bankers draft question

acsrjsk

Thank you so much.

I don't have much battery left on my phone. As soon I get to a computer I will post that info,

Once again really appreciate this

eskbanker

acsrjsk wrote: »

She has three properties in her native european country (I don't want to say which country on a public forum)

Sorry, I know this doesn't help you in the slightest but saying that in the context of laying bare your relationship, finances, life history, etc, reminded me of a quote from one of my favourite films:

Ted Striker: My orders came through. My squadron ships out tomorrow. We're bombing the storage depots at Daiquiri at 1800 hours. We're coming in from the north, below their radar.
Elaine Dickinson: When will you be back?
Ted Striker: I can't tell you that. It's classified.

Mistermeaner

Conservative numbers:

Call the house 500K, mortgage left to pay £260K = equity £240K

For one or the other to buy each other out you would need to release half the equity (£120K) so would need in total a mortgage of £380K

On basis of each of your earnings I think both of you may struggle to do this.

Just my view but I think the fair settlement would be to sell the house and split the left over equity 50:50

You are correct it would be reasonable for her to keep what she brought into the house and also for each of you to keep your respective savings - you could push for more but so could she. Likewise I wouldn't bother chasing her for her car or her overseas properties.

If you do as suggested you will have £120K from the house equity plus your savings which should put you in a good position to buy a property for yourself (depending where you are?).

If you can agree this between you and just instruct your solicitors this is what you want it will keep the divorce costs down leaving each of you more - of course one or other of you could go after more but it will get messy.... claim leads to counter claim.... leads to hiding stuff, leads to spite and misery.....

Remember if she is resident in the property you need her goodwill (without a court order) to move out and sell it - I've heard horror stories of !!!!ed off ex's deliberately putting off potential buyers to avoid selling a house.

acsrjsk

Thanks a lot - much appreicated. I live in London.

It sounds like selling the house is the only solution. We are not on speaking terms so I am waiting for her next move and see what her solicitor says.

I still love her so much and the divorce was becaue of my behaviour. Although she will never live with me or have me in her life again, I hate to see her suffer having to move out and trying to start again because of me. I know she is attached to the house and it was her idea to buy a new house in the first place and put all the admin work in it.

I will probably speak to her using mediation or on the phone where I will try to propose to sell the house.

Its all early stages and I know it sounds like a stupid question but I just wanted your view on the following:

Is there a way of her keeping the house and I have a stake in at 50% but not living in it at all? i.e, meaning she will cover my mortgage instead of paying me rent for my 50% of the share and prepare consent order accordingly.

if we do the above then, in the late future how do we then sell the house, if one party disagrees to sell it?

The above questions is just a thought and like I said I will wait for her to make the first move in the next 2/3 months and take it from there.

Many thanks

Mistermeaner

anything is possible along lines of what you suggest above - more likely you would need keep paying your 50% of the mortgage and charge her rent for your half of the house to ensure everything is square and your interest is retained...... thing is where does that end? You could die of old age before she ever moved out and never see your equity. What happens when you each move on (and you will) - you want to buy a house with your new wife but cant because you're stuck with all your equity tied up in a house you cant sell.

Divorce is the time to get the clean break so make sure you do just that.

The emotions in time will pass, but you may be stuck with the financial consequences forever.

acsrjsk

Great thanks. I haven't properly thought it through like you said.

can't believe I !!!!ed up our marriage.

Mistermeaner

Doesn't really help I know but no point dwelling on the past, whats done is done so focus your energy on the future - which in cold terms now is sorting your financial future.

You'll be fine - lots of people go through what you have.

come back here with questions as required.

Having a lawyer is good but remember they are expensive - keep them focussed on what you want them to be doing: don't waste money chasing up blind alleys or getting emotional support from them.

Good luck and come back if you need to talk on anything else. Here's good for finance advice. May be not emotional support. But there is other forums for that.

Freecall

eskbanker wrote: »

Ted Striker: My orders came through. My squadron ships out tomorrow. We're bombing the storage depots at Daiquiri at 1800 hours. We're coming in from the north, below their radar.
Elaine Dickinson: When will you be back?
Ted Striker: I can't tell you that. It's classified.

Shirley that can't be right.

:A

Mistermeaner

That sounds like a good opener, but I doubt she'll accept. Your putting her share of equity in house at 20% yours at 80% (50k for her 200k for you). What of equivalent value is she keeping that is worth 150k?

I'm not disagreeing with the approach just playing devils advocate.

I don't know you or her or the circumstances as well as you, your dad and your solicitor.

However an unreasonable offer will likely be rejected out of hand (or countered equally unreasonably) leading to bad feeling and more work for the lawyers.

Personally I would make an offer of something much closer to 'fair' (with room to wriggle) but stick to it - also justify it, particularly emphasising what you won't go after.

Eg. You estimate equity at 250k, you are willing to accept 150k of the equity in exchange for not pursuing her on her foreign properties, car and possessions in the house. Each party keeps their personal savings and pensions.

acsrjsk

Thanks again. Let me think about what you said.