Splitting but owning

[littletinybubbles]

Has anybody split with their husband but continued owning the house and staying on the mortgage together so the child can remain in house? And if so has it been a problem when it comes to remortgaging?

Any advice appreciated

My OH has a charge on the FMH for, was 6 years there’s a year to go. The mortgage is £250k - his EW works PT earns £10k so the bank won’t take him off the mortgage.

She tried to remortgage recently to a 24 month fixed deal. She can’t remortgage on her own as it’s a joint mortgage. My OH refused due to the court sale.

So yes - remortgaging you will need his approval. Better sell now IMO than delay the inevitable.

He wants to stay on the mortgage with me to allow our daughter to have a house I’m just wondering if it’s allowed. We’re in London and can’t afford two separate properties even if we sell

Would you both continue living there in separate rooms?

He might want to stay joint owner now but what happens when one of you finds someone else?
To be honest do it if you want but expect the plan to change...
You can own property with whoever you wish and they don't have to be resident but

No, we’re both living here now. But the plan would be for him to move out and us to continue to own together for a few years until we have enough equity for us both to own somewhere else. We both know it won’t be long term, more likely 5 years. The alternative is for our daughter to move schools and she’s only just started this week

I don't see any issues with that and it shouldn't cause any problems. Are you going to get divorced in that time as it might make things complicated if you do. If you plan to just separate, he stays on the mortgage and you hold off divorce and selling the house for 5 years, I can't see any impact on you or him getting a mortgage in the future. Or do you mean when your deal is up and you go onto a new deal? I can't see an issue there either, you just take on a new deal as if you were married and both living there. If he is going to rent somewhere else for those 5 years though, think of the costs of that and outweigh if it would be better to sell now

My Ex wanted the children to remain in the FMH which we had a joint mortgage on while they were growing up, as did I. I paid the mortgage and he paid generous child support enabling me to do this while he lived elsewhere. We did this for about 10 years until he wanted to get a new mortgage with his partner and I was in a position to give him a lump sum to buy him out. I then got a new mortgage in my own name. It was all extremely simple and we were all happy. We then got divorced after the finances were settled and never used lawyers

Thanks all. The mortgage fixed term comes to an end next June and I was worried if we could get a new one if he wasn’t living in the house and was paying rent elsewhere too. Interesting about not divorcing - I didn’t know that would make a difference

It wouldn't make a huge difference but it means post divorce, you would still be heavily financially tied so in the divorce, you'd have to have a future settlement plan made up as in what happens in 5 years time when the house sells and who pays what in the mean time. These things usually get sorted at the time of divorce but of course everyone does things differently and you can get divorced and still own a property together but just bare in mind in 5 years time you'd be divorced so everything that needs to happen when the house is sold would need to be legally drawn up so everyone knows where they stand. Do you plan for you to pay the mortgage or will he keep paying it for the 5 years then he would get half the equity when it sells and you'd get half? Or you each pay half? I wouldn't be so keen to do it if he isn't going to pay any of the mortgage as that means you'd have paid it alone for 5 years but he still gets half the equity when you sell

@AMAM8916we’d both be paying into it half each as now. I think we will agree how to split the equity now and then whatever price increase after the separation date would just be 50/50.

Thanks for all the advice

@littletinybubbles my friend and her ex did this for about 5 years until she was able to buy him out as was unable to afford a mortgage on her own initially. It worked fine, they split the mortgage 50/50 like they did when they were together. Then when it came for her to buy him out it was easy 50/50 split.