Urgent advice needed x

LittleMrsThrifty

Mummyof3boys1girlx wrote: »

I wanted to offer him a sum of money for him to sign house to me. But unsure of amount to offer him. It seems unfair that if I sell he can take half when he chose to leave. I appreciate that only a solicitor can tell me but does anyone know if equity would be split between children as well?

Whether or not you were/are married will have a significant impact upon your options so it would be helpful if you could clarify this.

It is not as simple as 'signing the house over to you. You will need to take on the entire mortgage yourself and extra in order to buy out his share (unless you have significant savings). How likely is it that you would be able to secure a mortgage in your name only?

How much he is entitled to from the house is impossible to say and you really do need to see a solicitor. If you can prove that you paid the initial deposit and have details of who paid what mortgage payments and when then this may help your case for more than 50% of the equity.

It is worth noting that as you are living in the house, and he presumably is not, then you hold far more of the cards. He cannot simply sell the house from under your feet - forcing a sale without your agreement will take time, so it will be in his interest to come to an agreement with you.

I do feel for you in this situation however, despite his clearly deplorable actions towards you, it is only natural that he will want his equity from the house. I am surprised it has taken two years for this to be considered.

And no, your children would not be involved in the division of any equity this is between you, your ex and the mortgage lender.

cazziebo

You are in a very difficult situation - I don't think you can afford NOT to take proper legal advice. This isn't a black and white case - you both have rights to the property. You need someone to advise you what is possible, and then to help you negotiate the very best deal you can.

Seriously, spend a few hundred and you could end up saving 10s of thousands.

(PS included in child maintenance is an element for housing, feeding and clothing children so arguably he is contributing, albeit not directly)

BigAunty

Homeownertobe wrote: »

Are you sure about this? If it's on the gross system then it's 19% or 15% depending on income.

I may have confused net/gross pay, thanks for the correction.

However, new claims no longer go through the CSA in an attempt to make more parents negotiate the settlement themselves or pay for govt intervention so perhaps things have changed a lot.

Until recently, the basic rule (though there were other factors involved in the calculations such as level of income, how many nights they stay with the non resident parent) taken from a CSA leaflet is that with 3 more children, they will have to pay 25% of their net weekly income

RAS

Mummyof3boys1girlx wrote: »

He now wants me to sell house and give him the 50% equity he feels he deserves. ( loser)

I paid 21k deposit althought he paid Morgage while he lived here for 6 years.
House bought for 135k and has been valued at 225k

We are tennants in common but if I sell my home would he get 50%??

Sorry if I'm waffling xx

You need to be precise here.

Are you married? If so what does the divorce settlement say?

If it is tenants in common, what is the split agreed in the tenancy?

Do you have an occupation order?

silvercar

Other than child maintenance he pays nothing for house.

Child maintenance is meant to include the cost of housing your children.

that being said, PWC are often able to secure a greater percentage of the equity than the NRP.

Can you afford to sell your home? Could you get a mortgage based on your income?

Guest101

BigAunty wrote: »

To be clear here, I wasn't suggesting that you remortgage the property to buy out his share, I was asking you if you could pay the current mortgage sum as it stands.

My understanding of how occupation orders work is that the parent in the property may be expected to service the existing mortgage rather than pay out equity towards their ex and take it over in their sole name.

Does anyone on this forum know how occupation orders generally operate?

Occupation orders do not remove equity.

Its pretty much what it says on the tin, you can 'Occupy' the property until a certain date.

he has an interest in the property, probably not 50%, but he definitely owns some of it.

Cinders:

I'm going through exactly the same situation as you at the moment (actually just waiting for last house document to be signed). I gave my ex husband a chunk of money for his share in the house, which was then written into the consent order as part of our divorcee. His name was then removed from the deeds of the property, although his name is still on the mortgage as I don't meet the criteria to remortgage just in my own name. So basically he no longer has his name on the deeds, has no 'interest' in the property (it is written in the consent order that I must make sure that ex is never chased for a payment towards the mortgage).

The transfer of deeds cost me just under £500.

Hope that helps x

NAR

OP "Partner" indicates to me that you are not married. So the split of the asset, ie the house, is down to negotiation and not just a 50/50 split. Your argument should be that you need to put a roof over you and his children's heads. £90k equity being split is not going to leave you much no matter what the split.

So the sooner you talk to CABs legal people the better.

Person_one

BigAunty wrote: »

Your house is essentially owned by the mortgage company in reality, not either of you, until it is fully paid off.

That's a common misconception. The house does legally belong to them, they are the owners, they just have a large loan secured against it which comes with a specific set of terms and conditions.

RAS

NAR wrote: »

OP "Partner" indicates to me that you are not married. So the split of the asset, ie the house, is down to negotiation and not just a 50/50 split. Your argument should be that you need to put a roof over you and his children's heads. £90k equity being split is not going to leave you much no matter what the split.

So the sooner you talk to CABs legal people the better.

The other thread on which the OP has commented on this issue indicates that they are not married which puts her in a much more difficult situation.

She needs to check the percentage for the tenancy in common and go see a lawyer urgently.