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Secondary education

Connect with other parents whose children are starting secondary school on this forum.

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Original poster

Paying for Secondary School fees

36 replies

Beansfordinner · 26/03/2018 17:56

Hello
My daughter gained a place at a private school. No state school offer at all because we don't fit religious criteria or location criteria.
The only way to pay for her education is to re-mortgage my home. I own it jointly with her father, from whom I am separated. He will only agree to it if he gains complete control over the re-mortgage. He wants to use the money to re-invest for his own benefit, to make a profit whilst the yearly fees are paid.
What should I be aware of?

OP posts:

cestlavielife · 26/03/2018 23:52

How are you going to pay the extra mortgage?
Why does he get a mortgage paid off?
Very risky

If they full you go on wait list. A lot changes between now and during first term.

Visit knife crime school find out more about it.

Chances are she gets a place at a preferred school.

JoJoSM2 · 26/03/2018 23:17

Well, it sounds like it's his house and money too? So both of you want to control the money and don't trust each other- you aren't together so makes sense.

The fees should be invested - it would be utterly financially stupid to withdraw the money and let it sit in an account for a few years.

If you're both in agreement as to going down the fee-paying route, then a grown up solution could be to perhaps set up a trust managed by a third party with the sole purpose of preserving assets as much as possible and paying the fees.

tiggytape · 26/03/2018 23:17

This reply has been deleted

Message withdrawn at poster's request.

Petalflowers · 26/03/2018 22:50

The plan sounds risky. How much are the fees, and how much will he make? The fees are not a one-off payment, but have to paid every year for seven years, and usually go up in cost. Can you realistically afford this.

TammyWhyNot · 26/03/2018 22:43

Depending on where you are, you should now be able to go on any waiting list, not just your 6 preferred schools.

Go on all waiting lists. Places appear right up to the second and third week of term. Appealing for any school that especially supports your Dd’s Interests and talents.

A roof over you and DD’s head is paramount.

foofooyeah · 26/03/2018 21:54

Def try for a bursery, we got one for 50% reduction.

chocolatesun · 26/03/2018 21:49

Sell the house and rent in a good catchment area. Your ex’s plan sounds very risky.

cloudtree · 26/03/2018 21:48

I would move. You could be putting yourself into a very difficult situation otherwise and still not have a school option for your DD.

SavoyCabbage · 26/03/2018 21:45

What do you mean “waiting list is not an option because they are full”?

You can’t afford private school so you need to solve your problem another way. Either by moving, getting a place from a waiting list or appealing.

Mercison · 26/03/2018 21:43

That sounds nuts. Don't do it.

BarbarianMum · 26/03/2018 21:40

Oh and the pitfall is that he fucks off with the money.

LIZS · 26/03/2018 21:40

You can appeal for any state school of your choice as well as going on a waiting list. Honestly, investing 130k will be unlikely to generate enough per year and even just eating through the capital would be cutting it fine for 7 years' fees. Fees go up by well above inflation year on year.

BarbarianMum · 26/03/2018 21:39

Wouldn't it be cheaper to move close (very close) to a good school then put her on the waiting list and / or appeal to get her in?

Theworldisfullofidiots · 26/03/2018 20:36

Is it possible to move? I absolutely would not do this.
What if the investment goes belly up? No house and no school fees...
I don't think he would put your dd first.

Walkingdeadfangirl · 26/03/2018 20:32

Sounds like a bonkers idea, he could just not pay the fees and then your screwed.

A better way to do if if your going to go through with it is to get a lawyer involved and loan him the money as a charge against the property. So if he were to default on the fees you could get your money back from the equity when you sell.

Gruach · 26/03/2018 19:41

Sorry to state the obvious but did you apply for a bursary?

Perhaps you’re too late?

Perhaps you have other assets?

xyzandabc · 26/03/2018 19:39

So he's untrustworthy and the plan is to re mortgage the house you live in to allow the house he lives in to be mortgage free. Then what happen in 6 months time when he either does a midnight flit or just decides he can no longer pay the school fees? You're left with £130k of debt that you didn't have before and the same situation as now re schools.

This is in no way a good idea.

I'm trying to think of solutions for you but it's not looking good right now.

trojanhorse2 · 26/03/2018 19:38

I wouldn't trust him. He could change his mind at any point. Have you spoken to the private school about the possiblity of a bursary? Or what going through a solictor and having an agreement drawn up? HJave someone independent manage the investment. It would cost but would provide protection. My worry would be he would take the money and pay off his mortgage, which would leave little or no money. Is he desperate for the money? If so, you should say £75K each and invest your £75K.

BertrandRussell · 26/03/2018 19:30

What do you mean by a knife-crime problem?

Original poster

Beansfordinner · 26/03/2018 19:29

Thanks for replies. The six state schools I put down, all local, didn't offer her a place. She got a state school which has a knife-crime problem. Really in all conscience cannot send her there.
Re mortgage - no, ex is not trustworthy, hence I left him. Waiting list is not an option as they are full. Have considered it, but as she doesn't fit any of the state school's criteria, she will still be low down on the list - which is know from general chat in the community - are like gold-dust.

So, mortgage for £130,000 - and we sell the house in seven years time and then split the equity.

But it is the fact that he want to take the money, invest it (I think to pay off his existing mortgage, thereby reducing his outgoings) and then he controls payment of the fees.

Baulking at the control element, as that was the reason I left him - because he is controlling. And also because this should be an equal deal - we will both end up paying for the school fees - just out of the equity.
But he says if i do not submit to his demands, then dd will have to go to the awful knife-crime state school. He is happy to live with this, but he knows that I would cut off my limbs for dd.

Just need to know pitfalls, as I am going to have to give into his plan.

OP posts:

cloudtree · 26/03/2018 18:50

How much is the remortgage. Presumably you need at least £15k rising by about 5% each year so circa £125k plus extras for trips, uniform etc?

ourkidmolly · 26/03/2018 18:49

Don't do it.

NerrSnerr · 26/03/2018 18:44

Personally it'd be too risky for me. I'd send her to what's offered by the LEA and stay on the waiting lists for the more desirable schools.

BertrandRussell · 26/03/2018 18:42

The LEA has to give your dd a place.

PotteringAlong · 26/03/2018 18:41

They have to offer you a state school. Just send her there.

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