Joint Ownership

Mikmari

Having been recently divorced with myself as the petioner I have allowed my wife to stay in the martial home because of her age, and it would be heartless of me to put her out on the street. The matrimonial home is mortgage free and fully paid for. We have joint possession of the house the tenure being separated by land registry already so enabling us to make wills etc for our respective half. I am looking for ways to sell my half of the property but still allowing my ex wife to stay in the house under various covenants ie she either has someone else move in, leaves the house empty for more than six months or remarries or passes on to the great estates in heaven. Could anyone advise me of any way of releasing my share of the property under the above conditions, the funds would assist me greatly in my new life. Many thanks in advance.

Mrs_Bumble

Who would buy half a house?

Is the title now registered as tenants in common then on a 50/50 basis?

How old are both of you?

Mikmari

Mrs Bumble, thanks your reply to me its not buying half a house its buying an investment, my ex wife is 74 years old and I am 61 years old, and yes it is registered as tenants in common with a 50/50 share.

Mrs_Bumble

Do you have someone in mind for the raising money on your share?

Not my area at all but if I was you I would speak to a solicitor to see whether it is legally feasible to draw up a trust to protect your wifes interest in the property but allow someone to invest in your half of the house. If you haven't got a solicitor you could try an informal chat with community legal advice (it is free) http://www.communitylegaladvice.org.uk/

I would also speak to an Independent Financial Adviser to see if they can suggest a route for you.

Sorry can't be any more help, but an interesting one.