Buying STBEXH out of house in stages

[anotherdayanotherpathlesstravelled]

Has anyone done this? Presumably they had a solicitor draw it up?

"Our" (my) mortgage is fixed for another 2 years thankfully which sort of coincides with my 2 youngest (twins) then being eligible for 30 hours childcare so hopefully the worst of my horrific full time childcare fees will be over.

Originally I said to STBEXH I couldn't buy him out/sell the home before 2 years as financially I just can't afford it with paying £2k a month childcare fees currently

But with interest rate rises even 2 years time increasingly looks unlikely but I think I could afford to pay him the first half (£40k) once twins are at pre school and then the second half a further 4 years or so later once all children old enough to walk to/from school and not needing before/after school care

Is that reasonable? Has anyone done that?

(I'd obviously much prefer a clean break but if I had to sell tomorrow then I'd have to take eldest out of school and move - that's the financial reality of where we live. ....the only place I'd go to be able to have some support from family is 2 hours away)

Hello OP, wondering how this worked out for you? I have been thinking about this scenario too.

@dontknowwhere

Hi there

Unfortunately my bank refused to allow this. I went through multiple affordability checks etc but at the last minute they (NatWest) said no - they don't like it not being a clean break legally as technically he would still have a charge over the house until the second payment was made and technically I couldn't remove him from the mortgage.

So ex husband and I agreed in the financial consent order that his share of the equity wouldn't be paid until when the twins start school - then I'll remortgage and remove him from the mortgage and land registry in one go