Ex Marital Home - Advice please *Own 40%*

newbie1231

Hi,
I am new to this but hoping someone can offer me some advice.

My Ex Wife and I divorced roughly 4 years ago after 12 years of marriage. We had a home plus 2 children (Both under 16)
I left the marital home and agreed that she should live there with the children not to disrupt their routine.

I own 40% of the home and she owns 60%. We agreed in the presence of a solicitor that if she moved a partner in she was to give me my share of the home or if she sold it.

I am in the process of buying a new house with my partner and would like to have my share of cash invested in this house ASAP. I dont think she is in the financial position just to buy me out. Would it be acceptable for me to ask for a certain amount of cash just for her to buy me out. This would probably mean her adding to the mortage in a way.

I dont contribute to the mortage however I assume she gets most of this paid by Housing benefit. I do however contribute to the Insurance yearly on the property not content insurance though.
The house now needs structural repair which isnt covered under the insurance and I am under the impression I need to pay out for this aswell?

The house is worth roughly £150,000. Would it be acceptable for me to ask to buy me out with £20,000. She would be better off in the long run just I wanted to start afresh again.

The only other option is to wait until the children finish full time education and make her sell the property - Is it unfair what I am asking?

Any help is much appriciated

Thank you
Steve

kingstreet

So she hasn't sold and she hasn't moved in a partner?

Can't see you've much of a chance of breaking the agreement you made.

She may be in receipt of mortgage interest relief, but that's all it is. The government is paying the interest, not paying towards the capital to reduce the mortgage debt and on this basis she won't be able to borrow more money to buy you out.

newbie1231

Thanks for the reply.
No she hasnt moved a partner in and not intending on selling it.

Bit of a pain - Just thought If i offered her a good enough deal it would be worth her raising the money.

kingstreet

There's nothing to stop you asking. I just don't know how she could raise the money.

System

You would only be entitled to 40% of the equity and not 40% of the £150K. As only the interest is probably being paid then there would be very little equity (if any)

Thrugelmir

newbie1231 wrote: »

We agreed in the presence of a solicitor that if she moved a partner in she was to give me my share of the home or if she sold it.

Was detailed in a separation agreement?

If your ex is not in a position to obtain a mortgage in her own right then your current option seems to be to wait until the children have left full time education.

Although your ex's new partner adds a new dimension to the situation. They are in no way bound or obligated by your agreement themselves.

CLAPTON

whats the mortgage on the property