House issues..

[BB9791]

Hi
I'm wondering if anyone has any input to this or experience

Dp has a house that his ex wife (not divorced) & children live in. He left some years ago but still pays the mortgage. She never has, it's 'his house' he knows 'when..if' it's sold she will obviously get her share but that's not looking anytime soon.

I've asked about it getting sold, the kids aren't babies but he wants to hold on to it until one is 16. The current plan is that his ex is going to give him 10k which is half of the equity but remain living in it, he will carry on paying the mortgage until said child is 16, it will then be sold.

My issue with this is
What if the house plummets in that time, that surely changes the equity amount? Could it turn confusing?
What if the ex refuses to sell it then? Can she?

It's caused a huge row as I thunk he's making a mistake & would think a clean sale would make both their lives far easier?

Just to add I want nothing out of this btw. I'm not asking him for any sort of money reasons I just feel times gone on long enough and they should part there own ways

Thanks for any input

It's my understanding (but could be wrong) that if his wife and children still live there, she can stay do until they both adults or buy him out. if on the other hand it's sold, she, as the custodial parent, would be entitled to over half the value of the house (more like 65/70% I think but might not be correct).

They are still married and there is no final court consent order on their finances so the divsion in England (not Scotland) of assets is at date of divorce not date of separation. So if ex wife is likely to be taken on by a rich new husband or your ex is likely to earn less and less money then it makes sense to delay divorce and final financial settlement. If instead his income might rise he is better off getting a divorce and final financial court order ASAP. Now that order might be a clean break or it might be with his paying her contiuing maintenance or vice versa depending who owns the most.

Also most chidlren not only need a home at 18 but also half the year during unviersity holidays. In fact my girls needed a home for 2 years law schol AFTER university so it's a bit much to assume children can be rendered homeless at 16! 23 or 25 is a bit more reasonable these days if he loves them.

Thanks for your replies.

Verbena thanks, I have heard this. It's his name on the mortgage and deeds and he's always paid it, not sure that majes a difference.

Janet.. I have asked him to go and see a solicitor. Income is hard to judge as he's SE. Ex works & pays the bills.

I understand the age thing, of course he loves them and I'm not a heartless cow wanting them to lose there home but from a selfish point of view there is no room for us to move on? I've been patient for 6 years.. Buy the time the child's 16 it will be nearly 10 years, dp will be struggling to even get another mortgage whereas now if they sold they would both have a chunk to buy again..

I sold mine and I guess I see my child hasn't suffered from it..I think as long as they are loved with a roof over their heads that's what matters...maybe I'm wrong