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Overcomplicated situation?
Charlieew
Posts: 14 Forumite
Hi all.. not a newbie bit I forgot my old details (oops!). Hope someone can help...
Basically fiance and I co-own a house. We have kids.. we have decided to separate. It is amicable so needs to be fair.
Our house is worth 220k.. we owe 90k.. we have unsecured debts of 18k that we would like to pay off (car and one for home improvements) .
We had decided to sell house and pay off debts snd then split the extra, giving us about 45k each after costs. We would then use this to buy smaller places in cheaper areas.
Our eldest possibly has aspergers and dies not cope well with change so ithat would be ideal if I could buy him out and we could stay here.
I need a mortgage company that will accept tax credits and maintenance as part of my income. Barclays seem to and I have an agreement in principle for 143k which is not enough.
Is there any way I could give ex 45k, pay off some of the debts and have him retain a 4.5% share of the house so if a sold later he would get a lump sum?
If it's possible how would we go about it legally?
Thanks in advance!
Basically fiance and I co-own a house. We have kids.. we have decided to separate. It is amicable so needs to be fair.
Our house is worth 220k.. we owe 90k.. we have unsecured debts of 18k that we would like to pay off (car and one for home improvements) .
We had decided to sell house and pay off debts snd then split the extra, giving us about 45k each after costs. We would then use this to buy smaller places in cheaper areas.
Our eldest possibly has aspergers and dies not cope well with change so ithat would be ideal if I could buy him out and we could stay here.
I need a mortgage company that will accept tax credits and maintenance as part of my income. Barclays seem to and I have an agreement in principle for 143k which is not enough.
Is there any way I could give ex 45k, pay off some of the debts and have him retain a 4.5% share of the house so if a sold later he would get a lump sum?
If it's possible how would we go about it legally?
Thanks in advance!
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