Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
House Sale
#1
Hi,
 
I am splitting from my wife and we are selling the house.
 
It was going to be 50/50 but she saw a solicitor who said she can get a house which meets her needs.  Then I get what is left over.
 
House is worth £450K, no mortgage.
 
House that meets her needs costs £300K to £350K.  So I get £100K to £150K.
 
She is self employed, cannot get a mortgage.  Gets Working/Child Tax Credit & Child Benefit.  I earn £55K.
 
Is this normal/correct?
 
Any advice appreciated.
Reply
#2
Hi ABC,

Not sure how it works exactly but I think if you have kids involved you would be lucky with a 50/50 split, but an 80/20 split in her favour looks totally unfair, I would argue through your solicitor for a 50/50 split, based on the fact that you have found and can show suitable houses for this figure, her solicitor will argue the higher figure and you should agree somewhere in the middle.

Good Luck
Reply
#3
Most splits when there are kids involved are closer to 60/40

60/40 would split it as £270 her and £180 you. She may then need a small mortgage if she's buys somewhere at £300k. This may be doable depending on her wage. Plus benefits + child maintenance.

If you were not selling the property. she would highly likely get the right to remain until the kids leave education (when child benefit stops). Your equity would be frozen from the date of the order and the house sold when child benefit stops.
Reply
#4
Thanks for the responses.

Yes, I have three kids, youngest 6.

Option to not sell but both want fresh start.  Didn't know about equity being frozen if went down that route.  

60/40 sounds probable then.

She only had free solicitor through citizens advice as a one off chat.  Neither of us want to go down that route and want to keep it amicable.  She wants a four bed house as three kids and her, solicitor says that she can get this.  She was going to get three bed and two boys share but solicitor said she should get want she wants.
Reply
#5
The problem may be that she will most likely want to stay in the area near the schools and that she is coming from a mortgage free house. A good solicitor on her part could possibly get her the value of a house outright and therefore she would get a bigger split.

You need to argue that you also need a home suitable for when the children stay with you.

If she gets more than 60% in this instance though you could maybe get to keep your pension and not divide that as well.
Reply
#6
(02-06-2017, 01:39 PM)Hazy Wrote: The problem may be that she will most likely want to stay in the area near the schools and that she is coming from a mortgage free house. A good solicitor on her part could possibly get her the value of a house outright and therefore she would get a bigger split.

You need to argue that you also need a home suitable for when the children stay with you.

If she gets more than 60%  in this instance though you could maybe get to keep your pension and not divide that as well.

Yes, she will be staying in the area and doesn't want/can't get a mortgage.  With a mortgage I could afford something similar with a 60/40 split.  £90K difference is a lot so fair that I get to keep my pension (despite it being tiny) and I have savings (£10K).
Reply
#7
You will be at the mercy of the courts decision really but it depends what they seem to be fair. You wife and kids will get priority over you for housing.

Good luck.
Reply
#8
(02-06-2017, 11:25 AM)abcd1234 Wrote: Hi,
 
I am splitting from my wife and we are selling the house.
 
It was going to be 50/50 but she saw a solicitor who said she can get a house which meets her needs.  Then I get what is left over.
 
House is worth £450K, no mortgage.
 
House that meets her needs costs £300K to £350K.  So I get £100K to £150K.
 
She is self employed, cannot get a mortgage.  Gets Working/Child Tax Credit & Child Benefit.  I earn £55K.
 
Is this normal/correct?
 
Any advice appreciated.

Her Solicitor is simply trying to get her a better deal, but in my opinion they are taking the ****

The Welfare Benefit Reforms put your ex in a position where she will get what the law of the country says.
Your Child Support payment is in addition to that.  Her earnings have no legal bearing on this.

She only has a claim for Spouse Maintains if she was disadvantaged with her career due to the family needs, and even then, these days a Judge will take a view on how long is reasonable for her to get back to where she was, and most order now are for under 2 years. Spouse maintenance is income as far as tax credits goes.

The deciding factor on this is who paid what towards the house. If it was from the relationship, it was family money, so 50/50. If not, more detail will be needed, but it will come down to what percentage was just 1 persons money, then the remainder would be 50/50.

Self Employed people can get a Mortgage, but it might not be at a good a rate as an employed person can get.
I fail to understand how she can not get a Mortgage for £100,000 secured on a house worth 300,000, but that is not your problem.

In law, if she is the Resident Parent, its up to her to arrange housing for the child. She has the ability to rent, where if she qualified she would get Housing Benefit. Nothing in law says she needs to own a house.

If she can not provide a home for  the child, my advise is to put in for a Child Arrangements Order, with your Position being neglect of the child, as the child is homeless. Your only legal obligation is Child Support.
Posts made by me are my opinion and any factual information should be checked out. If you do not have a Solicitor, often your local CAB can get you some initial advice.
Reply
#9
(02-06-2017, 07:47 PM)MarkR Wrote:
(02-06-2017, 11:25 AM)abcd1234 Wrote: Hi,
 
I am splitting from my wife and we are selling the house.
 
It was going to be 50/50 but she saw a solicitor who said she can get a house which meets her needs.  Then I get what is left over.
 
