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Divorcing but keeping his name on the mortgage?

(4 Posts)
SpiderManMum Mon 08-Oct-12 16:50:34

Hi, wonder if anyone could give me an idea if this is possible please?
DH walked out earlier this year leaving DS and myself in the family home. I am about to start divorce proceedings (this week- gulp!) and I we have been trying to come to an agreement over finances.

I would like to stay in the family home and with STBXH contributions, could afford to cover the mortgage. The problem is that the mortgage company would not give me the mortgage in my sole name as I am self employed and the amount I need would be too high.

Would it be possible for STBXH to remain on the mortgage but to have a legal agreement drawn up so that he is only entitled to his share of equity at today's valuation when I come to sell the house in the future? I wouldn't want to stay here for 10 years paying off the mortgage only for him to claim 50% in the future! We have discussed this and it is something he would consider doing.
Thanks

Collaborate Mon 08-Oct-12 17:14:42

Is it possible? Yes. Is it likely? Depends on a whole host of factors.

SpiderManMum Mon 08-Oct-12 18:04:14

OK thanks Collaborate, the fact it is a possibility is a start! I am going to see the solicitor this week so will bring it up but didn't want to waste the energy thinking about it or discussing it with them if it was an all out no.

In an ideal world I would have a total break from the git and be free from him forever but for the short term I think this my best option if I don't want to give my current house away and move into rented.

mumblechum1 Tue 09-Oct-12 07:31:23

It's not that uncommon a situation. Normally it's solved by:

1. A clause in your consent order that you'll use your best endeavours to remove his name from the mortgage account (ie you'll make the appln) and indemnify him, ie legally protect him, in the event that the mortgage goes into arrears and the house ends up being repossessed with negative equity.

2. Re. the other part of your question, you're talking about a Mesher order (dependant on child's majority) or Martin order (dependign on your remarriage/death) or a combination of the two. The house would be transferred into your name but with a charge against it in your ex's favour either expressed as a %age of the sale price, or a lump sum plus interest.

3. You need to be aware that your husband may not go for this option as it is unlikely that he'll get a mtge on a home for himself whilst his name remains on the fmh mtge.

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