buy wife ouit of house?

wildeewoo

Found out yesterday that the wife has been having an affair with our neighbour. I have lost everything but worst of all my kids will need to move school etc as she has left the village.
Rather than me lose everything, I would like to buy her out of the house.
Current mortage £92,000
House valued £162,000 (probably more but thats valuation figure)
I would like to offer her 50% of the equity so will need a mortage of £127,000 probably interest ony initally until back on my feet.
Whats the chances of this happening?

Senior_Paper_Monitor

Doable (subject to all the other criteria - credit rating/affordability etc) but it would be best to stay below 75% to obatin more competitivce deal.

Its possible fair and certainly decent to offer the 50% of equity - but it is totally fair to deduct what would be selling costs if it was sold and split (good guide is 5% of value) ... if you did that you should get below the 75% target.

What is source of valuation - estate agents is not an sensible one ! It should probably be agreed to calculated on the lender's valuation at the time of applying for equity transfer or remortgage (an onsite valuation should be requested).

Thrugelmir

Off topic but relevant. Who are the children going to live with?

dimbo61

It does not work like that ! Go and see a solictor for legal advice.
I got 30% of equity in family home and pay CSA so look on there website.
We don't know your income so can't guess if you could afford a big mortgage.
Stay in family home and look after the kids .
Good luck you can get through this

diable

Do you want to live next to the neighbour she had an affair with?

property.advert

Get a lawyer, telling her that she will be responsible for the legal and other fees as having caused the break up and get your case straight from the start. She'll have nothing so anything will be a new start.

Kids wise, get a court order. Note her abandonment.

Above all, be prepared for a dirty and drawn out fight where your money spent on good lawyers initially will save you many times over. Your local solicitor is unlikely to be good enough.

poppy10_2

wildeewoo wrote: »

Found out yesterday that the wife has been having an affair with our neighbour...
I would like to buy her out of the house...
I would like to offer her 50% of the equity

Now is too early to be making such crucial judgements- you will undoubtedly be shaken up and very emotionally vulnerable, which is never the right position to be in when you are making financial decisions that could cost you (and your kids) thousands of pounds that you don't need to pay out. Take a few days to come to terms with what has happened, and then as suggested above, consult a specialist family solicitor. It would seem ridiculously overgenerous for you to offer her 50% of the equity if she instigated the affair, and has abandoned the household

opinions4u

poppy10 wrote: »

Now is too early to be making such crucial judgements- you will undoubtedly be shaken up and very emotionally vulnerable, which is never the right position to be in when you are making financial decisions that could cost you (and your kids) thousands of pounds that you don't need to pay out. Take a few days to come to terms with what has happened, and then as suggested above, consult a specialist family solicitor. It would seem ridiculously overgenerous for you to offer her 50% of the equity if she instigated the affair, and has abandoned the household

Got to agree with this. By all means see a solicitor so that you understand the legal position. Perhaps see a doctor, as I suspect your head will be mashed. Talk to a counsellor such as one from Relate.

But don't rush in to big decisions just yet.

Take a little time. Work out what you really want for you and your kids. Work out if you actually want your wife back. A wayward spouse returning is not unheard of.

And finally whatever steps you have to take to protect your own wellbeing do them in a way that doesn't hurt the kids, and don't try to get them to take sides.

wildeewoo

just wanted to say thanks to all those who responded to this - some great advice. I do feel differently now and who knows what will happen.
she is begging forgiveness and wants to come home. i can't imagine not being with her but also can't imagine every being able to take her back. I guess I just gotta think would i be happier with or without her and will this ever heal in time?
Anyway, taking the kids away for a couple of days to try and forget for a while and leave her on her own to come to terms with and realise what she has done!

Thrugelmir

There are organisations such as RELATE which can assist greatly in the healing process.