To ask DH to keep our BTL

[Nosdoc]

We own a BTL property that generates a decent income for me - it’s set up so that most of the income is directed to me. DH plans to refurbish and sell the property and us the proceeds to pay of the mortgage on our house. All very sensible but as I don’t work, the BTL is my only source of income. DH doesn’t plan on reducing the monthly payments on our mortgage, but he is going to reduce the term, so we won’t see any immediate benefit from lower repayments. I am feeling distressed because this money provides me with considerable financial freedom.

My husband is refusing to discuss and has told me the plan to sell is final.

Think he wants you to get a job

Why is this your only source of income? Could you get a job?

Do you own the property jointly?

If it’s a joint asset it’s a joint decision. Are you unable to work?

I suppose it depends why you don’t work, if you could but choose not to, or if you have caring responsibilities that would make it difficult for example?

Hard to say really without knowing a little more; apart from this should be discussed as a couple and he shouldn’t be making any ‘final’ decisions by himself.

If you get 'most' the income you must also own most of the property so it's legally not only his decision.

If you jointly own it as joint tenants he can't sell it without your agreement.

If you own it as tenants in common, with you owning the majority share which it would be if most of the income is directed to you, then he can sell his minority share separately but I doubt he'd find much of a market for it.

For one thing, this is maybe the time to talk about combining finances. But yes, is there any reason you can’t get a job? There may be, but wi the what little you’ve told us it’s impossible to know if you’re actually being unreasonable.

Sorry, I should have said on the OP: I am a SAHM, so I’m unable to work.

Why does he get to make the final decision? You are a team and should be able to decide things together. If he doesn’t listen or won’t discuss things, then you may have bigger communication challenges than just this flat.

SAHM to how many children, what ages?

He transferred most of the property to me because he was a high earner and wanted to reduce his tax bill. However, he owned it before we were married.

Well if he is taking away your income this will need to be reconsidered.

You dont need to work if you dont want to 🙄, especially if youre a sahm anyway

I wonder whether having a btl would be more profitable in the long run than having the mortgage semi paid off?

Does he not give you money out of his wages? How will you take care of you and the kids day to day once he sells?

And if its both of yours, doesnt he need your permission? xx

It was his home before we were married.

You're married, he cannot unilaterally make this decision- you must jointly agree or it doesn't happen.
Who's idea was it for you to be a stay at home mum?

How old are the kids? I would prioritise financial independence with a job and paying into my pension.

Right so you own the majority share and your husband owns a minority share, structured as tenants in common?

In this case he can only sell his own share. He can't dictate what you do with yours.

Again - that depends. Most mothers work. It seems he isn’t happy for you not to?

You aren’t unable as such - you just dont right now for family reasons.

You need a long chat about how you both view your family finances and you future financial goals.

I assumed that would be the case. Well the point stands that technically he can't sell it without your permission but I guess you are looking for less destructive solutions to this problem.

We and my OH have a bit of a difference in our attitudes towards jam today (keep the income and spend it) vs jam tomorrow (have more money when the mortgage is paid off). It's something you need to work through together. You need to do a budget and work our how much you and he spend and then agree a plan going forward. Paying off the mortgage early will benefit both of you in the long run. Will he expect your spending to reduce or will you have access to his salary? Does he perceive you to be a bit 'spendy' do you think?

He does all of the maintenance, taxes, dealing with estate agents and tenants. He will refuse to do that if I refuse to sell.

The only way to legally divert most of the rental income generated to you is to own the property as tenants in common with an uneven split. If that’s the case DH can’t just sell the house without your permission. I suspect it’s been set up that way to avoid higher rate tax on DH’s 50% of the rental income if owned as joined tenants - wanting to have his cake and eat it in this case will backfire. There’s obviously more to this (why you aren’t working/access to other family money/DH being unwilling to discuss etc) but you can refuse to sell.

Out of interest, how do you split the bills?

So many questions How old are your children, , is he expecting you to get a job?, why does he want to sell, and will the money nearly clear your current mortgage?

You can do it