Buying ex's share of the house

RAS

And given you've got debts, do you have access to the money required to cover any mortgage fees, valuation fees, conveyancing fees, brokers fees, Land Registry?

And with respect to your ex living in the house after you buy him out, I suspect that's a no-no from the point of view of the mortgage provider. They will want "vacant possession" which will mean you being the sole adult in the house.

GreenCat80

@RAS I’ve very nearly finished paying off the debts now, 10 more days and I’ll be debt free 🥳

Im borrowing an additional £8k on the mortgage, a some for house things and some for the fees I’ll need to cover. (so I won’t be debt free for very long 😅)

I hadn’t considered the mortgage provider not letting my ex stay here. So would the only option be to do it his way and become another link in his chain? I really don’t want to sign a document making me liable for getting him the money on the day of his choice 

RAS

You do not sign any documents provided by his solicitor. 

You ARE a link in his chain and your solicitor should be dealing with his solicitor, and ensuring he knows he's out the day of completion, or else.

RAS

letthemeatcake said:

Are you actually divorced? You should remain in the house until you reach the nisi stage and then start negotiations for a financial settlement, which with 3 children could result in a bigger share than you are currently being offered. You both then need to disclose your income, savings, pension, debts and assets and negotiate on  a fair share. His hurry to sell is not your problem as he has jumped the gun.

You can negotiate how much you need to buy him out (possibly less than half if housing children),  get a share of his pension  or an exchange of the pension share for a bigger slice of the equity. This may then give you enough to get a smaller mortgage and allow you to buy him out.

Go over to the wikivorce site for advice. Get the free half hour with a solicitor who will give you a rough idea of how to proceed.

I would not be selling the house at this stage.

There was no marriage, so no nisi or absolute. 

GreenCat80  would have been a lot better off if married.

letthemeatcake

okay you need to trade with him, get a bigger slice of equity as you have the children.
I am actually in a similar position, not married but have no way of getting a mortgage and there is no pension to share.
He will have to wait to complete his sale and really should not be forging ahead.

GreenCat80

RAS said:

You do not sign any documents provided by his solicitor. 

You ARE a link in his chain and your solicitor should be dealing with his solicitor, and ensuring he knows he's out the day of completion, or else.

Thank you. So I tell my solicitor to go ahead and give him the details for his solicitor? 

GreenCat80

letthemeatcake said:

I am actually in a similar position, not married but have no way of getting a mortgage and there is no pension to share.

I hope you get a fair share from your separation. It’s hard isn’t it? 

RAS

As soon as you have your mortgage approved.

And just reading your other threads:

Do not use the mortgage to buy consumer goods. Start now on freegle, ebay, chazzers near you to look for free or recycled replacements and get as many in place before he moves out. And ask him to put the one he owns in his room. If necessary, you can live without a microwave or sofa for a while.

As soon as he's out, claim child maintenance. You could do it now but he might be more difficult than ever.

Get essential repairs, not cosmetic stuff done on one area of the house. I'd say insulation and draught-proofing will pay for itself in months.

Consider getting a lodger - up to £7K tax-free although be wary of extra fuel costs and the loss of the single person's CT allowance. Doesn't need to be all year though.

GreenCat80

RAS said:

As soon as you have your mortgage approved.

And just reading your other threads:

Do not use the mortgage to buy consumer goods. Start now on freegle, ebay, chazzers near you to look for free or recycled replacements and get as many in place before he moves out. And ask him to put the one he owns in his room. If necessary, you can live without a microwave or sofa for a while.

As soon as he's out, claim child maintenance. You could do it now but he might be more difficult than ever.

Get essential repairs, not cosmetic stuff done on one area of the house. I'd say insulation and draught-proofing will pay for itself in months.

Consider getting a lodger - up to £7K tax-free although be wary of extra fuel costs and the loss of the single person's CT allowance. Doesn't need to be all year though.

Thank you very much for your help and advice, very much appreciated ☺️

kingstreet

Get the mortgage offer, get the legal stuff ready then complete when his purchase is ready to complete.

Everyone gets what they want.