morgage, secure loan and break up

miaoww

Hi guys - no idea if this is the right forum page but myself and my husband have split up - we have two kids 0 he is currently unemployed where as im working full time - we have a morgage and a secure loan on our property - he wants to discuss the house later?! basically i can afford all the bills and would only need a bit of help for food / petrol costs - what happens if he wants to sell house - i think that we wont get enough to cover full balance of mortgage and secured loan and theirll be some kinda deficit somewhere - will secured loan then just become a personal one ? - i ideally wanna stay there for the sake of the kids but obviously he needs some cash towards getting his own place? just dunno where i stand or whats best? dont think ill get a morgage as previous bankrupsy but that was over 6yrs ago and credit rating was improving but have a default now because of gas and electric bill.
any advice appreciated as always
thanks

~Beanie~

You would need agreement to sell from the lenders if you won't make enough to cover the mortgage and secured loan. You would need to agree how the secured loan would be repaid before you sell.

cattie

How old are your children as I believe if you are going to divorce you will have the right to remain in the property until your youngest is old enough to get a job. After this your ex husband can force a sale to get his share (if any) This is providing you can afford the house & the bills with your income though.

This is what happened in my sisters case a few years back, but things may have changed now.

Thegirl

If there is no equity then I don't believe that he can force the sale of the house, as it is pointless. If you can afford to live there I imagine you will be permitted to even if he pushes it to court to argue the toss over it.
My advice would be to have a research of www.wikivorce.com and perhaps pose the question there, with more details such as ages, length of marriage, age of children, intended residency of children, your income, debt and savings (if any). Also where both of you are living now. You'll get an informed answer that way.

miaoww

kids are 7 and 10 years
married (would of been 13yrs on 29th this month)
together 23 years
morgage and secured loan £ 167,700
house value prob about £110,00 - £120 max accoring to recent street sales on right move
so like i though if we sell we cant clear loan and mortgage anyway - might ask him to sign over to me and he can be debt free and move on? i can affoord all bills, mortgage and loans aslong as he helps towards the kids

antrobus

miaoww wrote: »

kids are 7 and 10 years
married (would of been 13yrs on 29th this month)
together 23 years
morgage and secured loan £ 167,700
house value prob about £110,00 - £120 max accoring to recent street sales on right move
so like i though if we sell we cant clear loan and mortgage anyway - might ask him to sign over to me and he can be debt free and move on? i can affoord all bills, mortgage and loans aslong as he helps towards the kids

Your ex signing the house over to you won't make him debt free, unless the lenders also agree to release him, and they may not do so. Particularly since you appear to be in negative equity.

witchy1066

you will not have to sell your home until your youngest child is 17 and even then, you may still be able to keep it,
go to a solicitor , get the house valued , if you continue to pay the mortgage on your own he will only be entitled to a share of any equity that is in the house at the time of separation/divorce,(if any equity)
if he continues to contribute to the mortgage until the end of the mortgage term he will be entitled to a share of any equity in the house when its sold, (maintenance payments are a different issue and nothing to do with the mortgage)
you need to go see a solicitor and get it sorted ,sooner rather than later , but you can not and will not be forced to sell your home while you have young children (assuming you will have custody)
CAB will be able to give you good advice and point you in the right direction as to a solicitor but I can not stress hard enough, you need to get it sorted or in 10 years time it could all come back to haunt you.
HTH

miaoww

dunno what to do then kids my main priority - ill just take over bills and well have to reassess things if market improves and once he gets a job n somewhere to stay himself - no point selling n if he still responsible for the joint debt then dunno where to go from here - suppose gotta wait n see what he reckons when i meet him later

miaoww

well two months on hubby got a job now and want divorce happy for me to stay in house n stuff so just gotta start saving up n get it sorted. thanks for help and advise guys

Thrugelmir

Consult a solicitor and formalise the arrangement.