House is worth £450K, no mortgage.
 
House that meets her needs costs £300K to £350K.  So I get £100K to £150K.
 
She is self employed, cannot get a mortgage.  Gets Working/Child Tax Credit & Child Benefit.  I earn £55K.
 
Is this normal/correct?
 
Any advice appreciated.

Her Solicitor is simply trying to get her a better deal, but in my opinion they are taking the ****

The Welfare Benefit Reforms put your ex in a position where she will get what the law of the country says.
Your Child Support payment is in addition to that.  Her earnings have no legal bearing on this.

She only has a claim for Spouse Maintains if she was disadvantaged with her career due to the family needs, and even then, these days a Judge will take a view on how long is reasonable for her to get back to where she was, and most order now are for under 2 years. Spouse maintenance is income as far as tax credits goes.

The deciding factor on this is who paid what towards the house. If it was from the relationship, it was family money, so 50/50. If not, more detail will be needed, but it will come down to what percentage was just 1 persons money, then the remainder would be 50/50.

Self Employed people can get a Mortgage, but it might not be at a good a rate as an employed person can get.
I fail to understand how she can not get a Mortgage for £100,000 secured on a house worth 300,000, but that is not your problem.

In law, if she is the Resident Parent, its up to her to arrange housing for the child. She has the ability to rent, where if she qualified she would get Housing Benefit. Nothing in law says she needs to own a house.

If she can not provide a home for  the child, my advise is to put in for a Child Arrangements Order, with your Position being neglect of the child, as the child is homeless. Your only legal obligation is Child Support.

Thank you for the advice.

The money for the house came from her profits from previous house sale (£30K), my dad's inheritance (£200K), the rest is me paying it off from my job.  We were married when we bought the house.

I am sure she could get a mortgage, need to raise that again with her.  And renting, true, though she won't want to.

She has been working now for 2 years.  She can probably earn near what she used to if she wanted but self employed means she picks and chooses.
Reply
#10
(02-13-2017, 01:57 PM)abcd1234 Wrote:
(02-06-2017, 07:47 PM)MarkR Wrote:
(02-06-2017, 11:25 AM)abcd1234 Wrote: Hi,
 
I am splitting from my wife and we are selling the house.
 
It was going to be 50/50 but she saw a solicitor who said she can get a house which meets her needs.  Then I get what is left over.
 
House is worth £450K, no mortgage.
 
House that meets her needs costs £300K to £350K.  So I get £100K to £150K.
 
She is self employed, cannot get a mortgage.  Gets Working/Child Tax Credit & Child Benefit.  I earn £55K.
 
Is this normal/correct?
 
Any advice appreciated.

Her Solicitor is simply trying to get her a better deal, but in my opinion they are taking the ****

The Welfare Benefit Reforms put your ex in a position where she will get what the law of the country says.
Your Child Support payment is in addition to that.  Her earnings have no legal bearing on this.

She only has a claim for Spouse Maintains if she was disadvantaged with her career due to the family needs, and even then, these days a Judge will take a view on how long is reasonable for her to get back to where she was, and most order now are for under 2 years. Spouse maintenance is income as far as tax credits goes.

The deciding factor on this is who paid what towards the house. If it was from the relationship, it was family money, so 50/50. If not, more detail will be needed, but it will come down to what percentage was just 1 persons money, then the remainder would be 50/50.

Self Employed people can get a Mortgage, but it might not be at a good a rate as an employed person can get.
I fail to understand how she can not get a Mortgage for £100,000 secured on a house worth 300,000, but that is not your problem.

In law, if she is the Resident Parent, its up to her to arrange housing for the child. She has the ability to rent, where if she qualified she would get Housing Benefit. Nothing in law says she needs to own a house.

If she can not provide a home for  the child, my advise is to put in for a Child Arrangements Order, with your Position being neglect of the child, as the child is homeless. Your only legal obligation is Child Support.

Thank you for the advice.

The money for the house came from her profits from previous house sale (£30K), my dad's inheritance (£200K), the rest is me paying it off from my job.  We were married when we bought the house.

I am sure she could get a mortgage, need to raise that again with her.  And renting, true, though she won't want to.

She has been working now for 2 years.  She can probably earn near what she used to if she wanted but self employed means she picks and chooses.

In law, previous house sale, was this yours?

If you inherited during the relationship, its family money, as is payments made while a couple.

Her housing situation is nothing in law to do with you, its a straight case of how much you both put into the house, and you both walk away with what your fair share is.

As long as she never goes over 4 weeks without being active in her business for the hours stated for Tax Credits, shes doing nothing wrong, and Housing Benefit would consider her last year Self Assesment Gross Profit, unless she can evidance a significant change.
Posts made by me are my opinion and any factual information should be checked out. If you do not have a Solicitor, often your local CAB can get you some initial advice.
Reply


Possibly Related Threads...
Thread Author Replies Views Last Post
  Force Sale of House - Unusual Situation Helpneeded 1 1,012 11-26-2017, 06:26 PM
Last Post: Mike29145



Users browsing this thread: 1 Guest(s)