Handing over 40% share in equity in lieu of child care payments

HoneyNutLoop

So you think if you'd applied, the CSA would have said no you can't apply?

JReacher1

I may be missing something here but if they can't currently afford to increase the mortgage payments will they be able to financially cope with losing £400 a month from you?

They won't be financially better off if you give them the 40% as that it just equity in the house. As child support goes towards supporting your kids could this plan not impact on them?

MartinW6

JReacher1 wrote: »

I may be missing something here but if they can't currently afford to increase the mortgage payments will they be able to financially cope with losing £400 a month from you?

They won't be financially better off if you give them the 40% as that it just equity in the house. As child support goes towards supporting your kids could this plan not impact on them?

The thing you're missing is that we agreed that I wouldn't stop the CM payments until they could afford to lose them. The hope is that this will be some point next year.


They realise they'd wouldn't be better off financially, but they also don't want me to be part-owner of the house (particularly her partner - we have nothing against each other, but I can understand where he's coming from). So it's not just me that wants it to happen - both parties do.


Unfortunately, I don't know of a way in which they can buy me out (and I'd accept a % of the 40% to make it easier), other than extending the mortgage - which isn't something they can do currently. I don't suppose anyone knows of any other ways? Are there equity release companies that would buy-out my share for example? Neither set of their parents are able to help or act as guarantors.

HoneyNutLoop

I may have missed this from earlier, but is there a particular reason why the house cannot be sold?

You then both get your equity and they can buy a place that is just theirs, which they can afford.

Have they spoken to a mortgage advisor about what they can afford mortgage wise?

NewShadow

HoneyNutLoop wrote: »

I may have missed this from earlier, but is there a particular reason why the house cannot be sold?

You then both get your equity and they can buy a place that is just theirs, which they can afford.

Have they spoken to a mortgage advisor about what they can afford mortgage wise?

IIRC - selling the family home would result in the PWC needing to move out of the area to afford a suitable alternative.

MartinW6

NewShadow wrote: »

IIRC - selling the family home would result in the PWC needing to move out of the area to afford a suitable alternative.

That's correct, and I don't want that to happen. Above everything else, having the kids nearby is paramount. Just wish there was a way to get some of my equity without them having to re-mortgage.

MartinW6

If I were to agree, for the sake of argument, to accept £30k as my share of the equity (as opposed to say the - roughly, £70k which I'd currently be due if I could force a sale) what options would they have available to buy me out? Assuming that...


I'd continue to pay the CM.
They couldn't extend the mortgage.
They'd get no help from their parents.
I don't want them to move.


Are there any options? Or should I just give up the ghost and continue waiting?