Leaving my husband

rolo-polo1965

Recieved surveyers report today.
House is worth £100,00.
Mortgage is £35,000

That leaves £65,000.

The question is if i am to buy him out how much should i offer him?

If i am entitled to 70% of the collaterol then i should have £45,000 and he should have £19,500.

If i am entitled to 65% of the collaterol then i should have £42,250 and he should have £22, 750.

He has sugested he could give me a lump sum instead of monthly csa payments, He should pay me £13,000 over the next 5 years, so i supose that could be knocked off what i give him.

So i would need to re-mortgage about £50,000 ish which would be £421 a month over the next 15 years which is what i am paying in rent. This all depends on whether i could get a mortgage of course.

What do you think?

Thanks

msb5262

He has suggested he could give me a lump sum instead of monthly csa payments, He should pay me £13,000 over the next 5 years, so I suppose that could be knocked off what I give him.
Don't forget that what your ex would pay for child support under CSA guidelines is a proportion (probably 25%) of his take-home pay.
I think this means that if his pay goes up during the next 5 years, you could lose out if you've already accepted a lump sum.
Please someone correct me if I'm wrong! Just trying to spot any possible drawbacks in this arrangement.
MsB

rolo-polo1965

msb5262 wrote: »

He has suggested he could give me a lump sum instead of monthly csa payments, He should pay me £13,000 over the next 5 years, so I suppose that could be knocked off what I give him.
Don't forget that what your ex would pay for child support under CSA guidelines is a proportion (probably 25%) of his take-home pay.
I think this means that if his pay goes up during the next 5 years, you could lose out if you've already accepted a lump sum.
Please someone correct me if I'm wrong! Just trying to spot any possible drawbacks in this arrangement.
MsB

oh i did not think of that, you have a good point.

Thanks

RaiderHammer

msb5262 wrote: »

He has suggested he could give me a lump sum instead of monthly csa payments, He should pay me £13,000 over the next 5 years, so I suppose that could be knocked off what I give him.
Don't forget that what your ex would pay for child support under CSA guidelines is a proportion (probably 25%) of his take-home pay.
I think this means that if his pay goes up during the next 5 years, you could lose out if you've already accepted a lump sum.
Please someone correct me if I'm wrong! Just trying to spot any possible drawbacks in this arrangement.
MsB

What about if his wages takes a drop?

rolo-polo1965

If his wages drop or he is a prat and walks out of his job then i win. This is something i am prepared to risk as he often threatens he will walk out of his job then i will get nothing. As yet i have not recieved a penny so there fore i will win win win.

yoni_one

If you run it all by a legal expert at Rights of Women they may be able to give you a good overview of the possible implications of all your options, it's a free service too.

The helpline telephone number is in my signature in green font.

rolo-polo1965

well morming to you all.

I had a week off work last week and have been very busy.

Hubby has agreed on a price to buy him out of the house.

So i have spent the week visiting banks and eventually on Friday i applied for a mortgage.. My initial credit check has passed and it has been passed onto the underwriters so i just need to wait and see.

The cost of the mortgare is £150 less than the rent i am paying onthe house i am renting, so that is good. If i want to i can pay extra each month, i wanted to keep the payments low to start with as i want to decorate the house, so if i want to i can then pay more each month.

I and the kids feel rather excited about all this, i just hope it all works out. As they say it is out of my hands now, i must just be patient and wait and see what they say.

Emmzi

that sounds really hopeful Rolo.

I wish there were less threadsa here about estranged partners, be they men or women, talking about giving former spouse cash. It's for the kids, but somehow in divorce, lots of people can't see that.

Hope ths works out!

yoni_one

What great news!!!!

Hope all goes to plan with the underwriters Rolo.

Well flippin done!

msb5262

Very pleased to hear this latest development, Rolo. Your plan to redecorate a bit sounds like a good idea. I found when my ex moved out that I really needed to rearrange and redecorate the house just to make it mine, if you know what I mean. Not expensively of course - but it made a huge difference to how I felt about it. Let us know how it all goes!