Buying out

thecrazy1_2

Hi can someone explain buying someone out of the mortgage. My wife asked for a divorce about a month after we bought our dream house. I have said that in the settlement I will pay the mortgage in lieu of child support and that when she meets someone and they move in we will sell the house and her response was or they can buy you out. Obviously I don't want some other man living in my house with my children. So how can they buy me out and what can I do to insure this does not happen.

ACG

I remember your last post I think.

I genuinely do feel for you. It sounds like your wife has done what she needs to in order to get the house and has no intention of leaving.

There is not a lot you can do, as theoretically she can go to court in order to force the sale of the property - it sounds like she would stop someone else buying it and you would stop her buying it.

Under the circumstances I think you need to sort this out sooner rather than later. Use it as an excuse to cut all financial ties and force the sale of the house now. That way she does not get what she schemed for, you do not have to deal with someone else living in the property and your situation is only tied by the kids - nothing financial.

The downside to this is that you will both incur early repayment charges, unless you are able to find another property and port it (or part of) over to that.

I would be more annoyed at her than any future bloke that comes along. He has not done anything wrong.

Thrugelmir

Have you consulted a solicitor yet?

thecrazy1_2

Hi.


My wife is the one who has no intention of selling the house. She has said that I need to provide a roof over the childrens head, which I agree to, until such time that she meets someone. However, my stipulation is that if she moves someone in then the house must be sold, her response was or they can buy you out.
I don't want someone else to live in that house, we bought it together and I just want it sold. So what does it mean when she says they can buy me out and is there a way I could do the same and buy her out and keep or sell the house.
I have seen a solicitor for an initial talk and her solicitor has sent me some paperwork but I feel the settlement will get nasty as she has already threatened to take me to court.

ACG

She can threaten all day long but she may not get what she wants or even less than you have offered... its a double edged sword that one.