Can I find a way yo buy him out?

[DancinginSeptember72]

Long marriage ended 4 years ago and the divorce has dragged out since then with myself ending up without a solicitor as I couldn’t afford to carry on paying. Family home is in the market but we have had little interest apart from someone emailing the estate agents asking if we would take £20k less than the asking price. Financial order is in place and I didn’t want to go to court (due to other emotionally draining issues going on in my life) and I have accepted a 50% share of the house. Not touching each other’s pension and stbx has a share in another property (that he lives in).

I said no to the estate agent regards the email about the people interested who were saying their budget was £20k less than our asking price. I’m paying back credit cards £600 a month at the moment - used to pay solicitor fees over the last 4 years (wish I hadn’t bothered as they did nothing for me). Owe back £15k, which I was planning to pay back from the sale of the house. As a result of this, I can’t accept a lower offer on the house. Stbx has reached 60 and has cashed in his lump sum pension (and gone back to work part time but us working full time hours). Hence why he can afford to accept a lower offer.

He has asked, via our younger child, if I can buy him out as he doesn’t want to wait much longer. I would need £125k to buy him out. I work FT in the NHS (was part time for 12 years) with a NHS pension. I don’t want to end up paying most of my disposable income on a mortgage at my age (52). I want to live and have worked hard! The house is actually too big for me now. Two bedrooms sit empty. It’s a lot of work to look after it so I was downsizing anyway. But, I’m finding the whole selling fiasco very stressful and feel very anxious looking at other houses.

I am wondering if I should see about buying him out using an interest only mortgage. My lump sum in my pension is currently £75k. I still have 15 years to work so this will rise. could then sell up when I retire and have a 4 bed detached house to release some extra funds for my retirement, which will probably be worth more than any £125k I need to buy him out.

Family home is mortgage free.

Has anyone done this? Is it an option?

Accept the offer

that’s the best option

How much is the house worth? If paying him 125k is a good deal, then I can see why you want to do that. You’re paying a high monthly amount for credit cards though £600 , do you have a plan for reducing that when you will have a mortgage to pay too?

Ask the agent why you’ve had so little interest in the house. Potentially change agent if it has been several months with few viewings.

I would say to your ex:

1. please don’t use our child as a go between in our negotiations
2. I am struggling financially and I cannot afford to accept a lower offer on the house. I have a smaller pension pot than you and yet I’ve accepted only 50% of the house in our settlement. I could have pushed for more. If you want the house sold, then that can only happen if you agree to shoulder a (£20k) price reduction entirely from your share of the sale proceeds. I need to preserve my share at 50% of the asking price.

I would not buy him out, unless maybe you could get a couple of lodgers?. You’re stuck paying all the maintenance and interest on a house larger than you need, it doesn’t make sense.