What do I do about the Mortgage

thecrazy1_2

Hi all, I appreciate that this question has probably been asked many a time. However, I would appreciate some advice. My wife and I moved into our new house about 11 weeks ago, she informed me 4 weeks after we moved in that she wanted a divorce, as you can understand this came as a complete shock to me, apparently she had felt like this for some time. The only way I can move on is to release the equity from the house. However, as we have 3 young children and my wife works only 16 hours a week she has point blank refused to leave the house. It seems that I will have to continue to pay half the joint mortgage until our youngest turns 18 plus maintenance I cant afford to rent. My solution is that we sell the house, repay the mortgage and then look for a smaller property where we can take a joint mortgage and then I can transfer the name into her sole name thus releasing me from any financial obligation.


Can this be done?


Thanks in advance

Mortgage_Mark_2

Unless your wife can support the mortgage on her own from the outset, it won't work full stop. You can't just transfer a mortgage into someone's name, she has to be able to afford the mortgage, which it sounds as if she would struggle to do?

thecrazy1_2

Hi thanks,


She could afford to repay the mortgage but just can't get one in her own name. I want to sell the house to release me from mortgage obligations but she is refusing to sell, so I can't afford to rent I thought the only solution was to sell the house and take out a new mortgage for a smaller, cheaper property in joint names and then sign it over to her thus releasing me from the mortgage.


Do lenders take into account any benefits received ie child maintenance, working tax credit etc or is it just done on your p60?

ACG

Ouch! she sounds lovely the way you have described her on that post. Keeps her mouth shut until she gets a house and then decides to split up.

Stay put in the house, tell her you cant afford the rent and mortgage and you do not trust her to make mortgage payments on her own (if she doesnt it will affect your credit score) so her option is to either agree to sell up and support herself and you will pay maintenance or you both live in the house and put a smile on for the sake of the kids... and your sleeping in the nice bed you bought. She can sleep there too or on the couch if she wants?

If you do sell up now, there will be early repayment charges to pay I would assume.

Id be going mad at her!

Some lenders will accept child benefit, tax credits etc - but it will depend on the circumstances and lender.

Thrugelmir

Seek advice through a family solicitor and/or mediation service. As your situation is going to require a compromised settlement.

Floxxie

Absolutely agree. The house is just part of a financial settlement. Take legal advice and make sure that you do not leave the property. https://www.wikivorce.com is a good place to get some feedback on your situation.

thecrazy1_2

Thanks all,


would it be worth talking to a mortgage advisor?

thecrazy1_2

You are right I can't afford to move out as she wants me to pay half the mortgage and full maintenance for the three children this would be in the region of £1000 P/M

hanfrangipane

I really feel for you - what a thing to do to someone?! Allow them to commit to a huge purchase knowing full well that you're not sure on the relationship and then turning around with this?

Can't offer any specific advice on the legalities or practicalities but she can't have her cake and eat it, which seems to be what she is asking at the moment. Are you in touch with family solicitors re. the maintenance etc and sorting out financial settlement?

Floxxie

thecrazy1 wrote: »

You are right I can't afford to move out as she wants me to pay half the mortgage and full maintenance for the three children this would be in the region of £1000 P/M

She won't get it - it is either child maintenance or payment of mortgage in lieu of child maintenance. Ignore her demands and make sure you do not pay it, otherwise you will set a precedent and it will be argued that you can afford to continue to pay it.

Floxxie

You both have housing needs but what will actually need to happen depends on what other assets you have and your earnings, as well as how long you have been married for (including cohabiting).

Do not rush into anything, including selling and remortgaging and keeping it in joint names. If you are to divorce, then you want to be aiming for a clean break and not one where you are forever tied to your ex.

Most importantly, do not agree to anything with your wife. Take advice from Wikivorce or a solicitor.