Hello -- My husband and I are currently in the process of divorcing. We were married for 10 years and bought a house together. The house was very much intended as a project that was never fulfilled and during the marriage, mortgage payments came out of his bank account (I am Canadian and my student loan payments were sizeable - £500+ - we both agreed that the mortgage would be paid by him and I would cover smaller bills - electric, gas, water, netflix, as well as my student loan).
If we sold the house as is, it would be sold at a significant loss. I've made it clear that I would like the house and he has made it very clear that he very much does not. Though wants to be recouped for the payments he has made on the mortgage.
We are trying to resolve this amicably, have no animosity, and just want it over with. I'm conscious that while the mortgage came out of his bank account, I contributed to the household in other ways, whether by paying other bills, buying all of the furniture, paying for the paint/tools/bedding, sanding the floors, and caring for him during periods of extreme depression and anxiety.
From the options we discussed, they can kind of be summarised like this:
-I pay him for a bit of the mortgage for during the time we both lived there (in which case I'm out a bunch of money)
-we both sell the house at a loss, incurring early repayment fees for the mortgage (neither one of us recoup any cash, you're still out any mortgage payments and we're both out cash for the early repayment fees - this is also requiring cash upfront that we don't currently have)
-we both put money into the house, fixing it up, and then sell it (in which case we're both out a bunch of money we can't afford, fixing a house up neither one of us will live in, and are also out the early repayment fees).
I looked around a bit online at different options different people had done. One of them might be an option for us:
Have a solicitor draw up a document stating the following: for 5 years [I think that's how long we've had the house?], I am entirely responsible for the mortgage, all upkeep and costs incurred for the house. But if during this 5 years the house is saleable for at or above what we paid, then he's entitled to 50% of any profit [I'll get it valued every 18 months or so]. After the 5 years, he would be absolved of any entitlement to the house, or any claim to it. Does anyone know if the last bullet point is a feasible option? Neither he nor I have excellent credit or alot of cash -- he seems overly concerned with whether or not he would lose money, but equally does not want the property. I suspect should I apply to take the mortgage on, on my own, I would not be approved, at this time because of prior debts during out marriage. I certainly cannot afford to put the money into it that he is suggesting, either. Nor can he. Does anyone know if this is feasible? or any other options?