marriage break up and sale of house

boredwithhubby

jonana1982 wrote: »

sorry, can't help. i am not really familiar with mortgage. Plus figures give me headache. try to talk to a solicitor.

er yeah thanks for your input!!

RAS

boredwithhubby wrote: »

an update- I have now spoken to my husband and we have reacded a figure we re both happy with. I am going to give him £20,000 which means I will have roughly £67,000 it works out at roughly 75/25 in my favour. taking all things into account this seemed like a reasonable solution. we are going to do everything in our power to make this split work for everyone and reduce the impact on the kids. he is going to rent a friends house which is only a few streets away and once the sale of the house goes through which realistically could take 6 months or more i will rent locally also as even with £67,000 I will still not be able to buy a house.

Hi

This is really not a good idea. Can you not stay put for the kids sake and pay him off over the years? Or when the youngest reaches an agreed age?

SandC

boredwithhubby I think you may have to consider your work situation and think about finding full time work. How could you afford private rent on £10,000 salary? Your equity won't last long if you are planning on living off it and having that as savings will mean that you won't be entitled to housing benefit.

It does make more sense to me that you use that money to purchase another house, as it stands you wouldn't be able to afford rent on a 3 bedroomed property either.

Are your children same sex or a boy and a girl? There would be no harm in sharing for a couple of years if you bought a two bedroomed if they are same sex.

And again, it really is very important that your ex pays towards the children as feeding them 2 nights a week doesn't even come close to sharing the expenses.

boredwithhubby

RAS wrote: »

Hi

This is really not a good idea. Can you not stay put for the kids sake and pay him off over the years? Or when the youngest reaches an agreed age?

I am trying to do the right thing and be fair to everyone. I want him to have enough money to have a nice family home for himself and the kids . he has a low income so needs the money now.

Person_one

boredwithhubby wrote: »

I earn £10,000 so the max mortgage I could get would be £40,000 so added to my £60,000 I would have £120,000. I couldnt get a 3 bedroomed house where I live for less than £150,000 really. I dont expect to ( or even want to ) reply on benefits except tax credits which I will still be entitled to.

Would your ex be a guarantor for a mortgage so that you could borrow more and not have to rent?

I think it would be a huge mistake to give up the security of owning your own home and slowly chip away at your good sized savings pot until its all gone with nothing to show for it.

boredwithhubby

SandC wrote: »

boredwithhubby I think you may have to consider your work situation and think about finding full time work. How could you afford private rent on £10,000 salary? Your equity won't last long if you are planning on living off it and having that as savings will mean that you won't be entitled to housing benefit.

It does make more sense to me that you use that money to purchase another house, as it stands you wouldn't be able to afford rent on a 3 bedroomed property either.

Are your children same sex or a boy and a girl? There would be no harm in sharing for a couple of years if you bought a two bedroomed if they are same sex.

And again, it really is very important that your ex pays towards the children as feeding them 2 nights a week doesn't even come close to sharing the expenses.

According to the benefits checker I will get £600 to £700 tax credits a month. I am not expecting any housing benefit. I am not in a position to work full time until my youngest starts school which will be next year. Then my hours and salary will go up ( approx £16,000). my kids are boy and girl so would really like a 3 bedroomed house. I can top up my rent by £100 a month or so from my equity for a few years without making a major dent in it.

I get what you are saying about my maintenance and ideally he would pay me but he is on a low wage so he wouldnt be abe to pay rent on a house for him and the kids and pay me maintenance as he just wouldnt be able to afford it. I would rather he spent the money on a house than give it to me and him end up in a one bedroomed flat where there wouldnt be room for the kids. he has said he will give me what he can when he can.

SandC

I completely understand and I didnt realise that the tax credits system helped out so much.

I suppose I'm just thinking about the 'what ifs' - but I guess you cross those bridges when you get to them!

I wish you the best of luck that it all goes well and you both settle into your new lives!