Mortgage and seperation

TBagpuss

You need to get some proper advice. With young children, and the discrepancy between your incomes, a straight 50/50 split of the equity may not be the fair and appropriate way forward.

You can he can get a formal separation agreement drawn up (if you don't plan to get divorced yet), making clear arrangements about the house, but this needs to cover more than simply what share you will each get. It also needs to cover when and in what circumstances you have to pay him, what each of you is responsible for in the mean time (e.g any repairs or upkeep on the property), insurance etc., It may be fair to work out what % of the total value of the house he should have, based on the current equity (e.g.if the house was worth £200K and the mortgage £100K, you might end up with an agreement that he got 25% of the total value of the house when it is sold, as that is 50% of the current equity, and you'd get the benefit of any additional equity you build up by paying the mortgage between now and when the house is sold.

But you need to get advice, first.

emzky

Yes we need to get a solicitor. He's just trying to avoid talking about it.

Floxxie

Check out the wikivorce site if you are not ready to go to a solicitor, but the sooner you get things moving, the quicker you will know what your position is.

You can claim benefits even if he is still living there as long as you are 'living apart'. Make sure all the bills are transferred into your name and you have agreed child maintenance (this is paid in lieu of his mortgage payment half)

Do not be agreeing to anything until you have taken legal advice...especially on sharing the house equity as TBagpuss has already pointed out.

Floxxie

emzky wrote: »

Yes we need to get a solicitor. He's just trying to avoid talking about it.

Btw you don't share a solicitor.

northernsaver

I'm not sure it's fair on you for him to get half of the house in the future. I would suggest that if you sold the property now, he would get half. However in 10 years (for example) it's increased in value by say £10,000, he shouldn't be entitled to £5k of that. I would get the house valued when he moves out. Then you've got the value.

That's what I did when my boyfriend (now husband) moved into my house. I had the house valued when he moved in. So if we split, he would get half of any increase in value (for example the house valued at £110k when he moved in. If he moved out, valued at £120k, he would get £5k)

Floxxie

Asset division in divorce work out on the basis of fairness and needs. It may be the OP gets the house and equity if there are other assets to offset. That is why they need to get proper legal advice.

As long as the assets remain in joint names and there is no division, the ex is entitled to half of the equity whenever the house is sold and no matter what they may have agreed previously (unless it is a short childless marriage).

RAS

emzky wrote: »

The money is all his. The majority of our outgoings are his. But I can't claim anything until he has moved out.

Yes you can. As long as you both intend to separate permanently, you can start your claim before he moves out, and frankly given the time it takes to get benefits paid, you need to get going ASAP.

There may be some queries but if they can see that you are separate, you will be OK.

Unless you really want the dogs, tell him that he has a short period to rehouse them and thereafter you will organise it yourself (either sell, give away or charity).

Do not sign the paperwork regarding a 50% split in equity; you are more likely to be offered 60-70 of assets as you have not worked, have the children and need to keep a roof over their heads.

rtho782

Will benefits even pay a mortgage? I thought housing benefit would not cover mortgage costs. You may have to go rented.

If you sell the house and get 50% of the equity (if your mortgage is only £300 there must be a lot of equity) you will probably have too much in savings to be able to claim any benefits.

Perhaps you need to move out and leave him in the house.

RAS

rtho782 wrote: »

Will benefits even pay a mortgage? I thought housing benefit would not cover mortgage costs. You may have to go rented.

Mortgage Interest Allowance pays the Interest on the mortgage, plus CMS from the NRP.

Guest101

rachjenn wrote: »

I'm not sure it's fair on you for him to get half of the house in the future. I would suggest that if you sold the property now, he would get half. However in 10 years (for example) it's increased in value by say £10,000, he shouldn't be entitled to £5k of that. I would get the house valued when he moves out. Then you've got the value.

That's what I did when my boyfriend (now husband) moved into my house. I had the house valued when he moved in. So if we split, he would get half of any increase in value (for example the house valued at £110k when he moved in. If he moved out, valued at £120k, he would get £5k)

Why not.


As hes having to rent, due to already owning a house. he's not building any equity.


It would be no different if they split the rent and the rmotgage 50/50 each. Though it sounds like the OP would pay more in that case.