A bit of Advice please?

evian1

Not sure if this is in the right place, and I have no idea what i'm supposed to be doing about all this.

Me & my husband are separating, we have been togther 10years, married for 2 with two children, 5&6.
I moved into his house back in 2002, from this point we split the bills 50-50, and he added my name onto the morttgage. We bought a new house in 2004 when our first was born.

The house was bought for 113000. We have spent quite alot (to us) doing it up and trying to add value, we think its worth about 150000. (not had it valued as yet). We owe 41500 left on the mortgage over 19years.

We have no other debts or loans. No savings (we bought a car last year so our savings went on that)

He has said he wants to sell the house and we split it all 50/50.

What I'd like to know is, is there any chance I'd be able to keep the house by remortgaging the house in my name and pay him his half?

I work part-time earning £11000. and have the option of working full time earning £18000. I would be bringing the children up. I could currently pay all the bills including the mortgage on my own if he was no longer living here. But obviously I'd never get a good mortgage deal that we're on right now and I need to pay him his half.

Any advice?

dwsjarcmcd

First (and best) advice is to see a solicitor regarding this. Just because he wants to sell the house doesn't mean he can with 2 young children for which he is responsible. Just because he wants a 50/50 split doesn't mean he will get it. Forget selling or re-mortgaging for now, theres time for that after you have spoken to a solicitor.

originalmiscellany

I think the sad reality will be:
To buy him out you will need to buy his "half" out of the mortgage - currently 150k/2 = 75k and put it on top of your mortgage currently worth 20k.
So you'd need to get a mortgage total of around 95k, which I don't think you will be able to get - as even if you had a full salary of 18k would be 5 times your salary which simply isn't doable

If you want to do this, you will need to remove your husband off the deeds I think.

I'm sure someone here can offer you better and more appropriate advice, I'm basing it on what other people have said on similar questions, so am not speaking from any experience, just hypothesis.

Sorry to hear about your troubles

dimbo61

As a man who has been through this I got 30% of the equity and by EX got 70% so forget the 50/50.
Even if the house was his when you met the day he put the ring on your finger its 50/50 and when you had the kids he cant force you to sell and leave you( and his kids) homeless.
Go and see a solictor and once he has moved out you can claim CTC.WTC,CB and maybe even IS and then talk to him about maintence ( look on the CSA website 20% of his net take home pay).
what does your husband earn ?
Please try and keep it friendly for the kids sake and I hope he has the kids 50/50.
Getting a mortgage! the current Mrs dimbo sorted her mortgage after her breakup with EX through Yorkshire Buiklding Society who took into account her benefits and income, so no you dont need to borrow £95K and more like £75K but like I said see a solictor first and TALK to each other its much cheaper than paying money to solictors to send letters ( we spent thousands)

dwsjarcmcd

dimbo61 wrote: »

As a man who has been through this I got 30% of the equity and by EX got 70% so forget the 50/50

That was exactly the split I ended up with and had only one kid but was happy because my daughter was looked after! Won't even start on the maintenance payments for my daughter AND my ex-wife

Thrugelmir

Good posts above. Best advice. Get yourself a good family law solicitor. Ultimately its provision for the children that comes first.

justme111

hm
not so long ago there was a guy who posted on here in a similar situation when he moved out of the house and continued to pay bills and there was no end of it in sight, ie it was more like 100- 0 split with him paying bills on top.