own house with ex-wife, but want to buy my own

hayjaykay

I am stuck in a rut. Me and my wife split up last year and my wife resides in our marital home of which I own a 40% share. We have no mortgage and the house cannot be sold for another 7 years until my youngest child is 18 (my wife is disabled and refuses to budge). I am currently in rental accomodation and have no chance of saving a deposit towards buying another home. By the time I get my share of the equity out of my house I will be 53 and will have no chance of getting a mortgage. Is there any way I can get a mortgage now and offset the equity I have against the house I part own.

My current circumstances are that I live with my partner and her two children in a rented 3 bedroom house so buying a one bedroom flat is out of the question just to get back on the ladder.

Dave_Ham

Without going through the courts again, I do not think so.

I would love to be corrected, but think I am correct.

5% is the smallest deposit needed, although 10% is much more likely.

Aside from this, not sure what terms you are on with your Ex although she also may want to take some funds from the home as a remortgage and then I imagine as long as you pay back you can use as a deposit.

Many considerations and difficulties here I am afraid...

holly_hobby

Yep, as Dave says you would have to actually withdraw the equity (via a further advance or remortgage), to utilise it as deposit funds.

The issue being that the deposit is actually paid to the Vendor, not the the lender. So unless the Vendor were willing (and the current mge lender agree) to accept a 2nd charge against your equittible interest in the property, in lieu of a physical receipt of cash deposit (and I doubt many would) - you're scuppered I feel.

So unfortunately it would be a further advance or remortgage, if you wished to utilise your share of the current free equity - not too sure how that would work re the court directions on the dwelling, so guidance from your family law solicitor may be useful.

Sorry I know the above probably doesn't help you ..... but all the same hope it clarifies the points I see being an issue !

Holly x

hayjaykay

thanks guys, looks like I'm !!!!!!ed as she definately won't let me mortgage my share of the property.