Taking on mortgage and deeds

[BWJA921]

A bit of advice please. Currently going through divorce (reasonably amicable separation). I am primary caregiver of 2 children.

I am in family home - ex is in rented accomodation for last 2 years. Ex has agreed that I can stay in family home till youngest is 18 (in 4 years time).

My ex has suggested that I take on the mortgage and deeds of the family home so that he is free to get his own mortgage.

Then when youngest is 18 I will sell house and we will split profits (less 4 years sole mortgage payments and pensions). I can afford to take on mortgage alone (just about).

But am I being naive? Is there some loophole that I'm missing that will put myself at a disadvantage by taking on mortgage alone?

Assume you both have lawyers and a financial agreement is in place ?

I bought my ex out. Took on mortgage and he moved out. But it was in our financial agreement.

Check with your lawyer.At the very least it should all be down in writing and lawyers should be made aware.

So he wants the deeds in your name alone for the next four years?

In four years you sell and give him half the equity?

Why does he get half of the equity when you have been paying the mortgage alone?

I don’t think the OP said he gets half. Just a split.

By staying in the family home the OP is using all the joint capital and his borrowing potential. That is detrimental to him. He is asking that she at least lets him off the mortgage and that allows him to borrow. She is still using his capital.

He is also letting her net off the mortgage payments. I wouldn’t if she was using my capital. I would still want my share if someone was using my capital to fund their living costs.

Why would he agree to be taken off the deeds without actually yet getting his share of cash?

I think it sounds like he’s taking a risk here? He’ll be completely off the deeds and mortgage and relying on good faith that you will sell the house and give him what he’s owed in 4 years time? I guess this would all need to be written up by solicitors to ensure this is kept to

Also you would need to be 100% sure the mortgage lender will agree to it and you would pass all affordability checks if they need a full application - there was a post recently and someone divorcing who wanted to remortgage (albeit to borrow more to buy their partner out) but thought it would be easily granted but as they were now seen as sole carer / homeowner to children she was denied it

I have done this, we agreed a split % and it was put into the financial order.
You need to speak to your mortgage company to see if they will allow you to have it on your own first - deeds come after.
Your ex will then have a "charge" on the house / mortgage, which will some up in searches when you sell the house.
FWIW, I ended up selling and paying him out way before my youngest gets to 18 - I was overpaying the mortgage, and having quite a few home improvements done, so all of my money increased his share in the equity... figured it would be cheaper to be done with it now!
It feels a lot better to live in my very own house, without the worry that I'll have to sell it up anyway, and knowing that whatever I invest will benefit just me and not him

Hi, I’ve just taken over the mortgage and am in the process of removing my ex DH from it.
It’s just a name change as I’m not borrowing more. The equity in the house is to offset my share of his pension. He’s also coming off the Title Deeds and paying the conveyancing cost.
it’s all written up in the financial order so make sure you cover it in that. Your solicitor will write it in and it’s legally binding so covers both of you.
My ex can’t get another mortgage until he’s off this one.

This

I'm going through this at the moment. Even though I can more than afford it the bank are refusing to allow additional borrowing so I'm currently trawling brokers to be able to find another lender who will get me out of this current joint mortgage (with a hefty early repayment charge) so I can pay ex his money and remove him from the mortgage and deeds