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.

@Nosdoc why don’t you take over management of the property then?

He pays the bills. I use the BTL income for all my spending.

Ok then you take it over, it's not hard. The agents will deal with most of it.

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?

Definitely get yourself a job, or plan to get one on the near future.

Is he going to increase the household budget.

"DH plans to refurbish and sell the property"
How long is this going to take? Could easily be 2 years, in which case your kids may be at school?

I know it's often said on here, and that there are often good reasons why not, but this is an example of why it's really good to earn your own money.

Take the BTL out of it - if it belonged to your DH before marriage I do get that it's at least in the most part his decision - the real question is how do you (together) plan to replace the income you're currently getting from the BTL?

I tried before and I couldn’t manage it properly. It’s a large HMO and it constantly requires work and day to day management. We have non HMO BTL but these are in joint names, and any excess income isn’t spent.

It shouldn't require constant work and day-to-day management. If it does then it's a poor investment and you might be better off selling.

The plan isn’t to replace the income but to reduce the duration of our residential mortgage. DH long term plan is to retire early, and he wants to pay off the mortgage to do that.

That doesn't follow. Why are you unable to work?

Divorce him now and he’d have to give you 50% of all assets. Give him that as an alternative choice.

Sounds like it's his property really, ask him to pay you an allowance so you can remain a SAHM otherwise tell him you will need to get a job so that you have some money of your own and you will have to sort out childcare. If he is such a high earner it shouldn't be a problem for him to pay you. BTLs are becoming less profitable and more hassle so I see why he might want to get rid of it particularly if you do nothing to run it.

To be honest it's very reasonable for him to want to retire early. Do you not want that too?

surely you can work part time for spending money when hes home? Or look into childcare?

Is it a joint agreement that you are a sahm? Why a sudden change of mind? Ça you ask him to hold off until your children are in school and you can go back to work, assuming your a sahm because your children are preschool.

Don’t get bogged down in this transaction.

Think big picture - what income do you personally, and you as a family need. What kind of work (paid employment, managing property, running the family) do you need to do. How is that both split between you, and how might it change in the future?

Then you definitely need to get back to work, how old are the DC?

How much PCM are we talking about? So will he now cover the shortfall?

Until now it sounds like you've been incredibly fortunate. Married to a big earner, not needing to work and using your own income stream (which you didn't earn but are given). You didn't even need to manage the property. Very very fortunate indeed.

You need to discuss with him every he's going to support your to stay at home on his wages or you need to get a job.

If you want to be a sahm and have sufficient funds, fine and dandy, but this idea that you can't work because you have kids is ridiculous. Maybe if you've got 2 year old quads or disabled children, but I'm assuming you'd mention that.

Agree so many questions how old are dc? You're not the poster who's a sahm to 22, 19 and 17 yo?....
So.you don't have to do anything to get 'your income'?

How old are the DC?

I'd be looking to go back to work, especially when you say you cannot deal with the admin of the BTL you have

You would need to pick this work up. Not unreasonable at all.

If it’s in your name then he cannot just sell the flat.

So why can't you do the admin? Landlording is pretty easy, I did it alongside a FT job and small kids.

If you're unable to manage the property because its too time consuming then surely you can see why he doesn't want to do this on top of his full time high earning job (unless it's very low hours?)

You need to either -

• agree to take over management and maintenance
• get a job in which case he will need to agree to help with additional housework and childcare bill and child logistics
• get his agreement to give you a decent amount for spends every month if he wants you to stay at home

Do you both agree that you should remain a SAHM? If so, you need to ask him where he expects you should get money from.