Can I rent my house to my wife?

malkyh

silvercar wrote: »

You could do this, if you could afford a mortgage on the new property as well as on this one.

You would need to come to some agreement on how much rent your wife would pay you and I guess how much maintenance you pay her for providing a home for your children will also comes into the equation.

Housing benefit wouldn't be claimable, but that wasn't your question.

We did briefly discuss the option of me carrying on the mortgage in place of paying her maintenance. The problem there is renting is so expensive so I would to move on to another place with my own mortgage as that would be so much cheaper, allowing me to then pay maintenance for the kids.

I am terrified that my kids are going to end up in some rough area if I can't keep them in the house they are so used to which is close to the school/nursery/friends etc.

This break up stuff aint easy is it......

TBagpuss

SternMusik wrote: »

Since you are married the house is an asset of the marriage, and therefore hers as much as yours even if her name is not on the deeds.

I believe (but am happy to be corrected) that in the event of a divorce the courts would see it as a priority to ensure that the children and their primary carer can remain in the marital home if at all possible. This would be at the expense of your getting another mortgage.

You really need to chat this through with a solicitor. Your wife needs to get independent legal advice as well.

No, it isn't a priority that the childnre remain in the family home. It is a priority that the childnre hve a secure home. It would be unusual for a court to order that the party caring for the children should remain in the family home if this would require the other party to pay the mortgage, unless the paying party was sufficiently wealthy to do so and meet his or her own housing needs.

If Mum was able to afford to may the mortgage then it would be reasonable for her to stay while the children remain dependent, and it might be reasonable for her to stay if there is a realistic chance that she will be able to afford the mortgage in the immediate future - for instance, if the ages of the children means that she was likely to be returning to full time work within the next 6 months and that her income (including child support and any spousal maintenance) would be enough to allow her to pay the mortgage.

Equally, if the house has a lot of equity, and the equity would be enough for her to rehouse somewhere smaller with the children, then it may be fair for her to have all of the equity at present to do that, on the basis of a charge back once the children leave school.

It would be reasonable for you and your wife to look at other options:
How much equity is there, and are there any other capital assets? Is there enough to enable her to apply for a shared ownership property?
What rented accommodation is available in the area? As someone on benefits she is not going to be the first choice for many landlords - but if the house is sold, or you buy out her interest, then she may be able to find somewhere on the basis that she pays 3 or 6 months up front. Or even 12 months, which would then give her a year to try to find work which fits around the children (and whatever share of their care you provide) and put her in a better position by the time she needs to renew her tenancy.

Foxy-Stoat_3

Does your Wife need to pay rent to live in her own home?

malkyh

Foxy-Stoat wrote: »

Does your Wife need to pay rent to live in her own home?

I can't afford to keep the mortgage on for her to stay there. If I could I would 100% as I would love to keep my kids in their home but I can't afford to rent as well as the mortgage, and I can't stay with my parents long term.

Foxy-Stoat_3

If she cannot afford to live with the kiddies in this home then maybe you will need to sell and buy a cheaper place....or get rehoused by the council and go down that road.

malkyh

TBagpuss wrote: »

No, it isn't a priority that the childnre remain in the family home. It is a priority that the childnre hve a secure home. It would be unusual for a court to order that the party caring for the children should remain in the family home if this would require the other party to pay the mortgage, unless the paying party was sufficiently wealthy to do so and meet his or her own housing needs.

If Mum was able to afford to may the mortgage then it would be reasonable for her to stay while the children remain dependent, and it might be reasonable for her to stay if there is a realistic chance that she will be able to afford the mortgage in the immediate future - for instance, if the ages of the children means that she was likely to be returning to full time work within the next 6 months and that her income (including child support and any spousal maintenance) would be enough to allow her to pay the mortgage.

Equally, if the house has a lot of equity, and the equity would be enough for her to rehouse somewhere smaller with the children, then it may be fair for her to have all of the equity at present to do that, on the basis of a charge back once the children leave school.

It would be reasonable for you and your wife to look at other options:
How much equity is there, and are there any other capital assets? Is there enough to enable her to apply for a shared ownership property?
What rented accommodation is available in the area? As someone on benefits she is not going to be the first choice for many landlords - but if the house is sold, or you buy out her interest, then she may be able to find somewhere on the basis that she pays 3 or 6 months up front. Or even 12 months, which would then give her a year to try to find work which fits around the children (and whatever share of their care you provide) and put her in a better position by the time she needs to renew her tenancy.

Thank you,

I would think we are looking at around £20k (less fees) in equity if the house was sold at present. There is a fair bit of rental in the area so I don't think she would have too much issue with that if she had a lump sum tucked away to cover the rent for a period of time until she was able to sort things out.

I am happy and willing to pay as much as I possibly can towards my children. They are the innocent ones in all of this. I don't earn a fortune which is why I find myself with this struggle of trying to do the best for them, but also having to look after myself as well.

zzzLazyDaisy

How old is the youngest child? Under/over 5yrs? This has implications for benefits.

Pricivius

Your desire to support your kids and do right by them does you great credit... BUT...

Please think through all the possibilities of what could happen going forwards. If you find you are able to keep up mortgage payments on the family home and rent somewhere for yourself, or even buy somewhere small with a second mortgage, what happens if/when Mum meets a new man and moves him in? Your desire to keep the kids in their home could be soured if/when your funding their step-dad's housing. At present, Mum would probably be entitled to half the equity, but what happens in 15 years time when the kids have moved out - does she still get half, or does she get what she would get today or does she get to stay there?

The advice on divorce settlements is usually to attempt a clean break if at all possible with regards to finances and property, as who knows what will happen next? Obviously, you need to discuss maintenance payments going forwards, but this should be separate to the division of marital assets.

malkyh

zzzLazyDaisy wrote: »

How old is the youngest child? Under/over 5yrs? This has implications for benefits.

Eldest is 7, youngest is 3

shop-to-drop

Is there no possibility of a reconciliation? It sounds like that would be the perfect solution. Have you be through marriage counselling?