Devil and Deep Blue Sea - Feedback Please

nicky2_2

As posted on insurance forum - messy divorce - daughter of 8 - soon to be ex-husband declared himself bankrupt before financial settlement could be reached - his assets in hands of Trustee in Bankruptcy- still living under same roof (I am paying all bills). Biggest asset is house 50/50 owned - mortgage £150,000 - valuations ranging from £350k to £425k - house in a state (bare plaster, unfinished kitchen etc) and I am sure that anyone interested will take advantage of personal circumstances and house condition and offer ridiculous price - so question is do I try to negotiate with Trustee to get house at best possible price (albeit with a huge mortgage) - do house up and try to sell at a higher price or put house on market and take the 50% equity or can anyone think of any other options?

slater14

nicky2,

That would be one hell of a mortage for a single mum to take on. DONT.

Sell the house as is (if you cant afford to put it right) take the 50% and start afresh.

Prices arent rising any more at the moment they have "peaked" "stalled" "started the crash" "correction"...call it what you will, but in a nutshell we look like we are right at the top of the market and you will gain very little by taking on this massive debt.

Also, if you were to buy it there would be arrangement fees, solictors fees, mortage exit fees etc. etc. The figures just dont stack up for that kind of purchase.

Good luck with it all anyway....keep yer chin up :-)

meanmachine_2

Sell sell sell. Take whatever equity you can. Regard it as compensation for what you've been through and start afresh.

Use the equity to buy a smaller property, if this is practicable.

Start again. Older, wiser and slightly wealthier than you were when you first met your husband (I'm guessing).

alanobrien

nicky2 wrote:

As posted on insurance forum - messy divorce - daughter of 8 - soon to be ex-husband declared himself bankrupt before financial settlement could be reached - his assets in hands of Trustee in Bankruptcy- still living under same roof (I am paying all bills). Biggest asset is house 50/50 owned - mortgage £150,000 - valuations ranging from £350k to £425k - house in a state (bare plaster, unfinished kitchen etc) and I am sure that anyone interested will take advantage of personal circumstances and house condition and offer ridiculous price - so question is do I try to negotiate with Trustee to get house at best possible price (albeit with a huge mortgage) - do house up and try to sell at a higher price or put house on market and take the 50% equity or can anyone think of any other options?

Definately agree with the others, sell it and get what you can.

Its tough enough having to pick up the pieces and look after a kid on your own without stressing yourself out
with a big mortgage.

Keep positive, think straight and start afresh, wish you all the best.

dougk_2

If you decide to sell, do the house up first.

A tatty house attracts a far lower price than one that can be moved into and lived in straight away. A few thousand spent can often lead to a much bigger sale price.

You have lots to consider - where will you live, are ther any houses at a reasonable price that suit your needs/wants?

Selling a house (and buying another) incurs costs too. Estate agents, legal fees (stamp duty if buying).

If you decide to sell and rent there are other things to consider such as the rental costs, the fact you can be asked to move after 6 months if the landlord wants to sell....its not by any means as secure as owning your own home. Are you good at saving money otherwise you may find the money you get from the sale of the house disappears rather quickly.

Poppy9

Nicky

I assume you have a solicitor representing you. If not get one quick before the greedy creditors go after all your assets. You need proper advice urgently. If your ex is bankrupt and living under the same roof you should have some rights as you are paying all the bills. Under bunkruptcy he should be left money for living expenses and clearly if you are paying all the bills he is not using this money for those purposes.

If it was me I would chuck him out now, go for having all the house transferred into your name, claim part of his pension etc.

Agree I would then sell the house but worth investing in finishing off jobs before marketing. You will get the money back.

Good luck

Thorpeedo

Poppy9 wrote:

Nicky


If it was me I would chuck him out now, go for having all the house transferred into your name, claim part of his pension etc.

Maybe not quite so easy. Mum chucks dad out, how does child feel ???

The market being at it's peak, says get what you can now as the longer it takes the less you'll get, however tarting up the house will likely reap far more than is sowed, therefore do you know anybody who may wish to help you out from this perspective and make a few quid themselves in helping you get the max from your house ? This answer has the potential to cause a lot of stress if things go wrong and with your divorce less stress might be desirable, I dunno it's up to you !