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Lone parents

Use our Single Parent forum to speak to other parents raising a child alone.

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Original poster

Houses. mortgages and all that.

20 replies

Skribble · 29/09/2007 17:19

OK had a mortgage with H for the past 12 years, now seperating and I will remain in the house.

What should I do about deeds for the house etc, I can't afford to buy H out and I don't know if mortgage people wll be happy with just my name on it as I don't work full time.

Don't know if I want H to still have control over the house, I will be paying mortgage for next 12 years say and plan do do a lot of work on it, so what happens if I sell up to get a better house. Will I owe H if I don't buy him out now????

OP posts:

ThreeGs · 29/09/2007 20:27

OK - don't know where you stand legally - DO get advice, but surely there are lots of options:
a) extend your mortgage and buy H out; you don't have to intend to pay the mortgage off, just get payments you can afford.
b) change mortgages and go for interest only;
c) get the house valued and some sort of legal document stating who owns what now and for the future i.e. H has so much money tied up in the property and this will increase not as a percentage but in line with your house price i.e. 6 % over the 12 years.

Yes, H will always have a stake in the house, unless you buy him out, or he gives you it as part of a divorce settlement - i.e. in lieu of maintenance or part of his pension. I doubt this means he has much say until your children leave home.

Are you still talking? If so, talk to him and find out what is best for all of you. Whatever you do, get some legal advice.

Original poster

Skribble · 29/09/2007 21:20

I never thought about pensions he has one. I don't. I can't afford to pay into one.

I can't afford a solicitor but I suppose we will have to get something sorted.

OP posts:

Drusilla · 29/09/2007 21:42

You will have to see a solicitor if you buy him out - deeds will need amending and so on and that needs a solicitor. Can you afford the mortgage on your own? Is there much equity in the house? Can you work out from that how much it would cost to buy him out and approad your mortgage company and see what they say? If DH name stays on the deeds then technically he still owns half the property and you will owe him.

ThreeGs · 29/09/2007 22:24

So, you need some free advice - are you entitled to legal aid? Or the first half-hour free that some solicitors do? Have you tried CAB? What about single-parent web-sites? Do you know what he wants?

Would it be so terrible if you can't keep the house? I am NOT suggesting that you should sell but is downsizing possible? Look at all your options - even ones that seem ridiculous at first - and then, choose what is best.

Original poster

Skribble · 30/09/2007 00:46

I am as downsized as possible already, its a 3 bed ex council and I couldn't afford a 2 bed flat for the mortgage we have on the house. I am determined to stay in the place and only a handful of LA houses left here.

With the maintenance H is prepared to pay. my wage and the tax credits I thinkI am due I will be able to afford the morgage OK.

H happy enough for me to saty in the house, I just don't want to do laods of work on the house pay the mortgage for years myself and still owe him.

I really don't know if the lender would be happy if the martgage is in my name alone. There is equity if I uped the mortgage a bit I could pay him his share I suppose, but really don't think the lender would go for that.

Will a lender count maintenance and tax credits along with my iregular wage.

OP posts:

Tinkerbel5 · 30/09/2007 10:23

skribble usually when the pwc stays in the house with the children its agreed that once they turn 18 the house is then sold and the nrp gets his share of the property, you would be better of buying him out now if you can rather than in years to come when you have done work on it and it rising in value without him contributing. I dont know if lenders include maintenance or not as it is reliable, although there have been cases of lone parents not being able to pay the mortgage cause their ex has stopped the maintenance.

ThreeGs · 30/09/2007 12:10

Which lender are you with? If you paid H off now, how much of the total value of the house would you have to borrow? I'd imagine they will lend you more if they think you can pay and if there is more equity left in the house. It sounds like you need to go see them a.s.a.p to get some answers and then, if they won't play ball, see if another mortgage provider will.

gocat · 30/09/2007 18:01

Try the Abbey, they were the only lender i could get to take tax credits and maintenance payments into consideration. Most of the others think these payments are too unreliable.

singledadofthree · 30/09/2007 23:11

skribble

sorry to hear youre splitting up but you have to sort out the finance side of the house. depends on what sort of settlement/maintenance you can agree with h. you must get proper legal help tho and get it all done before decree absolute thingy if youre married.
if joint ownership of house is agreed without buy out the you get to stay until youngest child reaches 18 - you then either sell up to pay h or remortgage to buy out. all this would be linked to price index etc.
if you become sole owner now - depends if theres much equity - then you cannot get h off deeds, lenders dont seem to budge on this as the more people they can chase the better. you can however have him agree to relinquish any right to claim against the property or its value in the future. must be done properly - ask your solicitor - isnt expensive but worth loads in the long run.

again, sorry and all that, hope it goes well.

