Please help. Mortgage after breakup.

nickdj

Hello everyone,

Please can someone advise on what I should do in a bad situation.

I have a mortgage which my wife (soon to be ex) is also on. When we took out the mortgage we were both on a full time wage but a month later she went part time.

The house was bought for £130000 and I put down a deposit of £13000 which was left to me in my mothers will. It was this money that allowed us to get on the property market.

Our mortgage (£765 pcm) is paid solely by myself. My wife has never paid any money into it as 'her money is her money' and doesn't earn enough to contribute. She works less than 16 hours a week so what she gets she spends on food and paying off her debts.

We have now split up and she has moved into temporary accommodation. She cannot get onto the councils housing plan due to her name on the mortgage.

She has no interest in the house and her moving out was her decision.

In order to keep the house we have agreed that a family member can move in and rent from me. This should allow me to meet my financial obligations and pay her maintenance. The children stay with me 4 nights a week so should help keep that cost down.

The house is now valued at about £165000 according to Zoopla but I would value it at about £150000 in it's current state if I tidy it up.

I am unable to 'buy her out' and not sure where I stand on this. It appears she wants to move out and take what she can get without ever making a contribution. Would I be able to take my deposit out of the sale first? Could I get her to waive her rights without removing her from the mortgage?

Selling the house would leave me in a situation where I would not be able to look after the children if I had to rent. I would also struggle to meet maintenance without having the extra income.

My soon to be ex-wife is only interested in getting council accommodation and has to seek legal advice in regards to the mortgage. What entitlement does she really have?

Thrugelmir

Consult a solicitor.

If there is no formal agreement with regards to the deposit paid. Then it merely forms part of your joint assets.

The financial settlement will be made primarily on the basis of the welfare of the children. So you are unlikely to be in a position to dictate matters.

Be prepared to sell the property and start afresh yourself.

nickdj

The difficulty is with what is required in order for her to get on the council list. They won't do anything while she is on the mortgage as they class it as equity.

The big question is... can we arrange to keep her on the mortgage but waive all rights to equity? If this was possible then she should be able to state she has no legal entitlement to the sale of the house and therefore get on the housing list.

We can then arrange between us a figure to be paid on the sale. This would suit us best I think.

Is this called 'Title Deeds / Transfer of Equity'?

Thrugelmir

Your wife could argue a case to remain resident in the property.

So speak to a solicitor.

VT82

nickdj wrote: »

My soon to be ex-wife is only interested in getting council accommodation

Maybe she should be more interested in working longer hours and renting somewhere, rather than working out how to get someone else to pay for her?