Splitting up advice needed

Tinkerbell1981

I am new to the site so hello to everyone!

I am spitting up with my husband and need some advise on sale of house and various other things so sorry if this is long winded.

We have been together 12 years and have a daughter who is 2 he also has a son of 14 from a previous relationship.

We met in 2000 and he lived in the property he previously owned with his is ex partner (had been remortaged and put in his sole name) I then moved into this property in 2002 and my name was added to the motgage. We seperated for 9 months in 2004 and did not think we would get back together in this time through a solicitor i had my name removed from the property and was awarded £6000 as my case was strong on what i had contributed towards the bills/mortage during the time lived their. We did get back together and decided to move house as a fresh start.

We decided to remorgage the existing house (to gain £20'000 for the new house) and rent the house out. My parents rented it for 3 years and the rent just covered the mortgage and from 2009 to present my friend rents it and the rent just covers the mortgage so no money is made. However with the current housing market as it is the rented house is now in negative equity (morgaged is £101'000 and valued approx £90'000)

We bought a new property in Feb 2007 for £165'000 we put £10'000 down (from the £20'000 borrowed) and used the remainding £10'000 to decorate the property. During this time we have married in 2008 and had a little girl in 2010. Our current mortgage has been interest only for the past 2 years. We currently owe £149'500 on our mortgage.

We have now decided to seperate and i would like to do so this as amicably as possible although i have a feeling he would leave me with very little if he could. The options i think i have are:

I will stay in the property and pay all bils etc (as its not the time to sell and get a good price) would he have to pay half to the mortgage in order to gain 50/50 split of profits when we do sell? and still have to pay child maintenance?

Sell the property and if this is the case what am i entitled too?

Also we do have a car that is in my name that is financed but this is payed off in July 2013. He currently pays for bills/mortage and i pay for child care, shopping, car insurance, fuel. I have maintained the car Tax, Mot, Service etc.

All advice much appreciated and really needed.

Thank you in advance.

xx

missile

You should see a solicitor.

dimbo61

Where is your ( EX) husband going to live?
You have little equity in your current home and NO equity in the other rental property.
Are they both on repayment now?
If he pays child maintenance to his first wife for his 14 year old son and pay maintenance for his 2 year old daughter and half the mortgage payment each month I don't think he will be rolling around in money himself!!!
There is not much money in the pot is there?

pinkshoes

1. You own a house that you rent out, that is £11k negative equity.

2. You own another house that you live in, that you bought for £165k in Feb 2007 with £150k owing on the mortgage.

Given you must've bought at the peak of the market, then what is the second house worth? I would imagine that is also in negative equity, in which case, you and your husband are both entitled to half the DEBT each!!

From what I can see, there is no money to share out. The best advice I can give is to sell BOTH properties for whatever you can get for them, then come up with an agreement with the lender on how the two of you are going to pay the debt back.

House prices seem unlikely to go up, so by not selling, you're not gaining anything other than prolonged misery of being financially linked to someone.

You will then need to find somewhere for you to live, and sort out custody of your child.

Tinkerbell1981

My husband earns decent money a lot more than me. The house we currently live in is not in negative equity it's been valued at £170'000.

Mickygg

Blimey you went legal after paying some mortgage and bills? And awarded £6k afterwards. He must have really liked you to have another go.If you want amicable, sit down together and discuss it. If you are not happy, see a solicitor.
When I split up we both sat down, worked out roughly what we both spent and divided everything up according to that, then went our own way.

gfplux

You both need lawyers. However their is little money to be had out of this for either party. The best outcome will be that both of you have somewhere to live. You have two houses why not own and live in one each.

propertyman

http://www.nfm.org.uk/

I might look at mediation first if you think that you can resolve it between you. its should be a lot cheaper than lawyers who can get involved just to dot i and cross t.

pinkshoes

Tinkerbell1981 wrote: »

My husband earns decent money a lot more than me. The house we currently live in is not in negative equity it's been valued at £170'000.

Who valued it at that? If it was an EA, then it could be rather unreliable! You need to look at recent sold prices in the street of similar properties.

His earnings are somewhat irrelevant to equity in property. He will have to pay a % of his salary as child maintenance, depending on custody...

I suggest you talk it through and try to be civil, as otherwise a solicitor will eat up most your equity, if there is any after selling costs...

terrencetrentderby

Tinkerbell1981 wrote: »

I am new to the site so hello to everyone!

I am spitting up with my husband and need some advise on sale of house and various other things so sorry if this is long winded.

We have been together 12 years and have a daughter who is 2 he also has a son of 14 from a previous relationship.

We met in 2000 and he lived in the property he previously owned with his is ex partner (had been remortaged and put in his sole name) I then moved into this property in 2002 and my name was added to the motgage. We seperated for 9 months in 2004 and did not think we would get back together in this time through a solicitor i had my name removed from the property and was awarded £6000 as my case was strong on what i had contributed towards the bills/mortage during the time lived their. We did get back together and decided to move house as a fresh start.

We decided to remorgage the existing house (to gain £20'000 for the new house) and rent the house out. My parents rented it for 3 years and the rent just covered the mortgage and from 2009 to present my friend rents it and the rent just covers the mortgage so no money is made. However with the current housing market as it is the rented house is now in negative equity (morgaged is £101'000 and valued approx £90'000)

We bought a new property in Feb 2007 for £165'000 we put £10'000 down (from the £20'000 borrowed) and used the remainding £10'000 to decorate the property. During this time we have married in 2008 and had a little girl in 2010. Our current mortgage has been interest only for the past 2 years. We currently owe £149'500 on our mortgage.

We have now decided to seperate and i would like to do so this as amicably as possible although i have a feeling he would leave me with very little if he could. The options i think i have are:

I will stay in the property and pay all bils etc (as its not the time to sell and get a good price) would he have to pay half to the mortgage in order to gain 50/50 split of profits when we do sell? and still have to pay child maintenance?

Sell the property and if this is the case what am i entitled too?

Also we do have a car that is in my name that is financed but this is payed off in July 2013. He currently pays for bills/mortage and i pay for child care, shopping, car insurance, fuel. I have maintained the car Tax, Mot, Service etc.

All advice much appreciated and really needed.

Thank you in advance.

xx

The marriage appears to be in negative equity. Unless he's an especially dutiful ex husband it would be unusual for him to keep paying for your living expenses after your separation. The house isnt going to make a profit and in most cases the Court would order a sale. He will be liable for child maintenance voluntarily or through the CSA.

Tinkerbell1981

Mickygg i didnt just pay morgage/bills i'm not going to go into all the details but trust me £6000 didn't cover half of it but hey ive moved on from that!

I do not want to go through lawyers/courts and neither does he i would much prefer to settle things between us, i adore my daughter and this is going to be hard enough as it is without having courts involved. Thank you propertyman for the link this is a great help.

Pinkshoes that is more or less the going rate for houses where i live 2 have only just been sold for £167'000 and £170'000.

gfplux i dont want to live in the rented property as this is the house he first had with an ex partner and their is no way he will let me live in our current property. I would like to stay living their as i have spent alot of my own money on decoration and only just moved my daughter into a big bedroom and decorated it. I dont think its healthy to up root my daughter but might not have a choice.

I think what i am going to suggest is we sell our current house and split everything 50/50 and my husband goes back to live in the other house which is fully furnished and i will find somewhere to rent, i dont think i am being unreasonable to want essential furniture seen as i am going to have start from scratch???