Raising Finance after a Mesher Order

Lioness_Twinkletoes

Adam.M wrote: »

My eldest child wants to move in with me and I want to provide long term security for all of my children.


Furthermore, our children have all stated they don't mind moving and don't necessarily want to stay in the original house. They are more concerned with spending quality time with both parents.

How old are the children?

martindow

Lioness_Twinkletoes wrote: »

How old are the children?

It's in the OP - 7 years old is the youngest as the 11 years is the time for this child to be 18.

flourpower1

Adam sorry to hear your predicament and that some posts do sound harsh.
It's always difficult knowing what's best for all but the suggestion of a cheaper house nearby does sound a better option.
If you rent and continually move that could be upsetting for the children because in these circumstances they often take some of the blame on themselves.
Good luck with every thing

Lioness_Twinkletoes

martindow wrote: »

It's in the OP - 7 years old is the youngest as the 11 years is the time for this child to be 18.

With all due respect, it is not. We can deduce one is 7 - but there are three children in total.

So, again, how old are the children?

AdrianC

Lioness_Twinkletoes wrote: »

With all due respect, it is not. We can deduce one is 7 - but there are three children in total.

So, again, how old are the children?

The only one whose age is directly relevant is 7. The order is for the sale to be delayed until the youngest is 18.

Lioness_Twinkletoes

AdrianC wrote: »

The only one whose age is directly relevant is 7.

I disagree.

AdrianC

Lioness_Twinkletoes wrote: »

I disagree.

Clearly. Why?

Lioness_Twinkletoes

AdrianC wrote: »

Clearly. Why?

Because the OP is claiming he HAS to buy a house instead of renting closer to the children. He has also claimed that his children have indicated they'd willingly give up their - and their mother's home - so that he can buy himself somewhere new.

Hence my question - are they really old enough to be making that sort of decision? I doubt it very much. I suspect they're either saying what Dad wants to hear or are too young to consider the consequences.

Don't think the OP will be back though, so it's probably moot.

AdrianC

Lioness_Twinkletoes wrote: »

Hence my question - are they really old enough to be making that sort of decision? I doubt it very much. I suspect they're either saying what Dad wants to hear or are too young to consider the consequences.

Yep. We can take that as read for the 7yo, who's the one the order applies to.

Adam.M_2

Hi all,


Many thanks to everyone who has taken the time to post replies it is greatly appreciated.


Below is some more information as requested if this helps with your thoughts and advice :


*I have three children, Child 1 (Boy) is 12 1/2 and wants to stay with me around 70% of the time, and is old enough for his thoughts to clearly be taken into account, Child 2 (Girl) aged 10 wants the arrangement to be a 50:50 split and child three currently 7 1/2 (Boy) wants to stay with me "more than with mummy". This has all been captured within the Cafcass report but to a degree has thus far been ignored during the ongoing child care proceedings.
*Given I have our children for a significant proportion of time already, moving to a 2 bed house would not be appropriate hence the need for a 3 or 4 bed house.
* I have done all the financial forecasts etc and a 4 bed house to rent in our area is around £1200 per month and a repayment mortgage of around £280k depending on rates etc is around £1400 per month so not much difference, interest only would be lower.
* So far I have taken legal advice, barrister advice, rang my companies own support helpline, Citizens Advice, Fathers for Justice and Help for Fathers websites and am in discussions with a couple of Mortgage Brokers and IFA's to seek their advice.
* They have stated that the mortgage borrowing amount is tricky but can be worked with, the fact I will still remain on the existing mortgage is also an issue but can be worked around, the only sticking point is the deposit of capital needed ideally of 20%, hence my posts. All have stated that I couldn't change the court order nor could I force my ex to allow me to formally borrow against my share even if I wanted to go down this route.
* My ex wife initially offered a 75% : 25% split and therefore you could argue that a 50:50 split is a huge win but not if I cannot access it. I have tried to entertain conversations with her (through her well off parents) buying my share out at a lower value say 60:40 split but it has proved unsuccessful so far.
* My share of the equity and house value at present is approximately £120k.
* I would happily borrow privately at a 7% compound interest rate the £90k needed because the equity in the current house, mortgage repayments on the new house and the initial 20% deposit on the new house would almost be double the amount owed after 5 years and could be easily paid off with or without the old house being sold even if you assumed no or very little growth in house prices.


To re-iterate this is not about trying to force my ex to sell our house or trying to create an unstable environment for our children. I am happy for her to stay in it if that is what is needed and I am happy for our children to keep their bedrooms etc, I just want to create an additional long term stable environment with me as well which surely must be in their best interests.


If you require any more information please do not hesitate to ask.


Once again, many thanks for all of your support and messages to date it is greatly appreciated.


Yours Sincerely,
A.