course I want a tenant to pay the other half but its probably to dodgy a situation if I wasn't able to get room rented. Will leave well enough alone as someone said. Thanks for the replies

Ray Palmer

It is easy enough to work out and not dodgy.

Rent = x
Mortgage = y
Payment by both parties =z=(y-x)/2

If you move in you pay x+z, it is up to you how you reduce x by having a tenant.

The benefit to you moving in is tax and more control over the property and tenant. With rent a room you more than likely won't have to pay tax on the rental income.

It is actually a really good idea for one of you to move in and it will save a fair bit of money. You have to come to an agreement on it though. Your ex may want to move in for example and the agreed rental rate has to move with the market.

I say move in and save yourself money. Obviously insurance, maintenance charges etc... need to be considered in a real world example.

remembering

Ray Palmer wrote: »

It is easy enough to work out and not dodgy.

Rent = x
Mortgage = y
Payment by both parties =z=(y-x)/2

If you move in you pay x+z, it is up to you how you reduce x by having a tenant.

The benefit to you moving in is tax and more control over the property and tenant. With rent a room you more than likely won't have to pay tax on the rental income.

It is actually a really good idea for one of you to move in and it will save a fair bit of money. You have to come to an agreement on it though. Your ex may want to move in for example and the agreed rental rate has to move with the market.

I say move in and save yourself money. Obviously insurance, maintenance charges etc... need to be considered in a real world example.

Thanks a mil. Ok, he won't want to move in as he has his own house. The thing i would be afraid about if I wasn't able to get the room rented out and I know he wouldn't be able to afford half the mortgage. I'd be in trouble then. It is in a good location but its hard to know in this day and age .

Ray Palmer

remembering wrote: »

Thanks a mil. Ok, he won't want to move in as he has his own house. The thing i would be afraid about if I wasn't able to get the room rented out and I know he wouldn't be able to afford half the mortgage. I'd be in trouble then. It is in a good location but its hard to know in this day and age .

You run the same risk just renting it. I did say the rent would be your responsibility if you moved in. So if you didn't get a tenant you would be paying the full rent with no effect to him. I think it the most reasonable approach.

Have you been paying tax on the rent?

Victor

You should draw up a written agreement on what happens.

Depending on the length of the relationship, you may have additional rights / responsibilities under the Civil Partnership and Certain Rights and Obligations of Cohabitants Act, 2010