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How to buy out Ex-H(8 Posts)
I was just wondering if anyone knows of a way that you can buy your husband out of a property. I think I earn just enough to keep the house going but also would need to borrow extra on my mortgage. There is 68k outstanding with 10 years left to pay that and a loan of 38 that I think we should both pay back as we spent most of it on "living" but even if this doesnt happen I should be able to cover this. Then with the child maintenance (4 kids) this could be used to pay back any loan I need to get pay him but at the minute having just looked around on the internet it doesnt seem likely I would be able to remortgage on my salary alone.
I hope that that all makes sense. Just wondered if anyone knew of any lenders that were specialist in this sort of thing.
Thanks in advance
In all honesty one of the biggest mistake women make in divorce is trying to hang onto a house they cannot afford. Lending will become even stricter and it's going to be hard to find anyone who will lend on the basis of child maintenance because there is no way to guarantee it will continue at the rate it begins (your ex's circumstances could change or he could die).
What equity is there in the house, what is the % you are looking to buy out? Has this been agreed as fair ?
I've been going through this process...
1. Visited a solicitor to find out what range a court may award him based on all assets and debts. I also submitted my online divorce application at this time.
2. Went to mediation and offered an amount (smaller share of equity) based on me taking on the legal fees and shared debt, and also what I could afford.
3. Once he agreed my solicitor wrote up the Consent Order and submitted it to the court. Now waiting for this to be approved by the judge, I've received my decree nisi in the mean time.
4. Once approved (it's possible the judge may come back with questions if not a straight 50/50 split) I will then finalise the divorce (decree absolute). And start the process of the transfer for title with current provider (my solicitor has informed them of my intent. but the process can't start until the consent order is approved).
^The 'Transfer of Title' request will be treated as an application which will involve assessment of affordability, account conduct and credit scoring for each applicant. For example, if someone is to be removed from a mortgage, we will check that the person remaining on the account can afford to pay it.
Fees may apply. A valuation of your property may be required for the application to proceed. You will also need to appoint your own solicitor which will results in separate legal fees.^
Thanks for your replies. To be honest I havent been to a solictor as yet as am genuinely worried as to the cost of it and things have been amicable between us in fact we get on better now than throughout the 20 years Ive been with him.
I told him almost exactly a year ago it was over. He has no family in the UK and we have 4 kids and currently have a 3 bed house and have turned a playroom into a 4th bedroom. I have tried to be understanding.
Yesterday I suggested to him yesterday that we remortgage for a deposit for a property for him and after having virtually spent none of the last 15 years with his kids (Has worked 7 days a week and when not at work just laid on a bed or sofa watching TV) he suddenly wants to be with his kids.
I guess I have to go to a solicitor. My only issue is I put £100k of savings into the property my parents have put about 70 in and we only owe £68 so I could take it on but as I only work in a school (Term time hours) I dont earn enough to go on the mortgage alone or give him the suggested 60-70k we agreed on of the equity in the house.
I think I have been put off from seeing a solicitor as I perceive that they will want to take his pension etc and I dont want anything from him just really to be civil and amicable and get on with the rest of my life, hopefully meet someone nice and spend my last years being with a partner who wants to be out enjoying life.
I'm so pissed off its like Im being held to ransom.
Thanks for your help and any further advice would be greatly appreciated.
My experience was that my solicitor cost a lot less then I thought they would. £120 for in the initial consultation which gave me all of the information I initially needed to negotiate, and then £700 to proceed with the Consent Order. You must get a Consent Order and it must be written by a solicitor so you will have to get one at some point. Doing so before you make an agreement means that you are informed. I also paid £650 for meditation. I paid for the Consent Order and Mediation as part of our agreement, but these may be shared costs for you.
Money that you and your parents have put into the property could be taken into account when dividing the equity. The pension will be considered and again may reduce the equity.
You need professional legal advice.
Thanks so much abstract and Patellar, I will make an appoinmtment for half term as it is also inconvienient not being able to get out of school during the week,
I wish you all well xxx
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