Advice needed regarding selling house after divorce

TBagpuss

50/50 is the *start* point. However, the aim is to come up with a settlement which is fair taking into account all the circumstnaces, which would include:
- what other assets there are. The finacial split should look at any pensions or savings either of you have, as well as the house.
- what your respective incomes and earning capacities are. if one of you has significantly higher earnings/earning capacity then it is likely to the fair for that person to have a smaller proportion of the capital, as they will be in a stronger position to build up savings, will have a higher mortgage capacity etc
- your respective needs, and the neds of any children. You and he have similar neds (you each need somewhwre to live) but if your child lives with you, then your need is for somewhere suitable for you+child, so is greater than hs, which may justify a higher share of th assets.

It is complicated by the fact that you have remarried, which measn that while he can make an application to court you cannot, although there is nothing to stop you from making a referral to mediation.

One thing which I would suggest that you do is to look at your financial position and work out what you (and your husband) could afford. For instnace, if your position is that you can't get a mortgage big enough to pay off the exisiting mortgage and pay him 50% of the current equity, but you could get one which would enableyou to pay off the existing mortgage any pay him 40% of the current equity, then you may be able to argue that that would be a fair outcome, as it provides him with a lump sum while also preserving a secure home for your child.

Similarly, if you are able to get a new mortgage to release him from the current one, but cannot pay any lump ssum, it might be fair to offer a settlment hwhereby the hosue is trasnferred to you, you get his bname off the mortgage, and there is then a charge over the house entitling him to a % of the value of the house equal to 50% of the current net equity and payable once your daughter leaves full time secondary eductation or turns 18 / 19. (e.g. if the house is currently worth £150K with a £100K mortgage, his entitlement would be £25K or 16.7% of the value of the house)

Guest101

steph2901 wrote: »

And how would you know?

Well it's easy to check, can you provide the first digits of the postcode?


However, if your house hasn't gone up in the last 5 years (I'm not sure why I thought ten) then it's even more reason why your ex is entitled to half!

Guest101

shiny76 wrote: »

If it's a similar house to yours (size, condition etc), you could suggest to the ex that he could end up owing you money (half the drop in value)

How does that work? Go on explain it...

steph2901

Guest101 wrote: »

Well it's easy to check, can you provide the first digits of the postcode?


However, if your house hasn't gone up in the last 5 years (I'm not sure why I thought ten) then it's even more reason why your ex is entitled to half!

I'm not putting my postcode on a public forum. I know what my house, and houses in my area are worth. I've already had the estate agent to value it a couple of months ago, and I'm on Right Move daily.

Also, once again, when did I say he wasn't entitled to half? I was asking advice on the matter.

swingaloo

Its a very sweeping statement to say a house cannot be worth less now than 5 years ago.

Our houses were built in 2003. My next door neighbour bought for £142,000 in 2005.

The last 2 houses in the close to sell, both in the last year sold for £105,000 and £108,000. All are identical.

kazwookie

Go and get solicitor's advise.