Selling to my Wife.......

HeelanCoo007

BobT36 said:

HeelanCoo007 said:

Albermarle said:

Normally when a couple separate/divorce? a legal document is drawn up by solicitors, that defines 'who gets what' . Everything is thrown in the pot , house, mortgage, debts, savings, pensions, cars etc and then shared out in an agreed way . Plus ongoing support for children .

It is not nice, but in the long run normally a better solution than ad hoc agreements like the one you are proposing. The reason for this is that it is a final agreement, whereas what you are proposing is only a temporary and for sure there will be further issues/disagreements further down the line, maybe for years to come. Especially if new partners come on the scene ( maybe with their own houses/children etc ) .

I understand but I can't really forsee any issues down the line, we will both have had our equity out the house. If she kept it and got a new partner etc it wouldn't affect me as I'd have had my money. 
I just need to keep my daughter in this house somehow, I can't bear the thought of her house and her room being in the Internet for people to see and potentially take from her. Would kill me. 

I have heard of a seperation agreement, where I can say she is entitled to half and hopefully a bank or a lender would accept that as a desposit, then once she bought the house from me it would then be entirely hers. Whatever comes in future doesn't matter. I would have had my money, she buys the house, my daughter stays in her room and I downsize and start again. I don't care about me, I'll figure it out, my daughter needs to stay in this house

If the house is YOURS (though as others mentioned, it might not be so simple depending on when you acquired it), then why not continue living there yourself, your daughter live with you, and have the wife move out?

I can't afford to live here in my own, I would need to get enough money out the house to pay her half and my debts and I won't be able to borrow that much on top of the mortgage. One way or another we both need 20k each to start again (should be in the house) but I want to keep my daughter here and my wofe earns more so likely more able to keep the house. If I need to live here I'll need to sell and I don't want my daughter to move 

HeelanCoo007

DullGreyGuy said:

Any reason why 50% of the house isn't hers? Assuming you were together when it was acquired it is the assumed starting position of pretty much everything irrespective whose names are on forms etc. Parties can decide to divide things how they want but in most cases I've seen at some point someone speaks to a friend who points out they're being taken for a ride and they should speak to a lawyer and everything is then back to square one and reopened. 

When we bought the house she couldn't get a mortgage, so was only in my name, but I still consider her to be entitled to half as if it were, we weren't married when we bought but are now so the house is half hers. 
I am hoping she can buy the house from me, which frees up the equity for her desposit and is to clear our debts. She's mot getting anything more than she's due, she'd be buying the house, I might be able to buy another house within a year or so and wouldn't have anything to do with this house, it would be hers

Newcomer1234

HeelanCoo007 said:

BobT36 said:

HeelanCoo007 said

I can't afford to live here in my own, I would need to get enough money out the house to pay her half and my debts and I won't be able to borrow that much on top of the mortgage. One way or another we both need 20k each to start again (should be in the house) but I want to keep my daughter here and my wofe earns more so likely more able to keep the house. If I need to live here I'll need to sell and I don't want my daughter to move 

I am repeating myself here....you cannot control the future. There is no guarantee that your daughter will get to stay in that house....when you are divorced your ex wife will do what she pleases. Unless your daughter misses school or  her mother tries to take her overseas it is unlikely that anybody will listen to your wishes. If, for example ,she changes job and relocates to another area I think you will be unable to do anything about it. (Equally, she will have no say in what you do either)

HeelanCoo007

Newcomer1234 said:

At that the moment you are on good terms and putting your daughters needs first…….but….things change. If your wife gets a new partner and then your daughter wants to be with you instead…..will you be able to manage that? It happens, new partners don’t always welcome step children. Please consider alternative scenarios, don’t just assume things will all go to your plan.

I understand it may change in future, in fact I know it will change in future, but my main question is about selling her the house. Once she bought the house from me, and we split the equity 50/50 it doesn't matter what comes after. She has bought a house, we both have our share of the money and we both start again.

My thought is, if I was to buy a new house I'd use the equity towards a desposit, would she be able to do the same even though the house is in my name

user1977

HeelanCoo007 said:

Newcomer1234 said:

At that the moment you are on good terms and putting your daughters needs first…….but….things change. If your wife gets a new partner and then your daughter wants to be with you instead…..will you be able to manage that? It happens, new partners don’t always welcome step children. Please consider alternative scenarios, don’t just assume things will all go to your plan.

I understand it may change in future, in fact I know it will change in future, but my main question is about selling her the house. Once she bought the house from me, and we split the equity 50/50 it doesn't matter what comes after. She has bought a house, we both have our share of the money and we both start again.

My thought is, if I was to buy a new house I'd use the equity towards a deposit, would she be able to do the same even though the house is in my name

Neither of you can use the equity towards a purchase without the current house being sold. I'm not sure whether you understand that given how you've worded it?