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NEED HELP ON BUYING MY EX OUT OF THE HOUSE
Mamawest1
Posts: 1 Newbie
Hi Everyone,
Hope you can help - This is really for my partner - He has been separated from his Wife for 12 years - She has not paid into the house since she left.
He now needs to buy her out so they can get divorced - He does not want to sell the house because of work and location - the only two options he can see are Equity Release or Re - Mortgaging to a Interest only Mortgage - there is only 10 years left on the existing Mortgage.
Can anyone give any advice of which one would be the better one to go for ?
Thanks in Advance
Lisa
Hope you can help - This is really for my partner - He has been separated from his Wife for 12 years - She has not paid into the house since she left.
He now needs to buy her out so they can get divorced - He does not want to sell the house because of work and location - the only two options he can see are Equity Release or Re - Mortgaging to a Interest only Mortgage - there is only 10 years left on the existing Mortgage.
Can anyone give any advice of which one would be the better one to go for ?
Thanks in Advance
Lisa
0
Comments
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Why only those two options? Is an interest-only mortgage actually available to him, and if so, what's going to be used to repay the capital?1
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How much rent has he been paying for her half of the property that she's allowed him sole use of...?
1 -
What I did when I divorced 18 years ago, was to get the house valued, then knock off the outstanding mortgage and then pay the other half 50% of what was left. I had to remortgage to pay him out at the time and reset the mortgage. All very painful but now in a position where I can do what I like with the property.1
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Is the wife in agreement with this? Has he looked at all the marriage assets? Maybe there could be a set off of some of the assets to allow him to keep the house with no money changing hands. Would he have a pension that he could give her and he keep the house?2
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comeandgo said:Is the wife in agreement with this? Has he looked at all the marriage assets? Maybe there could be a set off of some of the assets to allow him to keep the house with no money changing hands. Would he have a pension that he could give her and he keep the house?^ This.Ownership of the house really needs to be considered alongside all other assets when coming to a financial settlement.If they've been separated for twelve years, it sounds as if the two parties have rather had their heads in the sand in getting it sorted......1
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You talk about your partner's Ex ? wife ?
Are they still married ?
Courts would work on 50/50 IF No kids involved.
So she has paid None of the mortgage for the last 12 years but she has had to pay rent elsewhere !
If her husband has a job and pension she maybe able to claim against that.
Time to sort this out.
Solicitors needed2
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