Husband wants to give me the house

[cataclysmiclife]

We have been split up for 6 months and he has said he want to give me the house. As long as he can keep his pension.

Do you know what is involved in this? It's mortgaged with a reasonable amount of equity.

Is it just a transfer of mortgage or do I need to pay stamp duty etc?

Any advice is appreciated

Get advice I would be suspicious that he has a really good pension that is worth much more than the house.

You can only make division decisions once you know the true value of all the assets.

Our mums generation were all fobbed off with this - pensions are often worth far more than houses. Do you have a good pension of you own? If not I would seek legal advice.

@Lonecatwithkitten

Get advice I would be suspicious that he has a really good pension that is worth much more than the house. You can only make division decisions once you know the true value of all the assets.

Odds are not, because it’s not valued pound for pound and usually judges prefer a clean break, unless specific circumstances.

Op can you afford the mortgage?

See a solicitor. Personally I’d rather rely on my own pension and savings than go after someone else’s.
Depends on so many unknown factors....

I have a decent pension as I've paid into it in some form since being 21. I also have a rental property that is solely in my name too (it's not worth much as was my first flat). It's a very amicable split but the generosity makes me really suspicious!!

I could afford the mortgage myself but wondering if the mortgage company will need proof.

Yes they will need proof op, they won’t just take your word for it,

Some weird advice on here. If the op is of working age and has her won decent pension it’s highly unlikely any judge will think she should have his too.

My ExH did this when we spilt I got the house and he kept his pension. We were young so I had time to build my pension again. Just had to get a morage in my name and transfer the deeds no stamp duty it was relatively easy

With my salary alone on paper I don't think they'll accept me but on top of child maintenance, rental income and CB I could easily afford it. Mortgage advisor is first stop I think. I think I need to kick off divorce proceedings too. Thank you

@cataclysmiclife

With my salary alone on paper I don't think they'll accept me but on top of child maintenance, rental income and CB I could easily afford it. Mortgage advisor is first stop I think. I think I need to kick off divorce proceedings too. Thank you

Talk to your mortgage provider first - I’ve a friend who got the house and remaining mortgage during a divorce when she’d never have qualified for a new mortgage.

She’d been a SAHM until her husband left and only had benefits and child maintenance as income, but they let her take on the rest of the mortgage... it did have a fair bit paid off already.

But it’s definitely worth talking to them before a mortgage advisor.

FGS get advice. Aren't you reading what everyone is posting? This is a classic fob off that used to be used years ago.

In the pot there will be ...

His pension
Your pension
Joint house
Your house

Then it will be divided depending on ..

Children
Earning potential
Length of marriage

Best to see a solicitor

Solicitor first
Then act on their advice
It may be to see a mortgage adviser just to get the facts if you can or if you can’t have a mortgage
When I was applying they didn’t take into account any child maintenance only income from salary
Be very careful

How long were you married? How many children? Did you work part time at any time?
These are all the questions a solicitor should be asking you in your first 1/2 hour, than you can get for free.

FGS woman, wise up! Do some research.

This is what my ex did and it worked very well. I was 37 at the time and a stable home for me and dd was worth more than a future pension.

The pension may have been worth more in the long run. He's 55 now and retired. I'm 52 and now have my own good pension. If I hadn't got the house, when dd went to uni and I lost tax credits, child benefits and maintenance I would have had to move to a room in a shared house as that's all I could have afforded.

You need to check whether he would have a claim on your flat if you started dividing assets via solicitors / courts.

With attendant legal bills.

Do you feel happy with the offer of the house?

Did you make huge compromises to your work / career / income / savings / pension due to the marriage or childcare?

Would an alternative be to sell the flat and use the capital to pay off a chunk of mortgage? (Post divorce).

Talking to a mortgage advisor seems to be the first step.

And a lawyer depending on the answers to questions above.

Yes I'd be happy with the house (or technically the equity in it) and my flat - he's chucking in the car too which is only a few years old. He's 46 so his pension won't be massive but I'll get a statement from him to asses. It does look like a good deal for me,despite what some posters think. He does want to pay a good amount of maintenance too (nearly double the CMS minimum). He wants to provide for his children and ensure they have a good home.

I work part time in a good job and have three children. I haven't given up an awful lot in terms of career. Only took 1 year off after mar leave and been part time since June last year. (3 at the same time!)

I'd like the house to be officially in my name. And I could sell the flat to get the equity out and put into the house. It's not a massive amount and has been rented out fir 10 years or more for a stable income. I'll see what the mortgage advisor says as the flat could be seen as a liability.

Thanks for the advice all.

How do you know his pension won't be massive? You should absolutely have the valuation for all pensions before making decisions!

For all you know he's paid loads into his pension and it's worth £0.5m it's not unheard of!

If you have majority care of the DC as well then you should expect more than 50% of assets.

You also need to double check that there are no charges against the house - debts you don't know about that mean when the house is ever sold that they are repaid from the capital.

You need to be far more suspicious!

See a solicitor first. There needs to be full financial disclosure. Once that has happened and you have agreed the finances, get a consent order as part of the divorce.

My exh has suggested the same - but I want his pension (and not now, I'm getting 25% every month when he draws it (I'm older)

You need to see a solicitor BIG TIME! A friend was a little older than you at the time of the split (married for 26 years). She got half his pension and they sold the house. One of the biggest mistakes women make in divorce is trying to hang onto the marital home. It's often unworkable.