Mortgage / Equity – Houseing advice please

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This topic contains 4 replies, has 3 voices, and was last updated by  Kath 2 weeks, 2 days ago.

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  • #32090 Report

    thomo45
    Participant

    HI All,

    Thank you for taking the time to read my first post.

    Myself and my partner separated in February of this year (although we lived as separated in the same house for some time before that). I left the family home and arranged a rental property to live in. The family home is mortgaged and in my name only. She is not named anywhere on the montage or deeds of the house. We separated amicably and the plan was she would take over the paying the mortgage and other house hold bills whilst I pad for a rented property and all the associated costs with living alone. The plan was also that she would look to get a mortgage in her name and effectively buy the property off of me whilst releasing some equity for me to set myself up properly.

    She now claims she is unable to secure a mortgage in that she cant lend enough to buy the house and release equity. Only enough to buy the house from me.  Due to the extortionate amount I’m paying in rent i’m disappointed in the situation and said I would seek some legal assistance as to where I stan.

    Before I do this (seek assistance) what are others thoughts on what my situation would be?

    We share custody od the 2 children (aged 7 & 11)  50/50. The kids stay with me 3 nights one week and 4 nights the other alternating every 2 weeks. We aggreed to not go down the CSA route so when the kids need anything (uniform / sports clothing / school stuff) I always transfer her half. Obviously I pay to feed them at mine as she does when they’re  with her.

    Do I have any legal stance to either force her to either buy the property or sell the home or am I opening up a can of worms with potentially having to pay part of the mortgagee as well as my own rent and maintenance to her?

    I really am a novice with all this so appreciate any help, guidance or assistance anyone has to offer.

    Much appreciated

    • This topic was modified 2 weeks, 4 days ago by  thomo45.
    #32092 Report

    Kath
    Participant

    I was in a similar situation to your ex. My ex tried for years to force the sale of the family home which my son and myself lived in, I think it was about 8 years before he gave up trying. Each time he dragged me to court I could show that I was paying the mortgage and all the other bills that came with it. The courts never once ordered me to sell the house. He has a solicitor each time, I represented myself each time.

    I always wondered how he could be doing something that would make our son homeless, I never got my head around that.

     

    You say she can buy the house from you; wouldn’t that give you enough of a financial boost to set yourself up or am I missing something?

    If you can work this out with her you will be wise to do so as solicitors cost an arm and a leg and any money that you gain from the house will go towards solicitors fees, you wouldn’t come out with a great deal unless the house was worth hundreds of thousands.

     

    #32171 Report

    thomo45
    Participant

    Thanks for your reply Kath.

    When i say she can buy the house from me, i mean as in take a mortgage for the outstanding amount. She cant get any extra. The house is worth around 180K with 90K left on the mortagae. She is able to get the 90K but no more meaning i get nothing. I was hoping she could at least get a little more to release equity enabling me to set up again.

    Im not looking to get a solicitor to fight this, i’m just wondering what my legal stance is.

    • This reply was modified 2 weeks, 2 days ago by  thomo45.
    #32180 Report

    SOLOMUMMY
    Participant

    Given you’re not married she has no legal entitlements to the property.

    So as such either she buys at a rate that it favourable to you. Or you get a joint mortgage which would need financial advice and not my suggestion or she rents from you at above average rates to facilitate you to also rent perhaps housing benefit paying or she moves out

    That’s the reality of not being financially connected

    #32189 Report

    Kath
    Participant

    Would you both be open to selling the house, paying off what’s left of the mortgage and splitting what’s left? That way could you both start again independent of each other and the children would still have a home with both of you?

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