Tortington · 30/09/2007 23:24

as per below..wouldn';t it seem sensible for him to pay half the mortgage and maintenance?

he gets half the house.

Original poster

Skribble · 30/09/2007 23:59

I have to get this sorted now than as I don't want to be in the position that I have to sellup when the kids reach 18. He will being paying maintenance for the children not half the mortgage.

I don't want this hanging over me, I want to get on with my life. Well actually I wan tH to be sorry and be prepared to give this a go and give his children a proper family but hey ho, he wants to leave and be alone (my arse)

OP posts:

singledadofthree · 01/10/2007 00:02

yeah sorry skribble - dont keep up much but was suprised. you have to become emotionally detached at times with some of it. is just self preservation - for you and the kids.

Original poster

Skribble · 01/10/2007 00:13

Trying do do the emotional detachment thing, not easy as I am am struggling between pretending its all OK for the kids let H sleep on the settee for the next 10 years, hating him and wanting to set fire to everything that is his for doing the dirty but I love him and desperatly wan to start again. Obviously H just wants to leave and be a bachelor boy or something, don't think the young bit on the side will want a lodger so I think he will be stuck at his mums for quite a while .

Sorry I will shut up now and go to bed as he is producing his duvet.

OP posts:

Tortington · 01/10/2007 00:17

i think you should phone a "conveyencer" they are more likley to be able to give you some advice and if you google this there are some online ones you can phone and ask.

i am thinking that there will need to be some kind of legal documentation that kind of draws a line under his contribution to the house and therefore his entitlement to any future equity.

you definatley need to get this drawn up legally.

Tortington · 01/10/2007 00:22

what i am thinking is - and i am no expert AT ALL - just a thought - but wouldnt you have to get the house valued - so you are aware of his share of the equity - before the split and 'whatever' legal agreement is put in place.

so say your house is worth 120 but you have 100 mortgage on it - he would be entitled to 10 - if all is fair in love and war etc...which i dont know if it is

but you see in 10 years time the equity might be 100k - and hes fucked off an had triplets by a transvestite bird from poland - and suddenly wants 50k - when youhave been paying the mortgage.

unless he signs the house ver to you now and walks with fuck and all. is he going to walk away with fuck and all?

beep · 01/10/2007 09:34

I am in the middle of a divorce my ex is giving me the house, I have just got it put into my name on the deeds and the mortgage is now in my name only.The mortgage company (leeds) were fine with this despite the fact that I don't work as I had been paying the mortgage for 2 years on my own.

Original poster

Skribble · 01/10/2007 11:21

Custardo you are so right he would get fcuk and all , thankfully he seems happy enough to live with his Mum with not a lot of cash, or perhaps he is hoping on his new bit putting him up. Somehow I think the novelty of having him to stay will wear off as she is a lot younger (funny that).

Beep that is interesting, I think H would come to some sort of an agreement like that, he says he only wants a couple of thousand. Don't know if he will feel the same in 10 yrs when I have done this place up and sell for a decent profit. Trouble is I don't want to have to remortgage just now and I don't have cash to give him. Perhaps we can agree to a certain amount now then I pay it when I sell.

OP posts:

singledadofthree · 02/10/2007 23:26

if you decide to stay there with the kids you dont have to give him anything now if youre not working - regardless of how much equity is in it. and as before you cannot be made to leave as its the kids' family home. if there is equity and h has worked to pay the mortgage then he is entitled to some of that - is normal and fair to agree half of current profit. youd have to check, not sure if its index linked or direct to the value of the house, but cant demand it until youngest is 18 anyway. however, again depends what is agreed - and may be for a judge to decide - if you remarry .... HA ... sorry, or live common law with someone who works everything changes. and dont ask what to, have worked meself til 10 tonight and am fading fast. and am boring meself with all this drivel

Original poster

Skribble · 05/10/2007 15:10

Thanks again SDO3

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wheredowegofromhere · 09/10/2007 15:39

I realise that this thread is a bit old, however I'm in a similar situation and the figures the solicitor asked me to work with are: how much is the house worth, you need minumum 3 estates valuations or a surveyor valuation but this costs, minus how much is left to pay on the mortgage (mortgage redemption statement from your lender) and if there are any early redemption penalties. This will give you the equity on the property which you will then need to divide by 2 if you're 50/50 owners. This last figure is how much it will cost you to buy him out. Good luck!

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