Divorce/Separation Property

Dan1e11ee

I am looking to research the potential impact of separation/divorce on my housing situation. 

married living in house worth 500-550k for past 10 years, shared mortgage about £180k.  house bought with large deposit 160k from their family given with no terms/conditions re: me and share of home/value/future. 

One child, Our incomes were equitable in early days but now I’m only earning about £17k as can only manage PT hours due to child SEND. We have both always contributed to all bills proportionate to earnings. 

OH earns 3x my salary and is going to go up to £65k. 

I might be able to afford current mortgage on my own with view to sell when child finishes FTE but that would leave them renting in interim. 

If we sell up- then after mortgage we could get about 150k each but I won’t be able to get a mortgage to enable me to buy a home in the area. Which is critical due to child’s SEND/ support network. 

Whereas OH will easily manage to port or get new mortgage on their salary, so I’m wondering if I could argue for higher equity value. 

Would social housing consider me with cash in bank? At least there is some assurance of tenancy security that isn’t in private rental sector. 

elsien

Don’t forget, pensions need to be taken into account as well, and any savings. It may be worse a discussion about trading off some of the pension value for a higher proportion of equity in the house if that helps you to buy somewhere? 

Hoping your ex will stay on the mortgage for the next however many years is not really fair on them.

tacpot12

Certainly arguing for a higher equity value in recognition of his higher earning potential is possible, and it is probably the best way to seperate your assets cleanly.

marcia_

 Dan1e11ee said:

I am looking to research the potential impact of separation/divorce on my housing situation. 

married living in house worth 500-550k for past 10 years, shared mortgage about £180k.  house bought with large deposit 160k from their family given with no terms/conditions re: me and share of home/value/future. 

One child, Our incomes were equitable in early days but now I’m only earning about £17k as can only manage PT hours due to child SEND. We have both always contributed to all bills proportionate to earnings. 

OH earns 3x my salary and is going to go up to £65k. 

I might be able to afford current mortgage on my own with view to sell when child finishes FTE but that would leave them renting in interim. 

If we sell up- then after mortgage we could get about 150k each but I won’t be able to get a mortgage to enable me to buy a home in the area. Which is critical due to child’s SEND/ support network. 

Whereas OH will easily manage to port or get new mortgage on their salary, so I’m wondering if I could argue for higher equity value. 

Would social housing consider me with cash in bank? At least there is some assurance of tenancy security that isn’t in private rental sector. 

 Depends on the housing association policy 2 near me would not let to someone with significant savings and the ability to rent or buy privately. But there are another couple in the city where its not taken into account

Savvy_Sue

I believe most social housing shares a common waiting list with the local authority. Our LA website says your chances of obtaining social housing any time soon are remote, assuming you're joining the waiting list now. Check your local situation...