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Original poster

Remortgage

23 replies

Lrj19 · 25/06/2021 22:29

My husband and i are separating, im not on the mortgage as i moved in with him and its something we never got round to. Anyway we have come to an agreement that he will give me a lump sum of my share (which im totally happy with) my question is if he remortgages and gives. me the money to get my own place do i have to do anything or prove my finances.

OP posts:
RedHelenB · 25/06/2021 22:43

Would it be enough to be able to buy outright with no mortgage?

Newnormal99 · 25/06/2021 22:57

Have you done it through a solicitor?

Original poster
Lrj19 · 26/06/2021 04:30

No, i dont earn enough to get a mortgage on my own. Ill probably go into renting. Ive obviously contributed to the paying the mortgage for the last 15 years so this is my share. We don't have anything in joint names which makes it easier. It's all very amicable.

OP posts:
Original poster
Lrj19 · 26/06/2021 04:32

We are just going to get a simple contract made up to say that's what we are doing. We are on good terms and have agreed everything. Im not one of these people to try and get everything i can.

OP posts:
BarbaraofSeville · 26/06/2021 06:13

What's your situation? If you are a low earner because you've spent the last decade raising DC and will be the primary carer going forward you aren't 'trying to get everything you can' it's recognition of the financial disadvantage of limiting your earning potential and pension due to this.

No DC and you're just in a career where pay is too low to get a mortgage where you live, then it could be fair.

Original poster
Lrj19 · 26/06/2021 06:21

Im a low earner as yes we have 2 small children. I just want money to set up a home with my kids. I don't need anything else.

OP posts:
Forestdweller11 · 26/06/2021 06:27

You need a solicitor.

BarbaraofSeville · 26/06/2021 06:30

You're doing yourself and DC a disservice. Over the last 15 years, he's benefitted from building his career, pension and increases in property prices while you've put all these on the back burner while you've raised your joint DC. Your DC deserve a stable home, which can be difficult to find when renting. Talk to a solicitor.

AdaThorne · 26/06/2021 06:39

@BarbaraofSeville

You're doing yourself and DC a disservice. Over the last 15 years, he's benefitted from building his career, pension and increases in property prices while you've put all these on the back burner while you've raised your joint DC. Your DC deserve a stable home, which can be difficult to find when renting. Talk to a solicitor.
Absolutely this.
Original poster
Lrj19 · 26/06/2021 06:55

Why do i need a solicitor when everything is amicable, we have nothing joint, i just want half the equity of the house which ex has agreed to give me. I understand all what your saying but im honesty not interested in anything other than moving on with my life the most simple way possible.

OP posts:
Ki0612 · 26/06/2021 07:10

If you are married everything is joint whether you are on the mortgage or not. You need a solicitor.

BarbaraofSeville · 26/06/2021 07:12

Of course he's agreed to only give you half the equity of the house. He knows it is less than he would need to give you if you went through a solicitor. Will he be paying maintenance after the separation?

minnimiss · 26/06/2021 07:20

You are also entitled to half his pension, and you will need that, it's probably a lot more than yours, think of your children. Does he have savings put away? You are a low earner you may well struggle , I'm all for playing nice for the sake of the kids but please don't think he is just making things easy for you. Get legal advice!

Sally872 · 26/06/2021 07:22

I would speak to a mortgage advisor. I have heard of them wanting a letter stating money is not a loan but expect the divorce paperwork will evidence this.

Original poster
Lrj19 · 26/06/2021 08:48

Yes he will be paying maintenance.
How much is a solicitor how will I pay for it as I don't have the money.
We lived pretty seperate lives the last few years and I've got a few debts in my name, he doesn't know about them, will he get to know about these?

OP posts:
Original poster
Lrj19 · 26/06/2021 08:50

We will not be getting a divorce straight away. That can wait. He is not a horrible person i really don't think he would try and rip me off. I will be ok financially i think.

OP posts:
Newnormal99 · 26/06/2021 08:55

Money for solicitor could come out of the remortgaging.

If you have kids you are entitled to more than 50% of the house. Your debts would also be better against your assets.

If no solicitor involved then actually there is nothing to stop him changing his mind. You need to prioritise you and children.

If you are a low earner you need to ensure you get a good settlement as going forward it's you that will struggle with raising them and having the bulk of the costs.

Original poster
Lrj19 · 26/06/2021 09:33

But the house isnt in my name so its not my assett. Ill speak to a solicitor for some advice

OP posts:
Newnormal99 · 27/06/2021 07:13

@Lrj19

As you are married it's still counted as an asset of the marriage.

wantmorenow · 15/07/2021 09:38

Please also consider that starting point is that half the pensions are considered too.

Magstermay · 18/07/2021 15:44

It becomes your asset when you get married. It’s not about trying to get everything you can, it’s about getting what you’re ‘entitled’ to having got married and jointly made decisions on how you raise your children which seems to have involved you being the lower earner and presumably continuing to be so to care for your joint children.

You don’t have to turn it into an argument or push for more than is reasonable but I think it is worth getting at least the minimum you are entitled to legally.

Pissinthepottyplease · 18/07/2021 15:50

@Lrj19

We will not be getting a divorce straight away. That can wait. He is not a horrible person i really don't think he would try and rip me off. I will be ok financially i think.
Please don’t assume this. ‘I think’ is not good enough when it comes to protecting your children’s financial future.

If you are married then the house is one of your assets. As a Mum your first priority should be your children here. You want the beat life you can for them so speak to a solicitor.

HalzTangz · 18/07/2021 16:14

@Lrj19

We will not be getting a divorce straight away. That can wait. He is not a horrible person i really don't think he would try and rip me off. I will be ok financially i think.
You need the contract drawn up by a solictor, your husband could change his mind and play difficult in a couple of months
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