Need advice on splitting up and the house

Gvperkins

Yes probably, hadn't looked at like that, if that's the case sounds like I'm going to loose everything.

Takeaway_Addict

Gvperkins wrote: »

Yes probably, hadn't looked at like that, if that's the case sounds like I'm going to loose everything.

You wouldn't lose everything though would you. You would be entitled to some of the house when sold at the end of the 18 years or whatever it is (presumably a % of the equity that is there now?) and obviously you stop paying the mortgage

shoe*diva79

Gvperkins wrote: »

Yes probably, hadn't looked at like that, if that's the case sounds like I'm going to loose everything.

No you wont, whatever equity is in the property now you will spilt however, 50/50 I would presume. Whatever the value of your 50% is now, you will get in 18 years time.

Catti

Sorry - but go and take some proper advice. Every family is different and their needs and resources will all be different.

Look at mediation services available in your area and let them help you sort out how to share things.

With such young children, you need things to be dealt with sensibly as otherwise it will affect your relationship with them forever.

RAS

Gvperkins wrote: »

Yes probably, hadn't looked at like that, if that's the case sounds like I'm going to loose everything.

In the short-term but it is vital that you get good legal advice so that you can protect your long-term interests.

The deal would be that she stayed in the house and paid all the mortgage, whilst you retained an interest in the property (half the current equity roughly).

However if she re-marries, cohabits or sells, she has to buy you out. Ditto when the youngest reaches 18 years old/leaves school.

You would also want to write in the right to return to the property if she moves out or the property is facing re-possession.

Alternatively you both agree to sell now and split the equity, although she might get more than half.

You need good legal advice from a good divorce lawyer and once you have agreed the settlement, you need a good housing lawyer to draw up a deed of trust or whatever is needed.

Kayalana99

Takeaway_Addict wrote: »

You wouldn't lose everything though would you. You would be entitled to some of the house when sold at the end of the 18 years or whatever it is (presumably a % of the equity that is there now?) and obviously you stop paying the mortgage

If hes only had the house a year then I guess he is going to lose everything. Fact is the house is only going to be worth the depoist put down atm and that was lent...so if its spilt 50/50 then he will end up owing this money back to his relatives - minus what he gets out of it.

I think the best bet would be to have a free half hour with a solictor and see what they say about the fact the money was lent in first place i.e selling the house to repay the money owed... not sure if you'd have a case their but since she is being unreasonable I think this would be best option (but by no means do I know if this is possible so as said seek the legal advice.)

zzzLazyDaisy

Gvperkins wrote: »

The kids are 2.5 and 6 months.

With such young children she may well struggle to continue working and look after the children on her own as a single parent, unless she has a strong family and friends support network. DWP recognise this and she would be entitled to Income Support until the youngest is 5 if she decides that she cannot continue working. In addition she would get 20% of your income in child maintenance and this is not taken into account when assessing means tested benefits.

Re the loaned deposit - when you bought the house you had to comply with the money laundering regs which includes declaring where the deposit has come from. It is pretty much 100% certain that either you did not declare that the deposit was borrowed OR your relative signed a declaration confirming it was a gift and was not required to be paid back - because lenders will not lend on a borrowed deposit. So if you are now seeking to say that the money was borrowed and must be repaid, you are openly stating that you were involved in mortgage fraud. Do you really want to push that argument in the divorce courts? Basically the 'loan' is not traceable and will not be taken into account when splitting the assets.

Also if you have only had the house for one year there may be very little equity in the house. If that is the case, it might be that you don't have a lot to lose in signing the house over, and if that happened, and she was on income support, she would get help to pay the mortgage, which would mean that your children would have a roof over their heads - of course the lender would have to agree to this arrangement, and may insist that you continue to be named on the mortgage after the transfer of equity, even though the majority of the mortgage would be covered by state funds. These are issues to explore.

If this is not a practical proposition, she will almost certainly need to look at finding a rented house in the private sector as in most areas there are long waiting lists for a council house.

You really need to get some advice as things are unlikely to be as straightforward as you might wish them to be.

D