Legal Entitlement

mcscoobs

Just after some advice really. Been married since 2010, with a 3yr old and been living in our new build flat since Feb 2012.

I had shocking credit 2/3 years ago, so when it was time to buy a place, nobody could offer me a mortgage. So when we bought, I was lent the deposit money from my nan (which we pay back monthly), and the mortgage was in my wifes name. It's a part buy/part rent flat, of which we only own 25% and rent the remaining 75%.

To cut a very long story extremely short, I'm thinking of divorcing. My problem is this. I have no large sums of cash saved as I put whatever I had towards the deposit, alongside what my nan lent me. My wife paid no deposit. The mortgage is in her name, so I assume i'm entitled to nothing?

I guess I just want to know my "rights" if we do go our seperate ways.... Ideally i'd like to kick her out and live there with my son, but that's not going to happen.

Thanks

hazyjo

Did the mortgage provider know most/some of the deposit was borrowed? Is your nan's name down anywhere as having lent you both the deposit? Is your name on the deeds?

This one might be better off on the property forum, btw...

Jx

mcscoobs

Didn't even know there was a property forum :doh:Can a mod move this?

Mortgage provider knew deposit was borrowed, my nan had to write a letter to say she had no interest in the property also. Not sure if my name is on the deeds, I'm going to assume no until I can confirm....

Kayalana99

Your married & brought the house together I assume *whilst married? You should be entitled to something...what percent is another question unless you can agree it will go to the courts + assuming she would be the main career you can't force her to sell the house untill the child is 18 (that would be the legal side anyway)

BitterAndTwisted

How much equity do you have in the property? With only 25% ownership and a mortgage for only two years I would guess that the answer would be "not much".

If your Nan agreed that she had no interest in the property suggests to me that the sum given was a gift and not a loan. Loans would not be acceptable to a mortgage-lender as the sole source of a deposit and their mortgage-offer would have been reduced by the amount of that loan. If a gift, and no Deed of Trust was drawn up at the time of purchase, that deposit and any equity achieved since purchase becomes an asset of the marriage and would likely be divided 50/50 upon divorce. IF you can find a buyer wanting to acquire only a quater-share of a proprty, and thats' a big if.

Could your wife afford to take on sole responsibility for the property should you split up?

mcscoobs

My nan loaned me the money, but as far as the mortgage people/banks were concerned, it was a gift, so as not to complicate issues.

She could probably just about afford it, but would have no disposable income...

BitterAndTwisted

Ah well, if she can't afford it even with your child support payments it'll be her credit-record that gets trashed and not your own.

I suggest you kiss goodbye to that money from Nan, unless you can pay her back from your own resources. Getting it back from the proceeds upon sale is going to be difficult-to-impossible if your wife is not amenable, with being able to wave that bit of paper about.

Splitting up nearly always leaves both parties impoverished. Meanwhile there's a young child to support and ensure is adequately housed.

thorsoak

mcscoobs wrote: »

Just after some advice really. Been married since 2010, with a 3yr old and been living in our new build flat since Feb 2012.

I had shocking credit 2/3 years ago, so when it was time to buy a place, nobody could offer me a mortgage. So when we bought, I was lent the deposit money from my nan (which we pay back monthly), and the mortgage was in my wifes name. It's a part buy/part rent flat, of which we only own 25% and rent the remaining 75%.

To cut a very long story extremely short, I'm thinking of divorcing. My problem is this. I have no large sums of cash saved as I put whatever I had towards the deposit, alongside what my nan lent me. My wife paid no deposit. The mortgage is in her name, so I assume i'm entitled to nothing?

I guess I just want to know my "rights" if we do go our seperate ways.... Ideally i'd like to kick her out and live there with my son, but that's not going to happen.

Thanks

In the circumstances, I think you would be best advised to try and work at saving your marriage! You have no money, a bad credit record, a debt that you are repaying to your nan. If you divorce you do not have a cat in hell's chance of remaining in the house and kicking out your wife - she is the one with the mortgage, remember? You will have to pay child maintenance along with paying for your own accommodation, etc etc etc.

Would it not be worth trying to save your marriage? On a financial basis, if nothing else?