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Original poster

Help with buying house after divorce

62 replies

twosmallbuttons · 16/01/2021 16:35

I'm in the early stages of divorce, and am trying to get my head around what I'll be able to afford once we sell the house. I haven't talked to STBEX about the possible house split yet, just want to get a sense of what's possible. The mortgage is in both our names.

The house is worth in the region of £875,000. We have £270,000 left on the mortgage.
Assuming a 50/50 split that leaves £605,000. I'm guessing costs of selling/moving need to be deducted before we split the remaining equity.

Q1 - Can I only use half the mortgage amount from the existing mortgage to go towards a new property? Ie £135,000? Or will it depend on my income?

Q2 - If a family member were to give me a loan to help buy a property, would this affect the financial order we agree in the divorce? Or should they wait until we've got the Decree Absolute before loaning it to me?

OP posts:
Original poster
twosmallbuttons · 16/01/2021 23:46

@movingonup20 thanks this is good to hear. Perhaps the threat of me using a solicitor would be enough to get STBEX to agree better terms Hmm (I wish...)

OP posts:
titchy · 16/01/2021 23:47

Am I naive to think we don't need solicitors involved from the outset?

Given that you seem happy to give away your equity - yes you do need a solicitor!

Original poster
twosmallbuttons · 16/01/2021 23:50

@titchy it's ok, I've realised I do need one now Grin I'm just worried about costs. So trying to gather information before I launch!

OP posts:
arethereanyleftatall · 16/01/2021 23:52

It's the same for me - I needed everything I could get upfront too, as the mortgage I can get (especially at the moment) is tiny.

I was quite lucky in that our house was worth less than yours, but his pension more, so that they were roughly the same. I got all the house equity, he got all his pension.

I can't remember what it's called but there's something beginning with an 'm' - whereby you get to stay in your current house till your dc are 18. He has to move out. But it's not a clean split, and the house still belongs to both of you. You have to sell when your dc get to 18, and then the equity is split at that point, not now.

caringcarer · 16/01/2021 23:54

He is taking advantage of your lack of knowledge of divorce law to try to fleece you. You have to fight for what is fair for your children. Also think, if he remarried and hasore children he will have to pay you less for your children so you need equity to provide a home for your children in the future.

arethereanyleftatall · 16/01/2021 23:55

Amd by the way Q1 from your op depends entirely on your own income. But they do take cm and sm in to account, it's included as your income.

caringcarer · 16/01/2021 23:57

What aretheteanyleftstsll said and he has to continue to pay 1/2 of mortgage and reasonable upkeep of house. It works if he earns s lot so can save got new mortgage and you can't afford new mortgage. In your case there is enough equity for sharing now though. Courts look at that when not much equity in house.

Original poster
twosmallbuttons · 16/01/2021 23:59

@arethereanyleftatall I think that's a Mesher order? We can't afford for me to stay in the current house and him to move out and pay for another place, hence needing to sell.

@caringcarer yes, true.

OP posts:
Original poster
twosmallbuttons · 17/01/2021 10:20

One more question: regarding the CETV for pensions - STBEX is self employed and has been since he started his pension. So his pension is direct with the pension provider, not with an employer. Does this make a difference? Would he just need to ask the pension provider for the CETV?

OP posts:
Misty9 · 17/01/2021 11:15

@twosmallbuttons

One more question: regarding the CETV for pensions - STBEX is self employed and has been since he started his pension. So his pension is direct with the pension provider, not with an employer. Does this make a difference? Would he just need to ask the pension provider for the CETV?
Yes. My exh is self employed and has consolidated his pensions over the years. He applied for a CETV. There's usually a form to fill out on the schemes website. I had advice from one session of a solicitor at the start of the split and exh decided not to bother as they'd say the same thing he concluded.
Original poster
twosmallbuttons · 17/01/2021 12:22

Thanks @Misty9

OP posts:
tisonlymeagain · 17/01/2021 12:32

@twosmallbuttons

I've done the CMS calculator so have a rough idea now. The more I think about it the more I'm convinced he's deluding himself trying to get 50/50. It has to be what's in the best interests of the children, right?!

@FVFrog yes you're right. I have a phone call with a solicitor on Monday so will ask about all this.

Yes, it should be in the best interests of the children. That's what I considered. Our split was 30/70 - I took the 30 for various reasons but it felt like the best decision for all.
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