Divorce and housing post divorce

[Mellowrabbit]

Hey I’m recently divorced. I have 3 children who have ADHD, autism, PDA and high anxiety. And also another child who is nearly 20. They all need their own safe spaces. I’m getting a share of equity around 75k. So now I’m in a dilemma. I’m on universal credit and will have 6 months to find a house if im
going to use the equity wisely. Problem is even with equity I can barely afford a 2 bedroom flat on my salary. So I’m considering help to buy. Is it that bad? It’s kind of my only feasible option unless I use equity to fund rental and lose universal credit. It will only last so long though, I really don’t know what to do. Please tell me your experience and what you have found best to help guide me!! TIA

Well. Yes you’re correct that if you don’t spend the equity on housing you’ll need to run it down on rent until it’s low enough to get your rent paid for. Can you afford a big enough place even with shared equity? How much is a 3 bed flat?

Would you even be accepted for a bigger rental if your income isn’t high enough? In my area it’s massively competitive so you need to show you can easily pay the rent out of income - even if you can pay 6m up front.

I did have a friend in your position and she wasn’t able to buy anywhere and had to rent for a while then claim housing benefits when the money ran out.

Were your housing needs addressed properly in the financial settlement? Did you have legal advice?

I would expect you to get more than 50% but obviously you may have done and it still isn’t enough.

Did you consider a Mesher Order?

Oops I meant shared ownership! Tired mama not thinking straight! I did get advice but I couldn’t afford a solicitor to follow that advice. He’s giving me about 55-60% of equity. What’s a mersher order? Never heard of it?

A Mesher order would mean you stay in former marital home until youngest completed education. His name would stay on mortgage but he lives elsewhere. You would have to pay mortgage and he would still pay maintenance. When you sell the house you split equity.

It sounds like it’s too late for you though if you have signed off Financial Settlement without solicitor involved. I hope you get something sorted. 💐

I can’t afford to pay mortgage unfortunately which is why I had to move out whilst he sits pretty in family home! Thanks for coming back to me though