Hi,
I am going through a separation of a relationship of short duration. Due to some rather poor planning in the 1st instance and thinking that the relationship will last forever, I have not done much personal protection, which I regret.
However, the likely outcome from our negotiations is that I should have enough to pay her.
For our real estate (1 home and 1 rental), it is my preference for me to continue to own them, although if required, I will probably dispose of the rental.
My fear is that in the current market, will the banks not be as happy to lend? Previously, I have about 10% more salary. There is no difference to her part as she has not had any income. My LVR is currently at the 75% range (from estimate).
Do you talk to banks/mortgage brokers now (before the negotiation conclude), or when the negotiations conclude? The reason for jumping the gun would be that if the banks said they cannot lend, and I have to sell the rental - it will be financially advantageous to decide on the disposition now, than later (I think? - as that way, the costs of sale, legal fees, and any 'depreciation' is shared by both of us. I am aware of a slightly downward market so am concerned that any 'estimated value' will end up being higher than the 'sale value', resulting in me overpaying her).
Thanks for your advice.
I am going through a separation of a relationship of short duration. Due to some rather poor planning in the 1st instance and thinking that the relationship will last forever, I have not done much personal protection, which I regret.
However, the likely outcome from our negotiations is that I should have enough to pay her.
For our real estate (1 home and 1 rental), it is my preference for me to continue to own them, although if required, I will probably dispose of the rental.
My fear is that in the current market, will the banks not be as happy to lend? Previously, I have about 10% more salary. There is no difference to her part as she has not had any income. My LVR is currently at the 75% range (from estimate).
Do you talk to banks/mortgage brokers now (before the negotiation conclude), or when the negotiations conclude? The reason for jumping the gun would be that if the banks said they cannot lend, and I have to sell the rental - it will be financially advantageous to decide on the disposition now, than later (I think? - as that way, the costs of sale, legal fees, and any 'depreciation' is shared by both of us. I am aware of a slightly downward market so am concerned that any 'estimated value' will end up being higher than the 'sale value', resulting in me overpaying her).
Thanks for your advice.
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