Half share tied up in divorce

Dramalamma

My ex husband owns the house in live in. 
I pay the mortgage

And I am entitled to half the profits on completion of a sale. 
My partner and I are looking to buy it from him. But I need the money from my share of the profits to use as a deposit.
1. How do I use the 130+ as a deposit if the house is in his name until it's sold?  Will I get a mortgage based on the fact the sale we get me the deposit? 
2. I have never owned the house or been on any mortgages etc. Will me and my partner be entitled to first time buyer mortgages. 
3. My partner has money saved in first time buyer accounts will be still be entitled to the incentment when purchasing this house. 

Dramalamma

I am worried that I won't be able to use my share to purchase the house we live it. Even though the rule is I can buy it him out. He isn't the kind of man to do what's best for his children. He would rather cause me trouble even if it is detrimental to the children well being. 

pbartlett

What I think you are saying is that you and your husband had a house together. The relationship has ended and he has left but you are living there. 

You need legal advice but the starting point is you own the house 50-50. This could change if children are involved. This could change if you divorce him and a divorce settlement is/was imposed. 

If you want to put the house in your sole name then you need to get a mortgage for 50% of the house value and pay that money to your husband - assuming he agrees - and get his name removed from the deeds.

Go and see a solicitor.

unforeseen

I read it as the house is in the husbands name only. Op does not own half the house but has a 50% beneficial interest in it which will be realised when the house is sold. Until that happens op does not have a deposit to get a mortgage. 

Angela_D_3

Its called a concessionary mortgage,  they are expensive and few and far between  

xylophone

The OP's ex husband owns the house in which she, (her children from ex husband?) and her current partner live.

She is currently paying the mortgage on the property (although presumably it is still  in the ex-husband's name).

As the result of the divorce settlement (?), she  is entitled to half of any proceeds of sale after the  repayment of the mortgage.

She and her current partner would like to buy  the house from the ex husband. 

Suppose the house is valued at £100,000 and the outstanding mortgage is £50,000.

She and the partner need to raise a mortgage of £75,000 to buy out the ex husband?

Thrugelmir

What arrangement did you come to you when you divorced? The financial consent order would have dealt with the split of assets. 

pbartlett

Yes exactly this - although it is not clear if the divorce has or has not gone through (tied up in divorce?)

Dramalamma

Update. 

Married 2010. 
Three kids

Prucahsed house in 2011. Mortgage only in his name as he said we would get a better deal if we did that. Refused to spend money to have me put on deeds. 
2019 fincial settlement agreed at court. 
Me and kids remain here. As long as I pay the mortgage. Upon sale, I get the money back that I have paid towards the mortgage (less the interest part) and then half the equity.
That's all fine. Land registry was done so he isn't able to sell without my consent etc etc. That's all clear. 

But in October I will have had my partner living here a year and will have to sell or buy it from him. 
How do I get a mortgage if the deposit I would use is inside the house that I am buying. 

Also am I still a first time buyer. Is my partner still a first time buyer... Neither of us have owned a property or had a mortgage. 

I am entitled to half which is over £100,000 and will make buying the property affordable. But how can I get a mortgage if I don't have the money yet. I only get the money on completion. 

Sorry I wasn't clear. It's my money but not technically my property. 

Angela_D_3

Dramalamma said:

Update. 

Married 2010. 
Three kids

Prucahsed house in 2011. Mortgage only in his name as he said we would get a better deal if we did that. Refused to spend money to have me put on deeds. 
2019 fincial settlement agreed at court. 
Me and kids remain here. As long as I pay the mortgage. Upon sale, I get the money back that I have paid towards the mortgage (less the interest part) and then half the equity.
That's all fine. Land registry was done so he isn't able to sell without my consent etc etc. That's all clear. 

But in October I will have had my partner living here a year and will have to sell or buy it from him. 
How do I get a mortgage if the deposit I would use is inside the house that I am buying. 

Also am I still a first time buyer. Is my partner still a first time buyer... Neither of us have owned a property or had a mortgage. 

I am entitled to half which is over £100,000 and will make buying the property affordable. But how can I get a mortgage if I don't have the money yet. I only get the money on completion. 

Sorry I wasn't clear. It's my money but not technically my property. 

So you need a concessionary  mortgage where by the deposit is on paper equity.  Expensive and hard to come by.  Youll pay 4.5% at least at the moment 

Robroy79

The issue is that you can’t use the equity in a property to buy the same property. If the agreed path is that he moves out and you move in then you would need to remortgage to buy him out. That’s as my understanding anyway.