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Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

Original poster

Rent v Buy

40 replies

LDA123 · 18/08/2023 14:20

Hi,
Has anyone been a home owner and ended up renting after divorce?

Our options:

(a) Sell property and both rent (not enough equity to buy). I am primary carer for 4 children and ex has then 2 nights per fortnight. NRP currently renting 2 bedroom place.

(b) Sell property and 100% equity to buy a new, smaller family home. Offset with savings and pension. NRP continues to rent.

Renting would be approx £500 more than mortgage so house sale proceeds would have to be used to cover extra.

Has anyone been in similar position?

OP posts:
Londonnight · 19/08/2023 07:50

I had been a home owner for most of my adult life until I divorced when I was 50. I had a young child at the time. I ended up renting as there was no way I could pay a mortgage on my own. I have regretted it ever since. I hate renting and the instability that goes with it. If I had the time again I would see if I could find a way to buy a small house.

millymollymoomoo · 19/08/2023 07:51

It’s clear you have greater needs in regards housing. That will be the priority for any judge.

100% of equity sounds high but if ( with valid valuations of pension) you keeping 100% of equity and him keeping pension and savings achieves your needs while overall giving you a 60:40 split it’s perfectly possible you’d be awarded that

what are his offers and proposals particularly how you house the children? Why is he only having 4 nights a month ?

Original poster
LDA123 · 19/08/2023 08:44

He just says we can use the money from the house sale to pay the rent (as way more than mortgage). That’s about it.

His choice re 4 nights a month.

OP posts:
Original poster
LDA123 · 19/08/2023 08:46

Londonnight · 19/08/2023 07:50

I had been a home owner for most of my adult life until I divorced when I was 50. I had a young child at the time. I ended up renting as there was no way I could pay a mortgage on my own. I have regretted it ever since. I hate renting and the instability that goes with it. If I had the time again I would see if I could find a way to buy a small house.

Thanks for your comments Londonnight. This is what I’m fearful of. If I rent now I will never get back on the property ladder. Plus expensive and unstable.

I hope you and your son can move to your own place one day.

OP posts:
Original poster
LDA123 · 19/08/2023 08:47

Sorry, just realised you didn’t say son! Your child.

OP posts:
peanutbutterkid · 19/08/2023 08:47

how old are the kids?

Original poster
LDA123 · 19/08/2023 08:47

Kids aged 6-12 so all at school.

OP posts:
peanutbutterkid · 19/08/2023 14:22

Are Mesher Orders not a thing, any more?

Original poster
LDA123 · 19/08/2023 17:59

No I don’t think so, prefer clean breaks. Also the issue that we can’t get the mortgage as he no longer has a job.

OP posts:
peanutbutterkid · 19/08/2023 18:15

are you saying you can't fix at an affordable rate? Because you have a mortgage now I presume, so you do have a mortgage already...

Original poster
LDA123 · 19/08/2023 18:38

Yes we have a mortgage now but that was agreed when both me and my ex had a job. Now only I have a job and I don’t earn as much. He is self employed and not making much money apparently.

OP posts:
millymollymoomoo · 19/08/2023 18:41

Meshers are still a thing if that’s the only way to house the children but it would be dependent on op being able to pay the mortgage and bills on the house and for her ex to be able to house himself else where. They are not preferred but are still possible in some circumstances

Original poster
LDA123 · 19/08/2023 18:41

Plus our interest rate was 1.5% fixed so now it’s interest rates have increased so much, I couldn’t afford the repayments even if by some miracle a bank gave us a mortgage. It’s a struggle for me now at 1.5% and £1,500 per month.

OP posts:
Original poster
LDA123 · 19/08/2023 18:43

millymollymoomoo · 19/08/2023 18:41

Meshers are still a thing if that’s the only way to house the children but it would be dependent on op being able to pay the mortgage and bills on the house and for her ex to be able to house himself else where. They are not preferred but are still possible in some circumstances

I pay all the bills and mortgage now but wouldn’t be able to with increased mortgage rate. That’s why have to sell and try to get a mortgage for less than half what it is now.

OP posts:
Original poster
LDA123 · 19/08/2023 18:44

He doesn’t contribute towards the mortgage. He just pays statutory child maintenance.

OP posts:
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