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How do we split the value of the property?

angelinamay
Posts: 87 Forumite

Hello
I'm not sure whether this can be answered on here, but I need to try.
I walked out of my marriage (of 43 years at that time) and have purchased a very modest home where I live with my partner. I've reached an age where, due to various health issues, I would manage better living in a Bungalow or even a flat. In the 10 years since I left husband, and we haven't divorced, I've kept everything on friendly terms. I also have asked for NOTHING from him. Not even furniture, which I purchased during the marriage.
I plan a visit to him the end of next week to discuss. What I'm asking is this. The house he lives in, which we both own 100% (according to land registry) 4 bedroom 3 bathroom detatched, no mortgage is currently valued at approx £400,000. The house I purchased of which I am the sole owner, is valued at £150.00. I have modest savings, he has savings as well as shares. So - IF he isn't interested in divorce, should we combine ALL savings values and property values and split 50/50 ? His argument has been in the past that he'll never move/want to sell the house as his family (he isn't English) visit once every few years and he NEEDS the house to accommodate them...
Where do I stand please, I've looked for a Solicitor that offers these short free consultations, but none of them are free now.
Thank you for reading.
I'm not sure whether this can be answered on here, but I need to try.
I walked out of my marriage (of 43 years at that time) and have purchased a very modest home where I live with my partner. I've reached an age where, due to various health issues, I would manage better living in a Bungalow or even a flat. In the 10 years since I left husband, and we haven't divorced, I've kept everything on friendly terms. I also have asked for NOTHING from him. Not even furniture, which I purchased during the marriage.
I plan a visit to him the end of next week to discuss. What I'm asking is this. The house he lives in, which we both own 100% (according to land registry) 4 bedroom 3 bathroom detatched, no mortgage is currently valued at approx £400,000. The house I purchased of which I am the sole owner, is valued at £150.00. I have modest savings, he has savings as well as shares. So - IF he isn't interested in divorce, should we combine ALL savings values and property values and split 50/50 ? His argument has been in the past that he'll never move/want to sell the house as his family (he isn't English) visit once every few years and he NEEDS the house to accommodate them...
Where do I stand please, I've looked for a Solicitor that offers these short free consultations, but none of them are free now.
Thank you for reading.
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Comments
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Personally I think if you’ve got modest savings then you should pay for a solicitor to help you. If you’ve been separated for ten years then you can get a divorce without his consent.As if has been ten years are you sure you know his current financial situation?1
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Hello goater78, thank you. We're both of state pension age. He plays Golf. and Golf, AND GOLF. He worked for the national airline, therefore obtains cheaper flights for holidays - which incidentally he rarely takes as Golf gets in the way ... I don't have a mortgage on my £150,000 and neither of us I know for sure, has any dept or credit cards.0
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If he's not interested in divorce, and he's not interested in selling the house, then I think the time for you to be worried about what he's interested in has long gone (I reckon it's about 9 years gone). He probably thinks - quite understandably in the circumstances - that if he does nothing, he'll get to keep what he has.I think in your shoes I'd want to see a solicitor before starting the discussions with him. That's not to try to make things confrontational; it's to give you a better idea of what you'd be entitled to.The starting point for a long marriage is that both parties get half of the assets (including pensions as well as houses, shares and savings). But judges can move a very, very long way from the starting point if it's fair to do so.On a separate but related issue, do you own the £400k house as joint tenants or tenants in common? And do you have an up to date will? Depending on your circumstances, it's possible that on your own death your £400k would pass automatically to your husband (if you hold as joint tenants). And if you don't have a will, your husband might also get your £150k house and be able to sell it out from under your partner.2
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Annisele thanks for replying. When I called Land Registry some while ago, they said we both own the property 100% (rather than 50/50 which is what I expected) I think if I die first, the property reverts to him. I do have an up to date will.
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Broadly, joint tenants = you both own all of the property, there's no "my half" or "his half", and on first death the survivor becomes sole owner regardless of the provisions of a will.Tenants in common = you each own part of the property (could be 50/50, or 60/40, or whatever the people have chosen).But it's also possible to "sever" a joint tenancy, meaning that you'd be able to leave your share to whoever you wanted. It's possible that that would be a good thing for you to do - but I'd caution you against relying on some random person on the internet who doesn't know your circumstances (and who you can't sue if she gets it wrong). Given the amounts involved, I think you'd be well served by getting yourself some paid for legal advice.1
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You really need to get closure on this relationship, speak to a family lawyer ASAP.If you don’t have a will in place don’t waist any time in getting that done. If you own your old family home as joint tenants, you need to change that to tenants in common, you don’t need his cooperation to do that. If you hold as JT and you die first he will automatically own the house outright and visa versa.1
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Hi, there's some information in the following link from Citizens Advice about getting legal help if you are on a limited income. Hope it's helpful.
https://www.citizensadvice.org.uk/law-and-courts/legal-system/finding-free-or-affordable-legal-help/
As Annisele says, with the best will in the world, we can't really give you the full advice you seek.
Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.1 -
angelinamay said:Hello
I'm not sure whether this can be answered on here, but I need to try.
I walked out of my marriage (of 43 years at that time) and have purchased a very modest home where I live with my partner. I've reached an age where, due to various health issues, I would manage better living in a Bungalow or even a flat. In the 10 years since I left husband, and we haven't divorced, I've kept everything on friendly terms. I also have asked for NOTHING from him. Not even furniture, which I purchased during the marriage.
I plan a visit to him the end of next week to discuss. What I'm asking is this. The house he lives in, which we both own 100% (according to land registry) 4 bedroom 3 bathroom detatched, no mortgage is currently valued at approx £400,000. The house I purchased of which I am the sole owner, is valued at £150.00. I have modest savings, he has savings as well as shares. So - IF he isn't interested in divorce, should we combine ALL savings values and property values and split 50/50 ? His argument has been in the past that he'll never move/want to sell the house as his family (he isn't English) visit once every few years and he NEEDS the house to accommodate them...
Where do I stand please, I've looked for a Solicitor that offers these short free consultations, but none of them are free now.
Thank you for reading.
But it sounds like you need some advice before you agree anything.
I'm not sure what the relevance of him being interested in divorce or selling the house or whatever is - he isn't the one deciding. If you want a divorce apply for one. Then get the assets divided fairly and if he has the money to buy you out he can keep the house and if he doesn't then tough.1 -
Tightauldgit thanks for reply. This mention of 'pensions' I don't understand. I have a very small work place pension and the state pension which is nowhere near the usual rate. I'm what's known as a 'waspi' woman, and apart from not having enough contributions, there's that to take into consideration too. Monthly state is £502.
thanks0 -
angelinamay said:Tightauldgit thanks for reply. This mention of 'pensions' I don't understand. I have a very small work place pension and the state pension which is nowhere near the usual rate. I'm what's known as a 'waspi' woman, and apart from not having enough contributions, there's that to take into consideration too. Monthly state is £502.
thanksAlthough 50/50 is the default all this is negotiable, for instance you could agree to let him have the house and you take more of his pension, or less of his pension for a one off cash settlement.Please speak to a family solicitor asap and get things moving, including wills if you don’t already have that sorted.1
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