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Options available if you can’t buy your ex out.

Hi guys 
first hearing fast approaching and going in as a LIP. 

Property was bought under RTB and still in exception period. 

Received a without prejudice offer about 7-8 months ago. 
Taking into considering she left the property after 1 year from purchase and was not on the tenancy but that’s another issue. 

She offered 30% of equity at the time which equalled £16k  and i transfer over my share to her. 

Or she transfers me her share and i buy her out at 60k ( which is the current equity without the return of discount ) 

yes you might assume i laughed they spent their time writing this offer out. 

I have a 7 month old child with my new partner living with me in the FMH. 

Ex just as court proceedings have opened became unemployed from her £50k per annum job. 

I earn roughly 32k per year as a sole trader. Self employed. 

She has about 25k more in cash savings than i do. 
10 k in a pension. 

If i can’t afford to buy her out, but i don’t see the court forcing a sale of the home, i have a dependant child living in the property with me in which i have been paying for its upkeep since ex left.   

What little savings i have i would not like to touch, as being self employed it anything was to happen to me i need money to carry on paying my  bills. 

I am in about 40/45k in debt too. Credit cards, loans. Some of it during marriage, some post separation. 

While the ex has been living a lavish lifestyle, living rent free at her friends. Shopping in designer stores etc. ( none of my business) 

Trips to USA 5 times in past 12 months, and other european destinations while she’s not contributed  towards the mortgage at all since she left . 

Now i have offered to buy her out at 80-20 split  towards me ( after exception period) gives me a chance to remortgage. 

It is also my belief now she is residing in the USA , she has family there. 
Her linkedin residence has been updated as such, and has disclosed a US bank account. 

If the courts agree not to force sale of home, what options would be available on the cards to buy her out ? 

Now i expect this to go to final hearing. The way things have gone and how deluded my ex can be and with a massive ego. 
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Comments

  • elsien
    elsien Posts: 35,044 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 28 September 2024 at 3:46PM
    Why do you think the court would not agree to the house being sold if you can’t afford to buy her out? 

    You have a child with another partner, however your ex is still entitled to whatever the court decides her share the equity is,  wherever  she is living and you and your new partner could rent somewhere if it came to it. 
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Julz94
    Julz94 Posts: 48 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    elsien said:
    Why do you think the court would not agree to the house being sold if you can’t afford to buy her out? 

    You have a child with another partner, however your ex is still entitled to whatever the court decides her share the equity is,  wherever  she is living and you and your new partner could rent somewhere if it came to it. 
    Im not disputing she’s not entitled to some share of the equity.

    The only way i can buy her out is once the exception period finishes, i can remortgage to raise the funds.  

    After some research and consultation with a solicitor,  it is doubtful the courts want to make a child homeless, for someone that left the FMH after 1 year of purchasing said property, and was not on tenancy to begin with-   and has recently immigrated to other side of the world. 

    If they think it should be sold than so be it 😊

    the issue here is she seeks 50% of net equity ( 60k ) without taking council charge into consideration. 

  • VyEu
    VyEu Posts: 79 Forumite
    Second Anniversary 10 Posts
    I'm assuming you're married to your ex?

    Well on these facts your new partners income and assets is relevant and that affects your resources/earning capacity. 

    The court can absolutely force a sale of the home in these circumstances. It would be unfair for the ex to effectively subsidise your new life with your new gf for no good reason. 

    I don't see an 80/20 as being reasonable at all. What did the judge at the FDR say

  • Julz94
    Julz94 Posts: 48 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    VyEu said:
    I'm assuming you're married to your ex?

    Well on these facts your new partners income and assets is relevant and that affects your resources/earning capacity. 

    The court can absolutely force a sale of the home in these circumstances. It would be unfair for the ex to effectively subsidise your new life with your new gf for no good reason. 

    I don't see an 80/20 as being reasonable at all. What did the judge at the FDR say

    My new partner is not working( strangely enough that did not fall under her questionnaire ) 

    yes married for 7 years to my ex. 

    So what do you see as reasonable for someone that paid 1 year towards a mortgage of 40years and left. 

    Did not pay out rent elsewhere- ( considering she stopped paying into mortgage ) 

    has 25k more in cash savings, earns more than me. + 10k pension, 

    I had one meeting at mediation, and i was told she can’t ask for equity further down the line- it has to be what equity would result from sale as of today. 

    What would assume would be reasonable ? 

    Im not at FDR yet only first appointment hearing upcoming. 
  • VyEu
    VyEu Posts: 79 Forumite
    Second Anniversary 10 Posts
    7 years? Medium length ISH marriage. 50/50 of the FMH, split the cash too, maybe small (less than 5%) deviation in equality to make us for income difference but you're both young and expected to maximise earning capacity. What's your pension provision? 10k not really worth arguing about in most cases.

    Ofc above is only general, not specific, advice. You'd need your own solicitor for that. 

    Your partner not working is part of your form E. 
  • Julz94
    Julz94 Posts: 48 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    edited 29 September 2024 at 10:18PM
    VyEu said:
    7 years? Medium length ISH marriage. 50/50 of the FMH, split the cash too, maybe small (less than 5%) deviation in equality to make us for income difference but you're both young and expected to maximise earning capacity. What's your pension provision? 10k not really worth arguing about in most cases.

    Ofc above is only general, not specific, advice. You'd need your own solicitor for that. 

    Your partner not working is part of your form E. 
    50/50 of equity as of today ( or after discount period ) this is our stumbling block. 
    What that results in hard cash. 
    She wants 60k. I offered 25k. And she can keep everything she has. 

    Does it not get taken into consideration she’s not paid nothing towards the mortgage ? 

    Does the tenancy being in my sole name prior to sharing my RTB make no difference at all ? 

    Surely the courts ain’t that stupid in her becoming unemployed just as courts proceedings have opened. 

    The fact she found suitable accommodation when leaving FMH weakens her claim as to housing needs ? 



  • silvercar
    silvercar Posts: 48,625 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    edited 30 September 2024 at 8:41AM
    For balance, the fact that your ex is not working at the moment, can be considered in the same light as your current partner not working at the moment. Most would expect that once your very little one turns 1 it would be time for your current partner to work.  So wind forward 6 months and the picture could be different, on both sides.

    Once your new partner is back at work, would you be able to get a joint mortgage enough to buy the ex out? 
    I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • Julz94
    Julz94 Posts: 48 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    silvercar said:
    For balance, the fact that your ex is not working at the moment, can be considered in the same light as your current partner not working at the moment. Most would expect that once your very little one turns 1 it would be time for your current partner to work.  So wind forward 6 months and the picture could be different, on both sides.

    Once your new partner is back at work, would you be able to get a joint mortgage enough to buy the ex out? 
    I can get a re-mortgage to buy her out, that's not the issue. however only after exemption period as stated by the banks. 
  • RAS
    RAS Posts: 34,433 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    When does the exception period end?


    If you've have not made a mistake, you've made nothing
  • RAS said:
    When does the exception period end?


    Just over 2 years away. 
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