Hi all, I'm going through the early stages of separation/divorce, and trying to work out my options for accommodation.
We currently have a mortgage on the family home, and a decent amount of equity. If we sold tomorrow and split profits 50/50, I'd have a decent deposit. I work close to full time hours, and primary carer for our 6 year old. My ex earns more than me. We're still both living in the house together.
I was keen to buy him out, but would have to give him around £70k, and don't think I'd get a big enough mortgage based on my wages to cover that.
I've looked at other properties that I think I could afford, and seems to be 2 bed flat is the only option. I'm in the South East, so property prices are ridiculous.
I've considered a Shared Ownership property, which would give my son a lot more space, plus a garden, and would be affordable for me.
I don't want to rent unless no other choice, as it's even more expensive than mortgage, and less stability.
I considered a mesher order to minimise disruption for our son, and I could afford the current mortgage repayments. I'd even be happy to forgo child maintenance payments to allow ex to use his full wage to get a decent place for himself. However, I think this option would cause conflict if his equity is tied up for a number of years, and I want us to have an amicable relationship going forward.
Any advice/suggestions?