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Buying out the (soon to be) ex wife

riam_2
riam_2 Posts: 15 Forumite
in Mortgages & endowments
First post on here, so Hi everybody. :beer:

Wife's left for another man.
Amicable 50% split agreed on house.
I'd like to buy her out of the house so I can develop it and make some more money for my future life.
I know I need to get legal doc where she signs against future claims.

Prob is I need to borrow approx £200,000 for up to 2 years. My income won't multiply up to anywhere near what I need, however...

I have £50,000 inheritance coming, so if I could even pay the interest in advance. The house has been valued in it's present state at £300,000. My bank (HSBC) won't touch it because of strict earnings rules. I'd profit by £60-70,000 before interest payments if I can pull it off.

Thanks in advance.

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    riam wrote: »
    Prob is I need to borrow approx £200,000 for up to 2 years. My income won't multiply up to anywhere near what I need, however...

    Think again.

    Consult a solicitor for advice.
  • CloudCuckooLand
    CloudCuckooLand Posts: 1,905 Forumite
    Wait for the inheritance. By then lending rules may have eased a little, putting it in reach...
    Act in haste, repent at leisure.

    dunstonh wrote:
    Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.
  • riam_2
    riam_2 Posts: 15 Forumite
    Thrugelmir wrote: »
    Think again.

    Consult a solicitor for advice.
    Thanks for the replies. Are you suggesting it may be legally impossible to shield any future gains from the ex?
  • riam_2
    riam_2 Posts: 15 Forumite
    CloudCuckooLand wrote: »
    Wait for the inheritance. By then lending rules may have eased a little, putting it in reach...
    Was going to do that, but I'd also like to get the deal done while she's still feeling guilty.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    riam wrote: »
    Thanks for the replies. Are you suggesting it may be legally impossible to shield any future gains from the ex?

    If you agree upon the division of assets as they currently stand. Then once this is formalised then neither of you will have any claim in the future.
  • riam_2
    riam_2 Posts: 15 Forumite
    So - has anyone any suggestions on how I could raise this money without lying?
  • riam_2
    riam_2 Posts: 15 Forumite
    Bump to the top
This discussion has been closed.
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